Real Estate Investing Case Study: “BPO Bob” Spills the Beans for Short Sale Real Estate Investors
If you’ve spent any quality time carousing with us in the Flipping Homes Community as of late, then you may recall resident short sale guy Shaun McCloskey recently posting his intentions to conduct a private phone interview with an as-yet-unnamed, full-time BPO agent.
He also invited you to submit your own questions for the interview – anything you might want to ask a BPO agent if you had him under your spotlight, truth serum in hand.
For investors who do preforeclosure/short sale deals, the BPO valuation is probably the single most important aspect in determining whether or not your offer to the bank will be approved.
Imagine the edge you’d have over other short sale investors if you really understood BPOs, inside out.
So I said to Shaun…
“Sounds like a phenomenal idea…make it so.”
And so he did. Announcing…
Now while most of our case studies focus on specific real estate deals, this one digs deep into the mind of a true industry insider. It’s “underground” because we were only granted the interview on condition that he remain completely anonymous.
Understand that this guy’s done over ten thousand BPOs. Yes, 10,000 plus!!! BPOs aren’t just a pass-time for him; it’s a big, big part of what he does for a living. So not only is he a true authority, but frankly he stands to lose favor and/or credibility with his clients if he upsets the apple cart. We’re NOT asking “Bob” to do anything unethical or reveal any corporate secrets, but it’s still safer in his view that he remains a faceless shadow named “Bob”.
As with all case study interviews we do, this is about pulling back the shroud to get the real story right from the horse’s mouth. And when it comes to BPOs, Bob’s an industry Stallion.
This interview is:
- 100% free,
- just over an hour long, and
- a “must listen” if you have any interest or involvement in preforeclosure real estate investing.
And inside you’ll discover…
- What’s the difference between a BPO and an appraisal?
- What does a step-by-step BPO look like from start to finish?
- How do BPO agents determine value when there are a lot of repairs needed on a property?
- What can an investor do to get the lowest BPO possible so that they can get the BEST deals on the properties they purchase?
- Can BPO agents help investors get their deals approved? How much is too much?
- How big of a role do contractor’s estimates really play in a BPO agent’s final decision?
- How do you value older historic properties versus newer?
- How can you get a true value of the property if you haven’t even gone inside the house?
- How can an investor ensure that they’re buying properties at the lowest possible price and not leaving any room on the table?
Shaun’s serving up a true insider’s perspective on the BPO process, an honest look at its role in the short sale process, and how investors can be most effective in their interactions with BPO agents – a necessity for any investor in the preforeclosure biz.
–>> Free, instant access to listen in now…
Technorati Tags: foreclosure investing, short sales, real estate investing, real estate investors, real estate interviews
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August 9th, 2007 at 4:11 pm
Awesome, very informative. You always nail it. Best investor friendly website. Thanks
August 9th, 2007 at 5:10 pm
I love this group because of stuff like this. You don’t get this type of thing anywhere else. Who would have thought up interviewing a BPO guy? LOTS OF PEOPLE! Who would have actually gotten it done? Only the FlippingHomes.com team. I’ve paid for the Nada Guru sessions and gotten their free resources and never been dissapointed.
August 10th, 2007 at 10:58 am
Bob and Shaun just considerable improved my opinion and understanding of the BPO person! I shall always hope for the “Bob” type but be prepared for who ever arrives at the house.
Many thanks again.
August 10th, 2007 at 5:01 pm
Very good information. I’ve also done BPO’s for a co-worker of mine, primarily drive bys, and already knew most of this by trial and error and experience. It’s very true that BPO work is completed by different types and education levels. And, unfortunately, one can’t truly pick their BPO agent to work with, therefore one has to be prepared for anyone. However, many times you’ll run into a Bob, who does the quantity and quality you would expect. Thanks for the great work.