a BPO is where a Financial Institute Calls a Real Estate Brokerage to Do a Drive by and tells them what your house is worth. BPO stand for Broker Price Opinion, however, agents can do this as well as brokers. They PAY $50 and sometimes they do NOT pay, unless you give them ALL the data they want and sometimes you just can't give them what they want.
Some Broker's do the BPO so that They KNOW what properties are in financial struggle. If you accept a BPO then you get to know first, the $50 means NOTHING, I mean that is a slap in the face really to the kind of money the Real Estate Broker Makes.
If I, as a Broker Knows about a possibly foreclosure or a distressed property then I, the Broker can make them and offer and then re-sell the home. I can sell it to one of my real estate investors who will then sell it and I will get DOUBLE commission. Some BPO's are just for a Refinance and that's good to, with the Refinance BPO the Owner is cooperative when you go to look and well, ya just may pick up a client. Especially if you lean the BPO (Brokers Price Opinion - CMA) their way so that they can easily get their loan.
The Real Estate system is corrupted from top to bottom and there is NO end in Site. The only protection that you have is Knowledge. Go to www.SavvyBroker.com - Subscribe to My Members Only Real Estate Blog and Find Out More.
No comments:
Post a Comment