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#413854 - 10/03/12 11:46 PM Short Sale agents that also do BPOs
Cool guy Offline
Major Contributor

Registered: 06/30/04
Posts: 2176
Loc: California
Have any of you had success prospecting the bpo properties you do? I'm doing about 100 bpos a month and was thinking of sending out flyers/letters to the distressed owners of those properties.

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#413858 - 10/04/12 03:24 AM Re: Short Sale agents that also do BPOs [Re: Cool guy]
neudot Offline
Major Contributor

Registered: 11/02/07
Posts: 1960
Loc: Central New York
Some companies consider this a conflict of interest and will fire you from BPOs if you do this. Make sure what the company policy is before you attempt it.

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#414687 - 10/21/12 09:39 PM Re: Short Sale agents that also do BPOs [Re: Cool guy]
smg Offline
Major Contributor

Registered: 02/16/06
Posts: 2823
Loc: United States
I see more of an issue if you solicit them You value the property knowing that you may be listing it. I think the lender would have an issue with that...just my .02"

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#414838 - 10/24/12 07:13 PM Re: Short Sale agents that also do BPOs [Re: Cool guy]
BelloAtMe Offline
Junior Member

Registered: 10/16/12
Posts: 3
Loc: Texas
Tread lightly in this area. Doing a BPO for one company and then trying to represent the seller to short sell on that price is like swimming in shark infested waters.

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#415435 - 11/07/12 10:34 AM Re: Short Sale agents that also do BPOs [Re: Cool guy]
sacbroker Offline
Member

Registered: 10/31/07
Posts: 330
Loc: Sacramento
Simple, share the listing with another agent and have them as the listing agent not you. I dO it all the time.

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#415506 - 11/09/12 09:08 AM Re: Short Sale agents that also do BPOs [Re: sacbroker]
rls362 Offline
Member

Registered: 10/11/04
Posts: 313
Loc: michigan
Is it safe to assume that all bpos are for distressed properties?

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#415508 - 11/09/12 09:25 AM Re: Short Sale agents that also do BPOs [Re: Cool guy]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
Loc: Vermont's North-East Kingdom
Originally Posted By: rls362
Is it safe to assume that all bpos are for distressed properties?

Nope . . . . most, but not all; some are still being ordered for the creation of HELOCs, and others to support the removal of PMI.

They're probably needed for other purposes as well; but I don't know off hand what those might be. Someone else here on this Forum may know of other uses.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#416686 - 12/08/12 09:48 PM Re: Short Sale agents that also do BPOs [Re: Cool guy]
Greg Masson Offline
Member

Registered: 08/27/08
Posts: 160
Loc: Oregon
When banks sell notes, Non Performing Notes (NPN) or Performing Notes (PN), they will order a BPO to determine the value. A performing note, one that the homeowner is still making timely payments, can receive 75-85% of value when sold. An NPN can go as low as 15% if sold in bulk. But, they need the BPO to determine the value.

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#419585 - 02/03/13 10:20 PM Re: Short Sale agents that also do BPOs [Re: Cool guy]
Romilda Offline
Junior Member

Registered: 03/21/12
Posts: 2
Loc: Virginia
What about if you send a flyer of post card to everyone in the neighborhood where you did the BPO? Would that be less of a conflict?

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#458044 - 06/11/17 11:58 PM Re: Short Sale agents that also do BPOs [Re: Romilda]
Brooke Harper Offline
Junior Member

Registered: 03/04/17
Posts: 3
Loc: Austin, Texas, USA
Hi, Romilda. How has this turned out for you? Doing BPOs isn't the most glamorous part of being in the real estate business. I would surely love to hear about your success.

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