I received three BPO requests from CC today requesting REO comps. They want me to provide a foreclosure value for all three properites. This is a first for me. How typical is this? Dare I hope that these may turn into listings???

i got one today too, and after driving by the property -- boy oh boy is this an REO alright...

Didn't know that CC gave out listings??????????? What???? Only ones I have gotten were IAS and O!!!!

Listings: LA gives them too FWIU.

I don't believe CC gives out listings. I'm hoping whomever ordered them assigns it to me if it goes to foreclosure. The three orders I received requested a foreclosure value and to use REO comps when possible. I've never gotten a BPO request like this before. The form is rather involved too.

No never have gotten anything from CC with REO requested values!!!

I have gotten quite a few recently that wanted REO comps and an REO price (not from CC). We'll see if any of those turn into lstings.

Lately, a lot of requests from many companies include a request to use REO if in an REO dominated area of if 2 tiered use both REO and non-REO comps. Finally catching on, are they?

I got one of those orders too. Lucky for me it is about 2 miles from my house. Most of my orders are at least 20 miles away on a good day. (I'm rural) I dont think CC gives out listings, but I happen to know this one is a REO from reading the back section of the newspaper.

I'm not really sure how to handle these orders. REO properties aren't prevalent in my area. I've essentially tried to include 1 sold/1 active REO comps and 2 sold/2 active owner-occupied comps.

What about other non-traditional sales? BKs, short sales, estates, if your MLS lists that stuff in the comments. I've used those when in an area of not a lot of REOs, and noted it in the BPO. Haven't had one kicked back yet.

Just recently I am seeing appraisers using REO comps.

In my market it's getting to be all there is.

I've done what KT does as far as including short sales, estates, etc when there are not enough REO comps to use. I also increase the distance if I'm in an area that doesn't have many REOs and just explain why in my comments. I haven't had one fail QC yet.

Thanks. I receive 4 new BPOs requesting REO comps only from IAS.

I got one from CC on Friday. Of course, I didnt read it close enough and provided them with 6 non-reo comps.... I had to do the dang thing over yesterday. My bad

Would you be considering short sales in w/REO's. One area I received a BPO for has mostly short sales and only 2 REO's.

You mean there are still areas that AREN'T reo driven?!?

I'm taking the advice of others. I'm using comps labeled REO, short sale, pre-foreclosure, estate sale, court-ordered, etc.