Thanks, ShortSale
So taking that practice into current economic times when banks
aren't lending to anyone, this BPO procedure that would be used when
foreclosure seems likely might be applied to even homeowners who are
up to date on their mortgages. Seem reasonable?
Maureen
--- In AsburyPark@yahoogroups.com, "theshortsalepro" <njd...@...>
wrote:
>
> A BPO, or Brokers Price Opinion, doesn't carry the weight of a
> certified appraisal, or the price tag... A BPO can be just as
accurate
> as a full appraisal, or, riddled with inaccuracies.... intentional
or
> otherwise.
>
>
> There are cursory drive-by BPOs, or more involved, interior BPOs.
>
> Typically, when a mortgage loan is delinquent, in deefault, or at
risk
> of foreclosure, a BPO performed by a local real estate broker, or
> broker's agent, is used by a mortgage loan servicer who needs to
> confirm a property's occupancy status, and general market value.
>
> During the course of a mortgage loan's delinquency and
foreclosure,
> drive-by BPOs with photo snap might be conducted monthly...
>
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