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Hi Frank, Welcome to ActiveRain!  Since you're new, you may not be aware that self-advertising in the Q&A section (e.g. links to your own content) are against community expectations.   Your question itself is acceptable so that stands.  The links on this question (and I'll check your other question next) have been removed.

Sep 28, 2023 06:52 PM
Ambassador
5,398,441
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Short sales & auctions. They are pretty rare in my area at the moment.

Sep 28, 2023 07:12 PM
Rainer
423,523
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Assumptions, servicing, foreclosures, bankruptcy, death, probate, divorce, dispute an appraisal...

Sep 28, 2023 06:36 PM
Rainer
195,689
Karen Climer
Demetree School of Real Estate - Orlando, FL
Teaching people to pass the real estate exam

Short sales are the biggie.  Maybe divorce or probate.  

Sep 28, 2023 04:19 PM
Ambassador
2,696,200
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Frank

   With respect... make sure you get paid up front.  Many Brokers who were offered BPO's after the Crash of the mid-2000's can attest to doing "Drive-By Appraisals", and never getting paid.

  

Sep 28, 2023 08:21 PM
Rainmaker
1,086,302
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

BPO/ BOVs are used in short sales and more. I have done them for private lenders. It's a way to back up an appraisal, or even replace one for a lot less money. I've also done commercial BOVs for local /regional banks who did not want to spend their borrowers money on an expensive commercial appraisal (which can be five figures), if there was a chance that the property might not appraise. I got out of the BPO game many years ago, but I will do a commercial BOV on off market deals with a hard money lender happily. I get intel on the deal and the buyer, who could come back around to me later when it's time to liquidate. Also I've had those buyers come to me to help them buy other properties.

 

Sep 28, 2023 05:03 PM
Ambassador
3,222,341
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
The best agent in Southern Utah!

Short Sales and REO's.

Sep 28, 2023 04:39 PM
Rainmaker
2,468,071
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

When I was called to do a BPO I never once asked why. What does it pay was the only question I ever asked.

Sep 29, 2023 05:48 AM
Ambassador
3,631,934
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Haven't seen those since back in the down market on 2008 - 2012

Sep 28, 2023 09:20 PM
Ambassador
3,396,809
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

They were necessary for short sales.  

I know banks use them for other reasons however, I cannot recall what the reasons are at this moment.  

Sep 28, 2023 04:16 PM
Rainmaker
1,594,380
Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, ePRO
Big Block Realty 858.232.8722 - La Jolla, CA
Serving Coastal San Diego, Veteran's & Seniors

BPO, CMA, PEAR they're all the same just different purposes and clients. I essentially do them weekly for my clients, but I do not hire out to perform them as I'm too busy selling to worry about side jobs these days. Residential BPO's as a steady source of income died with the end o f the crash here in 2012 in SoCal anyhow.

Sep 29, 2023 06:10 AM
Rainmaker
5,223,362
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

The only time I do a BPO these days is for a relocation sale.

Sep 29, 2023 05:27 AM
Rainmaker
5,394,958
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

I was never a fan but some agents did well during the 2008 crash. Not sure how much in demand they are today. Make sure the request is reputable and you will get paid.

Sep 29, 2023 05:10 AM
Ambassador
6,590,170
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Divorce, tax basis,

Sep 28, 2023 11:49 PM
Rainmaker
2,820,680
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

As agents or recognized players in the Real Estate industry, when someone is seeking additional professional opinions, here we are! Also consider that some properties defy & resist ordinary appraisal because of their uniqueness, necessitating as much input or feedback as possible to ascertain fair market values. NOTE: BPO's by their nature demand payment upfront as once you have performed, you are quickly dismissed. I have found that BPO's just don't pay well either. Interesting to note that FSBO folks like to solicit agents for opinions on values for free a whole other subject

Sep 29, 2023 06:09 AM
Rainmaker
725,230
The Villages Realty
The Villages Realty - San Jose, CA
"Our Performance Will Move You!"

Short sales.

Sep 29, 2023 08:37 AM
Rainmaker
1,620,506
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

Short Sales.

Sep 29, 2023 08:46 AM
Rainmaker
1,862,762
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

You haven't paid your mortgage!  I'd take a pass as the work is not worth the price they offer.

Sep 29, 2023 06:31 AM
Rainmaker
779,539
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Foreclosures and short sales are the two biggest reasons for a BPO

Oct 01, 2023 08:35 AM
Rainer
46,553
Frank Worrell
BPOS FOR LIFE LLC - Chesapeake, VA
Turning BPOs Into Six-Figure Incomes

click the photo to view it completely please

Sep 29, 2023 06:26 AM
Rainmaker
508,033
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Eustis, FL
Broker/Owner, SFR®, e-PRO®, GRI, AHWD, REALTOR®

Frank Worrell,

I have a customer who is an attorney who hired a real estate person to do a BPO on two different properties in two different states. The reason he ordered a BPO was the cost factor vs an appraisal.

Do you do BPO's?

Oct 01, 2023 10:29 AM
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