This post may contain Affiliate links. Please read my disclaimer for more info.
Why is BPO Work Available?
“Where there is a need, opportunity exists” a quote by well… me, at least I hope no one else thought of this!
I have found through personal experience in learning the importance of watching for trends and finding opportunities that have the potential to help vast amounts of people in a positive way.
This same logic applies to why BPO work is available for real estate professionals as a whole. I wish that I could pinpoint and name the exact person who created BPO’s and the exact date when they were first used, but I can’t.
Instead, as mentioned before Broker Price Opinion orders exist as an alternative to requiring an appraisal report be ordered and used in certain situations.
BPO work is available because of a need for their use in these situations:
- Residential Sales
- Due Diligence Measures on Appraisal Reports
- Loan Origination *
- Internal non-lending purposes
- HELOC and Home Equity Loans *
- Private Mortgage Insurance Removal
- Secondary Markets
- Distressed Loans
- Legal Issues
* As permitted by FIRREA under $250,000)
Another important item to note about this topic is as of checking online on December 18, 2017 on the ML-Implode website they state that “Since late 2006, 388 major U.S. lending operations have ‘imploded.’ ” Quote: http://ml-implode.com
Learn more about everything you need to know to get started doing BPO’s right here.