What is a BPO?
WHAT ARE BROKER’S PRICE OPINIONS (BPOs)?
What is a BPO? Well, a real estate BPO or Broker Price Opinion, is an order requested by financial institutions like banks, mortgage companies, and loss mitigation companies. BPOs are completed by licensed real estate agents and brokers, to determine the potential selling price or estimated value of a real estate property. They are most often requested in situations where a financial institution does not have the time or money to pay for a full real estate appraisal.
BPO real estate services have several uses. They can be requested in situations which do not support the time or cost of a full real estate appraisal, REO (real estate owned) owned properties, foreclosures, short sales, a supplement to an appraisal, home equity loans, refinancing, appeal to cancel the lenders’ mortgage insurance, due diligence, asset evaluation and setting the selling price for a property.
Because financial institutions will always have a need to evaluate real estate properties, BPOs will always be plentiful. Real estate BPO’s can pay agents a range of $30 – $125 per BPO, which is certainly cheaper for the financial institution than the cost of a full appraisal. Completing BPO orders along with REO listings, can be a great source of income to well-trained BPO real estate agents. Click here to learn more about REO (Real Estate Owned) Listings.
Here at REO Education, we eliminate the headache of finding where to go to acquire real estate BPO orders, how to become a preferred vendor for those BPO companies, how to complete BPO orders efficiently, and most importantly, how to leverage a team to help you complete a high volume of orders to give you the income that you want.
We believe in the quality of what we offer. Click here to view a sample of one of our courses. Sign up for your course today, and see why we are growing as an authority in how to help real estate agents/realtors, and brokers become successful, and grow their existing team of professionals to assist them in completing real estate BPOs. Join REO Education today!