Ten Things That REO Asset Managers Hate! 2. Bad BPO’s
As you know, a broker price opinion helps the AM gage the value of the subject property. Every asset generally will have two BPO’s and an appraisal done. This will help set the offering/list price of the asset and put in place certain metrics that the AM and REO agent will be scored on.
If the BPO is bad, meaning the valuation is off (bad comps, adjustments, etc.) then the AM is left trying to reconcile two different BPO’s and an appraisal with different values. Not a fun place to be. Am’s tend to be very busy, handling numerous, sometimes hundreds of assets simultaneously. Our job as REO agents is to make the AM’s life easier. By producing an accurate, quality BPO, it will go a long way in helping the AM. The correct offering/list price will be established, which in turn, will lead to a quicker sale and accurate metrics.