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As a licensee, you are aware the real estate market is changing all the time and with the need for BPO’s changes as well.
Contrary to popular investor opinion, there are may reasons banks, request to have a BPO done. Some times they are exterior BPO’s and sometimes the are interior BPO’s.
Here are a number of reasons banks and lenders will have BPO’s done;
- A Refinance request by the owner
- The loan is being sold
- The owner is behind on payments
- Owner applying for a 2nd or 3rd lien against the property
- The owner is using the property as collateral for another transaction
- The property is being foreclosed on
- The property is vacant and is part of a regular evaluation
- The owner has requested a forbearance
- The owner has requested a mortgage modification
As you can see, it’s easy for an investor to chase their tail assuming BPO requests are due to a distress situation.
For Silver Level member/agents the full list of servicers that request BPO’s from licensed real estate agents can be found HERE.
For Gold Level member/agents the Super Secret List is HERE