I spend time each day on Equator, struggling to beat out everyone else trying to get BPOs. I have help -- I'm not complaining on that front -- but each day, we try to snag a BPO or two. Then we go out to work on them, spending time driving, taking pictures, pulling comps, filling in the form, etc. We aren't looking to make a living on $50 BPOs, of course. We want to get listings!
However, are any of the homes on which we do BPOs ever going to turn into listings? I am beginning to lose heart that they will. Only one of the homes I've done a BPO on in the last many months has become a listing for any agent, and it wasn't an REO. The others still aren't even listed. I've considered the lag time between a bank taking title and actually getting possession and being ready to list it, but even with that, it doesn't add up. Our tax records change pretty quickly in our county, and the BPO properties aren't showing up as bank owned.
So why are the BPOs being ordered? Are they to support sales? Then why aren't they even listed as short sales? Are they to support the sales of nearby homes? Or are they to support loan modifications with principal reductions?
And most important for my business, will they ever become listings? I am seriously doubting it, and I am looking at the number of hours in the day and my profitability, and I think my time can best be spent on other activities.
Megan Zavieh
Mission Valley Real Estate Company
Fremont, California
Comments
As long as realtors believe they are going to get listing from BPO's, the BPO company have it made/they pay nothing for all the time and energy it takes to complete a BPO. I have never recieved a listing from doing a BPO and I have done hundreds/It seems like a racket to me as well as the website that charge a fee/Very little value and over time- a lot of money/ Good luck