Disputing BPOs In the Falling Market
September 29, 2010 / /
http://kevinandfred.com/power-hour/bpo-dispute/
Kevin and Fred discuss disputing BPO’s in the declining real estate market.
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HOW TO CLOSE AT LEAST 3 DEALS IN YOUR NEXT 90 DAYS
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
All bpo’s my team works on include 3 list comps and we’ve had some request 5 comps and I’m seeing more bank requests to include distressed comps. Although some specifically exclude distrerssed property comps. I also include data from foreclosure radar in the comments section.
Now for the annviersary…how about coach in a lucha libre outfit being tackled on a San Diego beach??
Good show. You should have made it a more poignant issue against the BPO agents bc most do a lousy job. Why? because they are only getting $35-55 and barely making ends meet. If they were strong competant agents, they would be working those ss files and reos as a buyer/listing agent. Bottom line – BPO agents need to be more realistic with their comps.
The key to getting a good BPO is to meet with the BPO agent or appraiser and make sure they do their job right. I provide them with a summary sheet stating what the situation is with this home, the offer price since the bank doesn’t provide it, a statement regarding current market depreciation that needs to be factored in to the price, anything that might be helpful info for them, a list of needed repairs with estimated repair costs, and good comps to justify the offer.
This provides helpful information for the BPO agent/appraiser so they can make an informed decision and if they are lazy about doing a quality job, I did half the work for them.
If you are too busy to do it then train an assistant to do it because it’s the most critical part of the deal.
In response to your anniversary episode, please reference the comments section of your august 18th, 2010 episode.
Ah ah ah Dreeeeam Weaver
Banannaversary special: 2 guys 1 cup
Hey guys, it’s been a while since I’ve commented. Just getting caught up today with the last few episodes. As always, fantastic info and on point.
anniversary idea: coach & the two of you have a burger throw down on the beach – if any of the audience thinks your burgers remind them of 5 guys or In and Out you win with bragging rights and I’ll take the winner out to lunch (on them) ha ha 🙂
pps. it’s lunch time, I’ve got burgers on my mind