Special offer

Doing BPOs to make some extra cash…

Real Estate Agent with Coldwell Banker - Brokers of the Valley BRE# 01312086

A BPO is a Broker Price Opinion (but you don't need to be a Broker to do them.) They are like a CMA in that they use comps (Solds and Listeds) to generate a valuation of the subject property. They are like an appraisal (although you don't need to be an appraiser either) but do not offer nor need as much detailed information.

With the increase of Short Sales, Foreclosures, and REOs, banks need these evaluations to help them make financial decisions. BPOs are less costly than appraisals so they are an affordable alternative. BPO companies that source agents for banks and lenders are popping up everywhere so the need for agents everywhere is increasing, too.

BPOs generally pay $35-$95 depending on how quickly the turn around time is (usually 3 days) or how much detail the report requires. Payment usually is received within 30 day, although some are as quick as 7 days while others are 45 days. Pretty much, every company has its quirks.

Here's how a BPO works (in general)-

The bank or lender needs a BPO done on Property X. They either use an agent of their own choosing or contact a BPO Company to request a BPO.

  1. The BPO Company maintains a list of Real Estate Professionals (REP) that performs BPOs.  The BPO Company sends out an email or a text message to either one agent at a time or possibly several agents at once. The first agent to respond receives the BPO.
  2. The REP generally has 3 days to complete the BPO.
  3. The REP does a quick search of the property on MLS or tax records, etc., goes to the property, inspects the exterior and its surroundings, and takes the necessary pictures.
  4. The REP inputs all the info online on a company provided BPO form then submits the finished BPO to the BPO Company.
  5. The BPO Company conducts a quality review of the BPO.
  6. The BPO Company submits the final BPO to the Bank/Lender.
  7. The BPO Company pays the REP.

(Reproduced w/ permission from http://www.agentbpos.com/ )

A little simplified but it gives you an idea.

I have found some places that offer names of places that need BPO agents - one is free, others cost $ and some of those give you active links and info which can really save you time.

http://www.agent4bpo/      free

http://www.foreclosureu.com/         $$

http://www.startbpos.com/             $$

http://www.agentbpos.com/       $$       

Hope this info helps.
Posted by
Marcia Hadeler - Coldwell Banker - Napa Valley, CA
707 815-0569 Cell , 707 253-1042 Fax
2013 Realtor of the Year
 I'm a Trusted Agent
CalBRE # 01312086
Marcia Hadeler reviews 
Matt Ratcliffe
Keller Williams Realty Brazos Valley - College Station, TX
Great information and maybe some extra Christmas cash for the goodies...
Nov 06, 2007 08:27 AM
Gail Gladstone
Gladstone Group & Long Island Business Brokerage - Huntington, NY
Brokering Success
Sounds like great information; will try it out.  I have done bpo's for one company a few times, but they are in another state and don't often have jobs for me.
Nov 06, 2007 08:29 AM