I received a request for this form GD and I took it, not knowing what the heck they were asking. Now the instructions read do the BPO retroactively to 6/10/2006. What should I do? Do I look for comps that go back to that time?

Any input from you all is welcome

I just completed a Historical BPO on a property that I declined as an REO listing (though I did do a drive by BPO on it about a month ago).

They requested 3 sold comps for the 6 months prior to the sale date and a market trend based on comparing averages to the 6 months prior to that.

It was a very revealing exercise. The market value came in only slightly over half what the sale price was on the public record. I think I smell a mortgage fraud investigation!

You just need a time machine set for 6/10/2006.

At least it should be possible to make an accurate prediction as to its market value 90 days and 180 days out to 12/10/2006.

As of 6/10/2006, suggest that they, "Take the Money and Run !" You'll be thought of as an absolute Clairvoyant !

(Smells like someone is preparing to go to Court?)

I have done several of these. I asked what they were using them for, and they told me that they were spot checking the accuracy of the appraisals. Usually, the date that they give me is just a few days before the last sale.

I love retro's, I have one specific company that always calls me with strictly retros. No driving, no photos, just look up comps and most of the time the subject was listed anyway.

I just got a bpo from goodmand dean, they want me to do a retroactive bpo???? they want it to date back to 5/02/2005. Probably someone upset with the appraisal they had done for them when the home was purchased????
Anyone ever do one????

Yes, RBL...Rather than hire an appraiser for what has been called a forensics appraisal on a fraud watch case, many time the lenders will order a retroactive BPO. I found it does take a bit more time for me as I am double checking myself, as I am checking the original evaluator or appraisal. Just document your homework and keep the logic on paper for review.

BTW my state just joined the ranks of many others, this week, having only licensed RE agents/brokers do the BPOs and any CMA/BPO related and unrelated to a RE transaction was be record kept like a regular RE transaction fro three years.

More accountability is coming...

I've getting more from GD...I don't even want to know the purpose of them, but definitely something fishy is behind it no doubts!

Recov, I got one last week from GD as well. As you probably know by now, the form is super quick, only 3 closed back from the date they gave you. I wish they would send more of these!

Maybe they are doing this to find out if there was fraud going on, I got one too...they wanted to know the market climate from a sale in 2005.

I didn't mind doing it, $40 and done in 1 hour.

We do these quite often in our office. Just another bpo during a specific time. Our MLS system makes these retro's easy to do.

I have recieved 3 retro bpo requests from GD this week???
I was wondering why they request retro bpo's?? I figured it was fraud related???

I had one this week too. It could be because of divorce, bankruptcy, fraud...

I did a retro for an individual, and I'm sure it was not fraud related. In this instance, it involved his mother's house, and he was looking for its value at the time she established a trust. At some point in the future, this information will be important in settling her estate.