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#422750 - 04/17/13 03:53 AM Re: Pay it Forward... Tips & Tricks ***** [Re: Gulf Winds]
Junior Member

Registered: 04/17/13
Posts: 6
Loc: Palm Beach County Florida
The most important item in due dillgence,in Forclosue properties
to make sure the lender has joined and served all the right parties.Check taxes as Forclosures do not wipe out back taxes.
The most important item is Detailed Title Search

#430325 - 11/19/13 01:41 PM Re: Pay it Forward... Tips & Tricks [Re: ]
Joccity414 Offline
Junior Member

Registered: 11/16/13
Posts: 2
Loc: Wisconsin
How can I get a copy of this?

#430676 - 12/02/13 08:35 AM Re: Pay it Forward... Tips & Tricks [Re: sortahippie]
CDNJ Offline

Registered: 11/20/13
Posts: 32
Loc: New Jersey
I second this.
Take a picture of the gate house, the community sign,
the street sign, and whatever you can get of the community, even if it is just a picture of some of the houses in the distance.
It is much easier to get too many pics on the first visit than to have to come back.
You never know when the client will insist on a picture of the nearest fire hydrant. (this is obviously an exageration)

#430677 - 12/02/13 08:39 AM Re: Pay it Forward... Tips & Tricks [Re: Gulf Winds]
CDNJ Offline

Registered: 11/20/13
Posts: 32
Loc: New Jersey
If you are using Windows 7 the snipping tool is worth a million bucks!!
It is great for getting photos off MLS, or sending docs to the requesting company for clarification.
You can select as much or as little as you need and then easily cut or paste or save it.
Just type Snip into your start menu and select snipping tool.
It has been a life saver since my main MLS decided to block copy/save on the MLS photos due to copyright issues.

#431524 - 01/07/14 02:18 AM Re: Pay it Forward... Tips & Tricks [Re: Gulf Winds]
Albert020 Offline

Registered: 01/03/14
Posts: 35
Loc: London
Very nice thread and very useful also.

#432311 - 01/27/14 01:52 PM Re: Pay it Forward... Tips & Tricks [Re: Gulf Winds]
DaperDanMan Offline
Junior Member

Registered: 01/27/14
Posts: 3
Loc: Joliet, IL
Maybe someone will find this informative. I've been doing BPOs continuously since 1988. You know how much they paid for an exterior BPO in 1988? $50. How about an interior? $100? I usually had a week to do the report, and I'd have to have my photos developed and then glue them to the report which was then mailed in. Ahhh the dark days before scanners and high speed internet.

Despite inflation, the fees haven't come up. Some valuation companies pay even less than what was paid in 1988. Oh, and the forms back then took about 20 minutes to complete. Some exterior BPO forms are more like the forms that licensed appraisers do for complete appraisals. I call those "appraisal-light" BPOs.

Here is what has helped me:

Take your photos in the same sequence every time. For me I do it in this order, every time : House Numbers, Front View, Right Side View, Left Side View, Rear View, Yard view (rear and yard If needed for an exterior order). Interior photos I shoot in a sequence that will help me remember the layout when I review the photos later so that means I take a number of photos that I wont use in the actual report, but so when I'm flipping through the photos its like a virtual tour of the house. My big thing is that I save damage photos for the end. Honestly, if your shooting the rooms and start photographing every thing you notice in each room the first time you walk through the house you end up getting tunnel vision and missing a bunch of stuff. That's why I find it better to shoot damages (or odd things) after I'm done with my sequenced photos. I do this slowly.

Check the ceilings for leaks, but also ALWAYS check the ceilings of closets. Most people painting over water spots don't re-paint their closets since it requires removing all their stuff. Also, it helps to carry binoculars. Why? For looking at the roof. You can tell if a roof is starting to go when it looses its granulation. If there is a tree or branch that is touching the roof, take a look at that area. Tree branches rub against the roof and cause premature wear rather quickly.

Checking out a foundation, put the side of your head against the foundation wall, close one of your eyes and look straight. This is an easy way to see if a basement wall is shifting, bulging, or cracked. It's really easy to miss foundation problems if you don't look down the walls in the way I described. Foundation issues are big $$$ items for a seller and can have a large effect upon the value. It's going to stand out to a valuation company if your the third person to do an interior BPO on the property, but the first to point out major damage.

Now, I'm going to share with you my golden rules...

Rule #1 NEVER make up data (square footage, age, etc.)

Rule #2 NEVER make up data.

Rule #3 Always double check the square footage and age listed on the MLS for your comps with the Assessor's office. We all know that agent's love to list a 1325 sq.ft Split Level as 2,800 sq.ft because they are including the below-grade square footage. I think that some agents want to house to be more appealing to the public, but that most of the time it is because an agent didn't measure it them-self, or didn't measure it properly, or was just too "busy" to at least check what the assessor's office has it as. That being said, the assessor's are also frequently wrong. If you know you measured the home for an interior BPO properly and the assessor is wrong, use your data. Just make sure you make a note of why you did it. Which leads us to why you should....

Rule #4 BACK UP YOUR REPORT with written explanations. You should actually utilize the comment areas in the report. Most valuation companies complain that most agent's don't write enough. Maybe that's why your having so many BPOs kicked back for "revisions". Explain what you did. Explain why you had to break the report guidelines. Explain that although Comp Sale #2 says 4 Bedrooms 2.1 Baths on the MLS, that it is actually a 3 bedroom 2.1 bath with a below grade bedroom in the basement. If you don't take the extra few minutes to write clear and concise comments then you are going to likely end up with a report getting kicked back to you for "revisions". Which is why you should...

Rule #5 DO IT RIGHT THE FIRST TIME. Don't be one of those agent's that constantly has to revise a report because you were lazy the first time around. You'll notice that you have little to no reports kicked back. However, you might notice that some valuation companies ALWAYS kick back your reports. But if you do it right the first time, then you will be confident enough to...
Rule #6 STAND BEHIND YOUR WORK. There are times when I've had orders kicked back for revisions because they didn't like certain comps which I had already thoroughly explained why I had chosen them. This is rare, but if you honestly know that you did the best possible report, and believe in the value and comps you chose, then tell them you refuse to change "XYZ". Its a BPO. Broker Price Opinion. It's your opinion of the price, not the valuation companies opinion. This is why you should...

RULE #6 TAKE PRIDE IN YOUR WORK. When you do it right, you will be proud of your work. It gives some meaning to what your doing and helps with personal motivation.

I wish everyone the best of luck, and good fortune. Hard work always pays off in the end.

Kind Regards,

#432607 - 02/04/14 07:44 AM Re: Pay it Forward... Tips & Tricks [Re: Gulf Winds]
Pittsburgh412 Offline
Junior Member

Registered: 01/29/13
Posts: 1
Loc: n/a
*** Keep in mind that some PCR's are actually REO's not all are mortgage finance transactions and to use caution with those too.... They can be potentially conflicting, when you have a angry homeowner losing their home and see you getting the photos. Always, be quick and get out. If they approach your vehicle just drive. Just driving away is much safer then dealing with a crazy person, who will then film you with their I-phone, demand a warrant for your photos or paperwork or documentation.... Then continue to follow you and harass you. Those are not worth a mere $15.

#435618 - 04/28/14 03:34 PM Re: Pay it Forward... Tips & Tricks [Re: CentralFLbeepo]
DCF Offline

Registered: 07/31/10
Posts: 14
Loc: Canada
I am looking for investment condos in N Miami , Hallendale , FT Lauderdale
Can anyone direct me to RE Auction Forums , web sites for quality info.

Thank you

#438935 - 09/09/14 08:38 AM Re: Pay it Forward... Tips & Tricks [Re: Gulf Winds]
Nashville Homes Offline

Registered: 07/25/13
Posts: 114
Loc: Nashville, TN
I wish I could +1 DaperDan's post! I'm going to use some of those tricks, for sure.

Pittsburgh412, sounds lie you had some rough times! frown

#439424 - 09/24/14 12:20 PM Re: Pay it Forward... Tips & Tricks [Re: DaperDanMan]
Lola1234 Offline
Junior Member

Registered: 09/24/14
Posts: 1
Loc: Boca Raton,FL, USA
Thanks Dan, good tips. I am working with a hedge fund out of state that is bidding on auction properties. They have me go to the property before they bid and I do the BPO. They stopped sending me work orders and when I called to ask, they said that my valuations were not good. When they are looking for the "AS Is Normal Sale" are they wanting what they should pay at the auction or what the property will sell for. Thanks for any help.

#439925 - 10/10/14 11:25 AM Re: Pay it Forward... Tips & Tricks [Re: REO Pro]
realMDagent Offline
Junior Member

Registered: 10/10/14
Posts: 1
Loc: MarylandUS
Thank you for info much appreciated.

#440048 - 10/15/14 08:02 AM Re: Pay it Forward... Tips & Tricks [Re: Gulf Winds]
N_Fla_Realtor Offline
Junior Member

Registered: 12/11/13
Posts: 5
Loc: Florida USA
I am a newbie in N. FL. Does anyone have any tips on how to get started working BPOs? I must be missing something because I have not had any luck at all. Also, I filled out a Vendor Registration/Application yesterday and it asked me for 3 references. Are they asking for companies I have done work for before or business references or what?

#440086 - 10/16/14 03:37 PM Re: Pay it Forward... Tips & Tricks [Re: Gulf Winds]
Ben34105 Offline
Ubiquitous Mod
Major Contributor

Registered: 02/25/05
Posts: 2304
Loc: Florida
It's a tough time to get started in the BPO business. I got my start almost a decade ago. Most companies now require 2 years experience and references from other BPO companies or asset managers. I'm sure you'll find a few companies to give you a shot, but make sure they actually pay their agents!

#440125 - 10/18/14 07:57 AM Re: Pay it Forward... Tips & Tricks [Re: N_Fla_Realtor]

Registered: 12/11/05
Posts: 314
Loc: Tampa Bay FL
You can put business reference, this way you have something to put down. They may or may not look at them. Alot of companies want 2 years experience now. I started back in 2005 9 years ago before the short sale crisis and when other agents did not know what a BPO was. We all started without experience, so hopefully you will find a company or two that will start assigning.

#444764 - 04/02/15 01:36 PM Re: Pay it Forward - BPO/REO Tips & Tricks I & II [Re: Gulf Winds]
LendSome Offline
Junior Member

Registered: 07/23/14
Posts: 3
Loc: North East
Get private funding and make money off the loan!
There is a website for private money lending where you as an agent can get a free website to offer private lending. if you go an register as a broker and let them know your an REO agent they will offer you a free site to Broker Hard Money Loans.

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