![Frank Worrell, Turning BPOs Into Six-Figure Incomes (BPOS FOR LIFE LLC)](jpg/frank_suit000e-2.jpg)
![Frank Worrell, Turning BPOs Into Six-Figure Incomes (BPOS FOR LIFE LLC)](jpg/frank_suit000e-2.jpg)
232,189
Hi Frank, Welcome to ActiveRain! Since you're new, you may not be aware that self-advertising in the Q&A section (e.g. links to your own content) are against community expectations. Your question itself is acceptable so that stands. The links on this question (and I'll check your other question next) have been removed.
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Anna "Banana" Kruchten
Phoenix, AZ
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Jeff Dowler, CRS
Carlsbad, CA
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Fred Griffin Florida R...
Tallahassee, FL
4,997,605
Short sales & auctions. They are pretty rare in my area at the moment.
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Anna "Banana" Kruchten
Phoenix, AZ
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Fred Griffin Florida R...
Tallahassee, FL
1,013,359
BPO/ BOVs are used in short sales and more. I have done them for private lenders. It's a way to back up an appraisal, or even replace one for a lot less money. I've also done commercial BOVs for local /regional banks who did not want to spend their borrowers money on an expensive commercial appraisal (which can be five figures), if there was a chance that the property might not appraise. I got out of the BPO game many years ago, but I will do a commercial BOV on off market deals with a hard money lender happily. I get intel on the deal and the buyer, who could come back around to me later when it's time to liquidate. Also I've had those buyers come to me to help them buy other properties.
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Anna "Banana" Kruchten
Phoenix, AZ
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Fred Griffin Florida R...
Tallahassee, FL
187,722
Short sales are the biggie. Maybe divorce or probate.
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Anna "Banana" Kruchten
Phoenix, AZ
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Karen Climer
Orlando, FL
3,276,609
They were necessary for short sales.
I know banks use them for other reasons however, I cannot recall what the reasons are at this moment.
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Anna "Banana" Kruchten
Phoenix, AZ
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Fred Griffin Florida R...
Tallahassee, FL
2,657,218
Hi, Frank
With respect... make sure you get paid up front. Many Brokers who were offered BPO's after the Crash of the mid-2000's can attest to doing "Drive-By Appraisals", and never getting paid.
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Anna "Banana" Kruchten
Phoenix, AZ
386,670
Assumptions, servicing, foreclosures, bankruptcy, death, probate, divorce, dispute an appraisal...
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Fred Griffin Florida R...
Tallahassee, FL
2,972,211
6,181,016
3,538,152