BPO Thoughts and Tips. Please share yours.

By
Real Estate Agent with Coldwell Banker Residential Brokerage

Here are a few ideas that have helped me complete thorough BPOs.  Some I use in every BPO so I don't forget a topic and some are phrases and ideas I use in other circumstances.

Feel free to comment and share your own ideas.

BPO Final Summary Topics (I use this outline to remind me of all the areas I like to hit)

Location, Condition, Style, Size, Total Room Count, Bedrooms, Bathrooms, Garage, Basement, Extras, Current Market Condition, Future Market Expectations, Repais

Some phrases I find helpful 

The subject is close to transportation, major highways, employment, and amenities. (Can be added to or taken away from)

The subject is located in a congested, suburban, rural... area and is surrounded by homes of similar size, style and age.

The subject is in good, average, fair.... condition and consistant (not consistant with it's neighborhood)

The market values within the subject's area have been declining due to a small pool of qualified buyers, incxrease in the number of bank owned and distressed properties on the market ...(fill in to match your situation).

I could go on forever.

Sometimes the best comparables do not match your subject quite as much as you would like.

I sometimes us the following phrase(s)

Due to a lack of sold comparables, properties with a (larger room counts) were used to complete this BPO.

After a thorough search of available comparables the most accurate properties were used to complete this BPO.

Always remember that it is our duty to do the most accurate job for the bank or asset company as possible. Remember to work hard, be accurate/thorough, and be on time.

Please share your tips to complete successfull BPO's.

 

Posted by

Michael Morley

Coldwell Banker Residential Brokerage

1410 Valley Road

Wayne, NJ 07470

Office 973.694.8000 x 258

Cell 973.906.8591

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