What is BPO short sale?
What is BPO short sale?
A BPO (Brokers Price Opinion) is a process by which a realtor/appraiser is appointed by your lender, and that realtor will come out to evaluate the property and give his “opinion” on what the value of the property will likely sell for to the general public.
Who submits the BPO in a short sale?
In all cases, a lender must approve a short sale, and that’s where the broker price opinion (BPO) comes in.
How long does it take to get a short sale after BPO?
What is “normal” for the waiting period depends on the bank. Some banks get approvals in less than 30 days, while other banks’ short sales can sometimes turn around in 24 hours….Normal Waiting Period.
| Step | Timeframe |
|---|---|
| Bank orders a BPO or appraisal | 2 weeks to 2 months |
| The file is reviewed | 2 to 10 business days |
What is the difference between a short pay and a short sale?
A short payoff, unlike a short sale, doesn’t affect the credit of the borrower. In this circumstance the borrower is not in default and the borrower has the ability to pay the loan. Instead, a short payoff lets the borrower move from a home with the promise to continue to pay the debt due, hence the deficiency.
What is BPO How does it work?
Business process outsourcing (BPO) is a business practice in which an organization contracts with an external service provider to perform an essential business task. Indeed, companies calculate that outsourcing these processes to a company specializing in these processes could deliver better results.
What are BPOs in real estate?
When a real estate broker or other qualified professional determines a property’s estimated value, it’s considered a broker price opinion. A BPO is used as part of the listing agreement when selling a house. A lender, loss mitigation company or mortgage company that wants an assessment of a property can request a BPO.
What is a BPO in simple words?
What is BPO in simple words? Business process outsourcing (BPO) is the contracting of non-primary business activities and functions to a third-party provider. BPO services include payroll, human resources (HR), accounting and customer/call center relations.
What is BPO in real estate terms?
BPO stands for broker price opinion of value. The BPO is a type of real estate appraisal. Real estate brokers prepare BPOs for clients, usually lenders, who need to determine a property’s current market value.
What is a BPO appraisal?
A BPO is a valuation of a home made by a real estate professional . It involves a process much like a real estate appraisal. 1 It does not have as many steps, though, and is not as complex. This makes it a cheaper option. 2
What is a Broker Price Opinion (BPO)?
A broker price opinion is a report that is performed by a licensed real estate agent, broker or appraiser. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO. A BPO can be either an Exterior Drive-By or a Full Interior report.
