A BPO stands for Broker Price Opinion and is a unique valuation product used in determining fair market values on a given real estate asset. It is not used for loan originations or refinancing.
An experienced licensed real estate agent or broker.
A BPO is an alternative to an appraisal and not bound by USPAP laws and regulations. A BPO is cost effective and delivered to the client within 48 hours of the inspection and provides a clear perspective based on a realtor's experience on a given market.
Working with multiple entities in ensuring our homes are free of personal property and ready for marketing.
What is an REO?
The acronym stands for “Real Estate Owned”. In essence, it is how a Bank owned property is described after foreclosure.
Who owns REO?
A lender, a government agency or government loan insurer when the original borrower defaults.
What is the difference between an REO and a Short Sale?
A short sale is when a homeowner sells their home for less than they owe on the mortgage, while a foreclosure is when the lender takes back ownership of the home.
How can you buy a REO?
Various online auction companies, HUD, Banks or credit unions and Real estate agents and Brokers specializing in the management and disposition of bank owned assets.
Can a REO be financed?
Yes. If conditions allow, many bank foreclosures can be financed.
What is the requirement in purchasing REO?
Pre-qualification letter from a bank or mortgage broker or Proof of funds showing the available resources in Cash. Examples are a bank statement under the buyer entity or a hard equity lender, often not subject to appraisal.
Will I have an inspection period prior to closing?
Yes, most REOs will allow 5-10 days of inspection period before the deposit becomes non-refundable.
Will I have clear Title with an REO purchase?
Most REO sales provide clear Title in the form of a Special Warranty deed and provide an owner's title policy; paid on the buyer's behalf if seller's choice of title is selected.
Must I own the home for a limited time after purchase before I can sell?
In most cases the answer is no however, the seller will inform the listing agent of any criteria that must be met to a given prospect buyer.
Seller addendums:
Most REO sales include seller addendums with additional language outside of a state contract. It is important to note, the language on the seller addendums supersede the State contract.
