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Are you a BOO Agent?

By Scott Godzyk

Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

July 19, 2019 05:00 AM

At first thought many could think they are asking if you are scary? But what is a BOO agent? Yes, the caller really asked that. The story starts on this hot summer day here in the Manchester NH area. The caller then identifies herself as a home owner who is behind in her mortgage, She asked the bank about her options. The bank sent her a copy of a BPO. That is a Broker Price Opinion

The credit department listed a list of option including contacting the BOO agent to see about selling her home using a short sale. It was nice that they mentioned me even though they think I am a ghost.

I would imagine your first question is why am I doing BPO's in a thriving market? The answer is three fold. First they pay very well when you do them right. (and choose the right people to do them for). Second they result in lots of Bank Owned listings and some short sales like this, even in this market. Lastly, when the market ever does slow, I am on the top of the banks list to list their REO homes.

So, back to this seller. She is nearly a year behind, there is no keeping the home. She has nothing to be able to pay it. I looked at what she owed and what the home was worth and she does owe more than it is worth. The bank though wants it sold through a short sale and will assist in the process. I have done a massive amount of these for them, and they said they are referring me, because they know it will be done right. I am guiding the seller through the process and she will not have to pay back the shorted amount. She said this was the first time she could sleep in months knowing she is on a path to a new beginning.

Perhaps the MOST IMPORTANT message is to share with every consumer that my philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other.

To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 32 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties.

You can search for Manchester area Homes For Sale by clicking here. what is for sale by clicking here.

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Myrl Jeffcoat

Sacramento, CA

Greater Sacramento Realtor - Retired

A "BOO" agent. . .I hadn't heard that term before, but know what it is once you expained it. You're right about keeping the door open in working with banks. Real estate is cyclic, and having that relationship can sustain you during tougher times.

Jul 19, 2019 05:07 AM

Carol Williams

Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA

Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Hi Scott,
You have a good long term attitude about working your business. Glad you are able to help that seller through the process. Even though you aren't a scary BOO agent, I bet it's quite scary for her losing her home.

Jul 19, 2019 06:40 AM

Hannah Williams

HomeStarr Realty - Philadelphia, PA

Expertise NE Philadelphia & Bucks 215-820-3376

Scott Godzyk This is a difficult time for sellers. It is good they have a kind and thoughtful agent like you to look after them.

Jul 19, 2019 07:50 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Hi Scott... so nice to hear about a bank who is willing to go the short sale route instead of immediately jumping to the foreclosure route. I just last week recommended a short sale scenario to a client of mine whose kids in SC are behind on payments.

Jul 19, 2019 08:09 AM

Sheila Anderson

Referral Group Incorporated - East Brunswick, NJ

The Real Estate Whisperer Who Listens 732-715-1133

Good afternoon Scott. You have done a great job with this and I am not surprised: you are always on it.

Jul 19, 2019 10:31 AM

Kathy Streib

Cypress, TX

Home Stager/Redesign

Hi Scott- I think that you're wise in continuing to work with BPOs. You're right...you will be prepared when things turn again, and in working with them now, you never know what contacts you're making and that can generate referrals.

Jul 19, 2019 07:15 PM

Debb Janes

Nature As Neighbors - Camas, WA

Put My Love of Nature At Work for You

We used to do BPO's too, but honestly, most of ours are out in rural areas, at least an hour's drive from here. They just don't pencil out very often. You're smart to keep your hat in the ring. D

Jul 20, 2019 06:41 AM

Anna "Banana" Kruchten

HomeSmart Real Estate - Phoenix, AZ

602-380-4886

Now this is funny Scott Godzyk a Boo Agent! Good for you for keeping on with bank owned and SS. Not for me anymore plus not many around, thankfully.

Jul 20, 2019 02:28 PM

Kathy Streib

Cypress, TX

Home Stager/Redesign

Jul 20, 2019 09:48 PM

Leanne Smith

Dirt Road Real Estate - Golden Valley, AZ

The Grit and Gratitude Agent

Very interesting perspective. The last paragraph is so on point and works to support the Code of Ethics "protect and promote interests of their clients."

Jul 21, 2019 05:44 AM

Kristin Johnston - REALTOR®

RE/MAX Platinum - Waukesha, WI

Giving Back With Each Home Sold!

Great post! I can see why Kathy chose to highlight it this week!

Jul 21, 2019 06:47 AM

Grant Schneider

Performance Development Strategies - Armonk, NY

Your Coach Helping You Create Successful Outcomes

Good morning Scott Godzyk - I agree with your approach and we need to remember that we are there to serve not skim off the top.

Jul 21, 2019 07:25 AM

Anthony Kirlew

Group 46:10 Network @ eXp Realty - Gilbert, AZ

Helping You Make Fiscally Sound Real Estate Deals!

Definitely a new term for me. And I don't think that person can complain if they have been in a house for a year without making any payments.

I have done some BPO's (a LONGGGGG time ago... like in the 90's) however I would love to develop a connection with a bank to be their go-to agent.

Jul 21, 2019 08:35 AM

Kat Palmiotti

eXp Commercial, Referral Divison - Kalispell, MT

Helping your Montana dreams take root

This home owner definitely called the right person.

If anyone else ever calls asking if you are the BOO agent, you'll know what they are referring to!

Jul 22, 2019 03:15 AM

Kris Collis, Associate Broker

Smart Way America Realty - East Stroudsburg, PA

Professional Results you Expect 570-801-5525

Scott, always great to hear a short sale with a bank cooperating for a win-win for all concerned. And the smarts to know who to call to make it happen. Great job! BOO or BOP - Bank Owned Property? :))

Jul 22, 2019 09:14 AM

Marte Cliff

Marte Cliff Copywriting - Priest River, ID

Your real estate writer

I guess I'm dense. Did they mean BPO or does BOO mean something?

Jul 22, 2019 09:41 PM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Hi Scott:

I've never heard that term before and like Marte wondered if the seller meant BPO agent? In any case she is now in great hands, as is the bank. Best wishes for a quick resolution on this short sale.

Jeff

Jul 23, 2019 03:13 PM

Lise Howe

Keller Williams Capital Properties - Washington, DC

Assoc. Broker in DC, MD, VA and attorney in DC

So glad that you will be available to help this seller - I have done a fair number of short sales too and it is always good when they can start to sleep at night!

Jul 30, 2019 05:15 AM