Broker's Price Opinion

Jan 13, 2010

The first is known as an Exterior or Drive-By BPO. During the initial stages of default, the lender will send an agent out to the property to see if it is still occupied by the homeowner. If the property is occupied, they typically have orders not to make contact with the homeowner or even be seen by homeowner. The agent will attempt to take an exterior picture of the property and complete a form. Based on the information provided, the lender will be given a value for the property. Often times the value is incorrect. This is due to the real estate agents' assumption of what the interior of the property looks like having never been inside and the values of like properties in the area. When you contact the lender to negotiate a Short Sale, the lender will often times refer to the Drive-By BPO as a true value. Don't forget this! Don't assume because they have a value, it's based on the interior. It's almost always based on the drive byBPO. The other type of BPO is the interior BPO. You should always request the lender conduct an Interior BPO in your offer letter and have yourself listed as the contact person and be present when it is conducted. If you want a way to ethically influence the BPO in a matter of minutes

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