A Step By Step BPO Guide
So we have been doing this for a long time now. Its almost 5 years ago that we created our simple BPO filling software that allows you to easily enter the information and generate a pretty BPO form directly from your computer. We actually created this software for ourselves as we were practicing agents at the time and were doing a lot of BPO work. Many of the companies would send word documents or other pdf forms and we needed a quicker way to be able to fill them out and more importantly not have to start from scratch each time. We created the BPO software and used it internally for a long time until we realized that other people may be interested. We released the software and to our surprise we have overwhelming response. People loved it but even more shocking was the amount of people just getting started. We kept getting asked for a step by step BPO guide. People wanted something that walked them through the process of generating a BPO. They wanted the details of how to do a bpo. So we actually wrote and entire book on it that you can get here.
However you may not want to spend any money and you want the streamlined Step By Step BPO Guide so here we go.
Step 1 Obtain Subject Info – Step By Step BPO Guide
The first step in completing your BPO is gathering the information about the subject. You can generally obtain all the subject information about the property from the MLS or tax records and property appraisers site. Gathering all of this information ahead of time will make completing the subject information that much easier. Remember that a lot of the information about the subject is actually generalized information about the market and the neighborhood. You will want to gather all the information you can about the property ahead of time. Remember to follow along step by step.
Step 2 Pull Comps – Step By Step BPO Guide
One of the most important steps of the step by step BPO guide is pulling comparable properties. Almost all BPOs require you to show 3 comparable sold properties and 3 comparable listed properties. These are referred to as comparables. These properties should be as close to the subject property as possible in every form. Bed/Bath counts, square footage, location, view etc. You also will want to search for properties that are closest to the subject property. Start your search with exact matching criteria and then loosen your search requirements if you are unable to find results. For a more detailed breakdown of how to pull comps you can view this post.
Step 3 Make Adjustments – Step By Step BPO Guide
Now that you have your comparable properties, the next part of your step to step bpo guide is to make adjustments to the values of these properties. Making adjustments requires adding or subtracting amounts of money to the comparable properties to make them even to the subject. You have heard the expression of comparing apples to apples. If your subject property has a basement but the comparable does not, clearly the comparable is inferior. You would need to add some money to the sale price or list price of the comparable to make it equivalent to the subject. You can use the following Acronyms to help and remember you are always making price adjustments to the comparables and not the subject.
CIA – Comparable Inferior Add
CBS – Comparable Superior Subtract
Step 4 Summarize – Step By Step BPO Guide
The last step of our streamlined step by step BPO guide is to summarize your information. Remember that the reader of your BPO report is located far away and may have never seen the property. You need to paint an appropriate picture for them of the area, the subject property, the competition and any other factors that may not be easily visible from a far. You are the real estate professional and summarizing all of the data to come up with a final value is your expertise. Make sure you can defend your value with the data and don’t be afraid to stand by your number. If you have a gut feeling that the price should be x then make sure your data supports it.
Our Detailed Step By Step BPO Guide
If you are looking for a more comprehensive Step By Step BPO Guide where we actually discuss every section and in depth how to complete a BPO then we recommend you take a look at our Complete Guide to BPOs. As an added benefit we provide you with a free list of over 250 BPO companies who may have work to give.
Looking for a Real Estate BPO Sample?
Photo from www.bpoforms.com
You’re almost there. Let me guess. You have been asked to perform a B.P.O or broker price opinion for someone and you are somewhat familiar with them but you really would like a real estate BPO sample to look at to help you along the way. We understand and we have been there. You see we are a couple of real estate professionals who started the same way you may be. We have extensive real estate experience but just weren’t 100% sure of how to complete a BPO. You have seen lots of courses or BPO certifications being offered but you don’t want to spend hundreds of dollars and 4 days in a class to figure out how to complete a BPO or how to do a BPO. We understand and we have you covered.
We actually operate the largest Broker Price Opinion software platform online that allows you to easily fill out a blank BPO template. But because we are the largest provider online we have a collection of feedback from 1000’s of real estate professionals over the years that has allowed us to draft a comprehensive guide to completing a BPO. In this ebook we actually go step by step and section by section to explain the different portions of the BPO. We cover all aspects including adjustments and choosing the correct comparables for your report. If you don’t know where to begin you can end up wasting a lot of time. Our eBook helps you cut down on wasted time and concentrate on filling out that B.P.O. quickly.
So you came looking for a real estate BPO sample but what you really need is our ebook on how to complete a bpo. What’s that? I’m wrong? You really just want to see what a BPO sample form looks like. Not a problem. If you click here you can see a list of all the different real estate bpo sample forms we offer in our software. If you click on the magnifying glass next to the name you will see each sample. The most widely used form is actually the Fannie Mae Residential BPO form. If you are unsure of which form to use and which to look at, its the Fannie Mae residential bpo form.
We hope this helps and please don’t hesitate to contact us if you have further questions about our ebook or our Broker Price Opinion Software that we can help with. To learn more about what is a BPO click here.
Broker Price Opinon – Potato or Potaatoo
Whats that you say? You are interested in Broker Price Opinon. Truth is you are probably looking for information about BPOs in general. A BPO is an acronym for Broker Price Opinion but we see it constantly. The name is misspelled and who are we to judge. We know what you are looking for and we are here to help. Lets start from the beginning and walk you through some of the basics. If you are interested in a more comprehensive guide to BPOs you may be interested in our eBook here.
What is a Broker Price Opinon?
A BPO is ordered by banks, homeowners, estate agents, attorneys or anyone looking to receive an estimated professional opinion of the value of a home. A BPO can be completed for a home or condo or also on commercial property. Less complicated and detailed as an appraisal, a BPO can be completed quicker and for less money. The huge increase of foreclosures over the last 5 years or so has resulted in a substantial increase in BPO orders and the number of agents working on broker price opinon.
How much can I make for a Broker Price Opinon?
Each client is different and each client pays a different amount of money. It really depends on the complexity of the BPO you are performing. In some cases you are doing a drive by bpo or an exterior bpo and these require less work and thus you are paid less money for. In other cases you are completing a detailed commercial property BPO. This can be a more complicated process and take a couple of days to compile. Generally speaking though you can expect to see $30 to $300 a BPO with the average being $50. Now this may not make you rich but its a building block and nice way to supplement your income.
How do I register to receive an order for a Broker Price Opinon?
It takes work and the first thing we say is don’t rush. Its going to take time and you have to start registering with the companies to receive BPOs. We have a Free list of BPO companies that you can receive here. Once you have the list you need to start the task of registering with BPO companies. This task can take time and patience but will pay off. You may not receive orders immediately but over time you will start being accepted to different networks and ultimately you will start receiving bpo orders.
How do I Complete a Broker Price Opinon?
You may be looking at how to actually do a BPO. We have spent a lot of time writing a comprehensive eBook that outlines all of this information in detail. If you are thinking about getting started or refining your skills we highly recommend our eBook. Don’t take our word for it though. Take a look at our page here and see some of the recommendations. Compiled from feedback from thousands of real estate professionals around the country we think you love it.
Are you already working on BPOs or looking for the form or an easy way to fill one out online? Take a look at our BPO software and see why thousands of people use our software daily to actually generate their BPOs in one simple easy to use program. Its how we started and what people love best about BPO Forms..
Looking For More About a Drive By BPO Form
Are you looking for a drive bpo form? Are you unsure what exactly a drive by bpo form is? Relax. Let us explain and get you squared away. First lets start with a BPO in general. A BPO is short for a Broker Price Opinion. A Broker Price Opinion is a valuation of a property or an opinion of what a broker believes a property is worth. These BPOs are often completed for short sale approvals, REO or bank owned properties as well as private estate valuations or divorce proceedings.
What is a Drive By BPO Form?
I guess we should first start with what exactly a Drive By BPO is. Often referred to as an exterior BPO this is a broker price opinion that is completed from the exterior of the home. Often called a drive by because you don’t formally have to make an appointment to see the inside of the home or walk the inside of the property to document detailed interior conditions. We have a simple breakdown of an interior and exterior BPO here. You aren’t actually driving by because you are generally required to photo the exterior of the home and report information about the neighborhood and exterior condition of the home. Now that you know what a Drive By BPO is you would imagine there is a form for this or more particularly the Drive By BPO Form.
It is common to perform exterior BPOs on occupied properties where the occupant may not be cooperative or aware but an exterior BPO is still a detailed report. You may have come across other drive by bpo form templates online which are one page simple basic forms. We don’t recommend that you use this form. Fannie Mae, Freddie Mac, and almost all financial institutions expect a detailed BPO whether or not you have interior access and using a one page Drive By BPO Form is not sufficient for them. The truth is that when completing an exterior BPO most clients expect the standardized Fannie Mae Residential BPO form or the Fannie Mae 2-4 unit BPO Form when its a duplex, triplex, or fourplex. These standardized forms are more thorough and provide a complete picture of the property and all the conditions that may affect value. Many of the other drive by BPO form options online are inferior and will not be considered as they are not industry standard forms.
Careful When Completing a Drive By BPO Form
We mentioned briefly that these types of Broker Price Opinions are often ordered on homes that are occupied. Its important to understand that in some cases these people may be at risk of losing their homes and they may not realize who you are and that their home may be in foreclosure. We never recommend that you speak with an occupant of the home and you respect their privacy as well as their property. If you can take photos from off of the actual property in the street we would recommend it. You don’t want to hang around for a long time completing information there. Get your photos, observe the condition and the neighborhood and exterior conditions and be on your way. For a full comprehensive guide to BPOs as well as a complimentary list of BPO Companies you can see more here.
Looking for a fillable BPO form?
photo by Christian Scholz
Look no further. Has a client asked you to perform a Broker price opinion? Are you looking to start your first order or prepare a short sale application or refinance request. You may be looking for a simple fillable BPO form. We have you covered. Our BPO online solution lets you easily work with and modify in real time a fillable BPO Form. Unlike some other fillable BPO form offerings you may have seen, our software is designed by agents for agents. More than 50,000 BPO’s have been completed through our system. Our software handles the math and assists in the calculations as well as storing all of your information in one editable format. Need to revisit it later to make adjustments, not a problem.
Not all Fillable BPO Form Solutions are Equal
You may have seen software from download.com or other sites that offer the ability to fill out pdfs or lay text over them. The problem with these offerings is that they are generic solutions. They have not been created to actually serve the single purpose of completing a Broker Price Opinion. A BPO requires lots of numbers and lots of adjustments to properties in order to come to a valuation for your subject property. If you don’t know the equations or whether you are adding or subtracting adjustments then you wouldn’t know where to begin. Our BPO Software provides a simple easy to use solution for a fillable bpo form. Additionally other options you may have seen don’t allow you to add the required photos to your BPO. A complete Broker Price Opinion asks for photos of the exterior of the property as well as the interior of the property. To accurately show the property the bank or client would like to see these photos. Save yourself the struggle of re-sizing the images or trying to figure out how to add them to the fillable BPO Form. Our simple solution lets you upload the images by selecting them from your computer. Leave the re-sizing and layout of these images up to us. Its all handled in one neat little solution.
Not Sure Where To Begin?
You’re not alone. This may be the first time you have seen a fillable BPO form or the first time you are being asked to complete one. We have that taken care of. We have worked with thousands and thousands of agents and real estate professionals over the years and many of them come to us from the beginning with very little knowledge about broker price opinions in general. We have now comprised a comprehensive guide that covers all aspects of How To Complete a BPO and all the details of what exactly a broker price opinion is.
In summary if you are looking for a simple fillable bpo form and you need to create one or many BPOs then you should take a look at our solution. There is a reason that we have thousands and thousands of BPO’s created from our system and agents that have been using us for over 5 years. Learn More Now.
Looking For a 2014 BPO Form?
Are you looking for a new 2014 BPO Form? We have received a number of requests from our users about the new 2014 BPO Form. The reality is that there isn’t a specific 2014 BPO Form. Generally speaking there are many different versions of forms. Different financial institutions and different banks or asset management companies offer different forms. These forms though are seldom updated and are often used for many years at a time.
Its 2014 BPO Form used now?
The most widely used and accepted form is actually the Fannie Mae Residential BPO Form. Our BPO Software offers this fillable form and ironically its from 2009. Fannie Mae orders thousands and thousands of BPOs a year and thousands of agents across the country are using their Fannie Mae Residential BPO Form when completing the forms but the reality is that it hasn’t been updated in 5 years. This 2009 version is the most recent copy and is what is being used universally across the country.
Types of BPO Forms
There are quite a few different types of BPOs and often you may be required to complete a vacant land bpo or a commercial bpo. You may have also heard of an interior or exterior bpo. A Vacant land bpo uses the same residential Fannie Mae form most often but leaves many of the fields blank. Because you are valuing just the land, the questions about the structure or bedrooms and bathrooms and adjustments to comparables are left blank. This is a far easier BPO if you actually have other vacant lots in the area to compare it with. A commercial BPO is for over four unit rental properties or strip malls and other types of commercial property. Lastly the two different types of bpo are an exterior bpo often refereed to as a drive by BPO. A drive by is essentially and exterior valuation where you are just valuing and comparing the property based on what you can determine from the outside. You don’t need to take pictures of the interior of the home or take those factors into consideration. An interior on the flip side requires you to inspect the inside of the home and compare the condition to compararables and their interior.
2014 BPO Form Wrap Up
In summary there are a number of different forms available and there are a number of different types of broker price opinions that can be ordered. Most commonly you would use the Fannie Mae Residential BPO but there are other simpler options and some clients may have a specific form that they want used. For a list of all of our available options you can see the list of forms. In reality though as we mentioned there really isn’t a 2014 BPO Form thats widely accepted.
How Do I Complete a BPO
Lastly you may be just starting out and not sure how to do a bpo or what all the specific jargon means. We would highly recommend that you take a look at our ebook titled How To Complete a BPO as it offers a comprehensive guide to Broker Price Opinions.
Look No Further for your Broker Price Opinion Companies List
So you have been searching the internet and asking around over and over. You want an effective Broker Price Opinion Companies List and you want it for Free. We don’t blame you. We have spent extensive time compiling and researching our Broker Price Opinion Companies List and although we had previously sold this list for $30 we have decided to start giving it away for free. The truth is that we have thousands of agents using our BPO Software or reading our Book on How To Complete a BPO and we felt that the list is better served for us as a whole if we give it away free. By offering our Broker Price Opinion Companies List at no cost to you we hope to gather your trust and potentially your business for one of our other BPO offerings.
Wondering What a Broker Price Opinion Companies List Is?
Its unlikely you are on this page if you didn’t already know what a BPO Company List was but for those of you looking to learn a little more, we shall proceed. A BPO is a valuation or an estimation of value of a property. Often ordered by banks or institutional property owners. Agents throughout the country generate these BPOs and are paid anywhere from $20 to $150 depending on the complexity of the job or the particular BPO thats being ordered. Some companies are better than others at paying and their expectations of turnaround time and thoroughness of the valuation. Agents often disagree about different companies and who is the best. Location though largely influences this as certain BPO companies will only service certain.
Enough Already Give Me The Broker Price Opinion Company List
You tired of me. I had to at least make you work a little to get our free list. If you are interested in our Free list merely click on this link here. You will be asked to enter your email in the box at the top right. Next we will send you an email to confirm you have entered a valid email address. Once you click on the link in your email we will send you the link to the pdf for you to save it to your computer. I know it sounds a little laborious but we have to make you work a little for the free your free broker price opinion company list.
Interested in our BPO Software?
We mentioned briefly before that we own and operate BPO Forms which is BPO Software. We offer a simple way to fill out standardized BPO template forms. If you are just starting or doing a number of BPOs its an easy way to fill out the information and generate the form to be emailed to your client or print or save on your computer. Make a mistake and need to change it? No problem. Log back in, adjust the numbers and all the math and adjustments are recalculated without you having to adjust all of the fields manually. This saves countless time and headaches. Take a look and give us a shot. If not then best of luck and enjoy the Broker Price Opinion Companies List on us.
Wondering How to Register with BPO Companies ?
Over the years we have had many, many agents ask us How to register with BPO Companies. It sounds like a simple process quite frankly but sometimes the easiest tasks can feel like the most overwhelming tasks. Lets take a look at some of the most common needed things and where to start when wondering how to register with BPO Companies. The process of registering with BPO companies unfortunately is time consuming and requires a lot of repetitive actions in filling out forms online and questionnaires. This is purely a numbers game and the more applications you complete, the more likely you are to start building clients and getting BPO assignments. With the understanding that you are going to repeat similar processes over and over we highly recommend you get organized and gather the information in the list below before starting your submission. Tired already? Don’t fatigue. We are going to give you a free list of BPO Companies that you can use to register with.
How to Register with BPO Companies: Documentation Needed
The first step is to gather your information for submission. You are going to need a copy of your license and your Brokers license if you are not the broker of your office. You are also going to need a copy of your General Liability Insurance, Errors and Omissions Insurance, and your Auto Insurance. Different vendors have different requirements in terms of insurance and not all of them will require the same thing. Generally for BPOs you are going to need to be able to show up to 1 million per occurrence and 2 million aggregate E&O insurance.
How to Register with BPO Companies: Coverage Area
One of the questions you are going to have to answers is what is your coverage area. The BPO Companies want to know what area you are willing to complete a bpo in. They sometimes want Counties or Zip codes. You should create a list of zip codes ahead of time that you are willing to cover separated by a comma and stored in a document that you can easily cut and paste from. When providing this answer your instincts are to put your entire county or all zip codes. Be careful with this. When you get an order on Sunday morning and have to have the BPO completed in 24 hours you are going to regret having to drive all the way across town to get it done. Focus on the area you want to work in and submit with this. You can always expand your area if you need to.
How to Register with BPO Companies: Your Experience
Some of the applications want to know about you. They may want a copy of your resume or a short bio. Write up a nice short bio about 250 words or less about yourself discussing your market expertise and any experience you have in real estate in general. If you are starting out then showcase any analytical skills you may have or financial background and your attention to detail and thoroughness.
How to Register with BPO Companies: Getting Organized
Once you have gathered all of these items you are going to want to get them in digital format. You are going to need pdfs of your licenses and insurance and you bio should be in a word doc along with your zip codes etc. Create an easily accessible folder on your desktop so that you can easily access all of these files and information when asked for them during the signup process. If they are all together in one folder you will save countless hours completing the applications.
How to Register with BPO Companies: A Free list of Companies
Well now that you are organized and know how to register with BPO Companies, the next logical question is how do I find these companies. The good news is we have a free list of BPO companies for you that you can get by joining our mailing list. Not only do we have a free list here but you can learn more about our comprehensive ebook that teaches you how to complete a BPO. This book goes through the actual BPO form and explains the different portions and also explains more about what a bpo is and why its ordered. If you enjoyed our guide here about how to register with BPO companies, we highly recommend you look at the book further. Click Here to Learn More.
Lastly if you don’t already know, we are the leading provider of online BPO Forms and fillable BPO forms online so if you are just getting started and need a simple solution to complete forms for a client that may not have an online platform but is looking for a BPO then you may want to look further at our BPO Form Software here.
BPO Template Form
We constantly are asked by many agents and new users of our software if we have a BPO Template form. The simple answer is yes but as always its not so easy. Asking for a BPO Template is not a straightforward request. There are many different types of BPO Template forms available and they can differ based on customer, property type, or order. Lets look at some of the different BPO Template Forms and discuss when each is applicable.
Residential BPO Template
A Residential Broker Price Opinion can use various different BPO template forms. Some clients or banks have their own standardized BPO template forms they use. At BPO Forms we offer over 15 different BPO Template forms to choose form. You can view a list of the available options here on our FAQ page.
Commercial BPO Template
A Commercial BPO form is used for non residential properties. If you are performing a broker price opinion for a property that has more than four residential units or is a strip mall or office property you would look to use a commercial BPO Template form rather than a standard residential BPO template.
Interior and Exterior BPOs
Some BPOs are ordered as Drive by BPOs or exterior BPOs which are done mostly on occupied properties. In this case its likely that the property is currently occupied by someone possibly short selling their property or currently in foreclosure. You need to be sensitive with these BPOs as they are occupied and sometime they present a hostile situation. To read more about exterior bpo click here. The most commonly ordered BPO is an interior BPO. An interior BPO is when you are asked to view inside the property, photograph all rooms and document all information about the property including the condition of the insides, electrical systems, appliances etc. An interior BPO is more involved as you often have to schedule to get in and see the inside of the home. Some times they are occupied properties and you will need to coordinate access with another agent or the actual occupant of the property. You can learn more about interior bpos here.
Most Common BPO Template
The most widely and accepted BPO form that is currently used is the Fannie Mae residential BPO Form. The Fannie Mae residential BPO is used for interior and exterior BPO’s as well as condominiums, single family homes or townhomes. Over half of all loans are back by Fannie Mae and other smaller banks or private clients are comfortable and used to the Fannie Mae BPO form guidelines. If you are just starting out performing BPO’s we highly recommend you use the Fannie Mae BPO Template.
Lastly we want to let you know that if you are looking to easily generate and store BPOs you should take a look at our software. BPO Forms generates thousands of BPOs a day for agents, attorneys, and appraisers across the country. You can learn more about the software here. If you are just getting started and need further assistance consider our eBook about How To Complete a BPO and get a free list of BPO Companies while you are at it.
Broker Price Opinion Software Comes In Different Shapes and Sizes
Deteriorating mansion from the 1920’s of citrus tycoon William John Howe located in central florida. Photo by Bill Dickinson
For those of you looking to start working on BPOs or already completing many BPOs its important to know what you are buying before you purchase the Broker Price Opinion Software you are looking for. Lets consider the fact that BPOs come from a number of different types of parties. Some are assigned by smaller regional banks and some are assigned by larger banks or clients like Fannie Mae and Freddie Mac. Some BPOs are asked for by individual clients looking to sell their homes and others by Estate liquidators or Attorneys in divorce proceedings. Depending on the particular client though they may have different requirements they are looking for in their BPO. Once you start doing BPOs in a larger scale or even on your first one, you can save hours by investing in an appropriate broker price opinion software. Lets look at some of the different types.
Broker Price Opinion Software for Filling out Forms
The most basic and widely used broker price opinion software are form fillers. Full disclosure, we offer our own BPO software that offers over 15 different BPO forms that allow you to easily fill out the BPO forms online and then generate the pdf or email the pdf to your client. The beauty of this system is it provides the most widely accepted forms including residential bpos as well as a commercial bpo form. If you are just starting out or have received an order from a client and they haven’t provided a form, this is the perfect software for you. Looking for some assistance in how to complete a bpo, you may want to consider this e-book as a great reference.
Broker Price Opinion Software for Accepting Assignments
When completing BPOs on a regular basis for bulk bpo assignment companies, they will often email you to notify that there is a BPO assignment available in your territory. These companies generally work on a first come first serve basis and the first agent to login to the platform can accept the assignment. In recent years with increased competition between agents for the work, some software companies have popped up that offer broker price opinion software for accepting assignments. These platforms automatically login to your account and claim the order prior to the next agent.
Broker Price Opinion Software for Autofilling from MLS
Part of the BPO that can be very time consuming is pulling comparables from the MLS. A BPO is essentially a comparison of comparable properties that are listed and sold recently in the market where your subject property is located. This requires using the Multiple Listing Service to search for comparable properties and then once you have them, you gather all the information to enter into your BPO report. There are quite a few fields about each of the comparable properties that you are collecting and entering and this can take time. There are some broker price opinion software options for autofilling your BPO data from your MLS into your BPO Form.
Broker Price Opinion Software for Third Parties
Lastly some companies require you submit them a specific file type or enter your BPO into their online platform. There are a number of different BPO software platforms that banks or bpo companies use and there are a number of software options that will fill your information into their platform. Some clients will often ask for an xml file or zip folder. An xml file is a specific file type that can be uploaded to clients software platforms and allows them to easily organize the data and retrieve it in reports on their side. AMN Forms offers a software solution that generates the xml file format as well as submits into Fannie Maes version of equator system.
In summary there are a number of things to consider when looking for a broker price opinion software but the most important is to make sure it works for you. As a parting gift, here is a link to a list of over 250 BPO companies for free. You just need to sign up for the list and you will get instant access to the free list. Best of luck. Still unsure what is a BPO? Read More.