~ Perform BPOs

Foreclosure comps can give you the necessary insight to provide a qualified BPO. Asset managers may not accept foreclosure comps for BPOs, but with an increasing percentage of foreclosed properties, or properties soon to be in foreclosure, knowledge of what is on the horizon is indispensable.

The ability to complete a quality BPO is essential to getting an REO account. An agent report card can suffer for not providing good quality BPOs and supporting the value they submit. This is an essential skill for an REO agent.

There are BPO courses and certification programs through REOMAC and 5Star. You can also find other BPO courses and lists of companies online where you can register to become a BPO agent.

Keep in mind that lenders typically have two lists.: those agents that get BPO assignments and those agents that get REO listings as a result of their BPO business. Your goal is to be placed on the REO list.

See the Understand Foreclosure Comps section for more information on how to create a Foreclosure Comp Report.

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