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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.

#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.

#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"

#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.

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

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.

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

Registered: 10/11/04
Posts: 315
Loc: michigan
Is it safe to assume that all bpos are for distressed properties?

#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: 7864
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"

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

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.

#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?

#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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