I accepted a Countrywide BPO and when I got there to take the pic, realized property is a vacant lot. Has anyone done a BPO on a lot? Thanks!

Yeah, I have done a vacant land for Countrywide. The house was burnt down; so I was told by Countrywide to estimate the subj. prop. based on fair market value of the land.

I did 3 sales and 3 listing comps w/houses on them w/i 1 mile of the subj. prop.; then I estimated fair market value of the subj. prop. only.

I've done several on vacant lots. Usually a mobile had "mysteriously" exploded into flame!

There were enough vacant mobile lots about to do the bpo.

Yes. A lot of times around here what happens is the house gets razed, and the bank knows nothing about it.

Not too dificult to find comps, just make sure you're comparing vacant land to vacant land.

I am about to do one that there technically a house there but it is soooo fire damaged it is worthless. No mystery as to the cause of the fire when you can see loops in what is left of the carpet where they threw gas or something. They practically made pretty little designs with it.

In some cases around here... where there is a whole planning permit issue in addition to building permits... a lot that had a house on it at one time is much more valuable than a truly vacant lot. And in communities where there is a water moratorium they are the only usable lots around.

I'd probably take a pass on a vacant lot, too hard to find comps and too many variables.

Thanks for your replies. This one is a lot that has never been built on. It is just woods. No clearing, and no old driveway. The owner lives in a different county according to the tax records. The taxes last year were $103, so it is definately a vacant lot! So that is why I thought it was unusual. It is due in 2 hours and I have called and e-mailed countrywide and they don't respond! I would hate for it to look like it is late and hurt my rating with them!

A few years ago I was asked to do a BPO on a singlewide mobile on a small lot. After visiting the property I contacted the client and told them the property had "negative value". They said another agent had already given them a land only value to which I replied that unless the property was cleared, including an environmental spill, it would not be worth even the land value. I further explained that since I would estimate the cost of clean up to exceed the land only value I was standing by my comment that it was of negative value "as is". I think they wrote it off and let the county take it for unpaid taxes.

Well, the lastest is, I called the county and they told me there is no house on the lot. I took a pic of the house next door with an address of 7026 when I was there. I called Countrywide and they said they have an old BPO on the house, and e-mailed me a pic of 7029. It is the same house as 7026! Someone turned the 9 upside-down and made it a 6! So it is still a mystery...is it a lot? Or a house? 7026...7029? Yikes!

Check the APN (assesor's parcel number), also known as the S-B-L (Section, Block, Lot) number in some areas, to verify which property your client has an interest in (the old BPO may have been in error).

If that doesn't work, ask CW for a legal. They should have that on file. If you have access to metroscan system you should be able to look up the parcel through the legal description on metroscan.

Yes....my very first REO listing was a vacant lot.