It happens quite a bit and for different reasons: A BPO is short for a “Broker Price Opinion”. Basically a BPO comes in two forms: interior or exterior (commonly known as “drive by”.) Interiors are commonly ordered for pre-list REO second opinion pricing, deed in lieu of foreclosure or a short sale. Exteriors (the “Drive-By”) is commonly ordered for short sale, default and simply updating a file. Please NOTE: You do not have to be in default to have an exterior BPO ordered. I do not want tenants paranoid or freaking out about this! Here is a short tutorial on how to find out if a Las Vegas Area home is in default. Our goals are different from appraisers. Appraisers value the property and BPO agents formulate marketing strategy and analyze a list price for the home in today’s market. Most BPOs are ordered from third party systems and we do not (generally speaking) receive orders from the lienholder or investors themselves. Please feel free to ask questions about this process if you have any! I have performed close to 2000 BPOs since 2007 and I just wanted to let potential occupants of these homes know what is going on with this tutorial. Back in 2007 most homes were unoccupied but since this past spring many of the homes ARE occupied. When you see me (or us) there is no need to panic, we are not here to “take your home” nor are we here “casing it for burglary”. If you are curious why you may have been subject to the BPO, call your mortgage servicing company or your insurance company before you call the cops!
Have you ever seen anyone drive by your home slowly and take a picture of your home? Wouldn’t that be creepy?
Hey Lady: Why Were You Taking Pictures of My House?
31 comments • Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com • September 24 2010 04:49PMComments
This blog does not allow anonymous comments
Post © 2009 Renee Burrows - Las Vegas Real Estate - (702-580-1783) www.ShackDiva.com (BrokerThe Force Realty-REALTOR-Estate-Probate-REO-Short Sale). Design © 2009 ActiveRain Corp.
Logos and service marks owned by copyright holder.
Renee, great recap for homeowners. I often wonder what home owners and neighbors think when I ride by and take a photo of a particular house.
I love taking pictures where I am now because there are HORSES! I'm afraid some of them are subject to foreclosures. ;-(
Renee~
Always an interesting perspective arrives when you post! I so enjoyed every word of this one. ..and the photo. THX!
An excellent explanation of the BPO, thanks.
Renee, great way to tell clients not to call the police when someone is taking photos of their home! :-) Seriously, nice explanation of what is taking place. ~ Susan
I know exactly what you mean. I had an owner come out and harass me for taking pictures of the home for a BPO. The home was being foreclosed so the owner felt compelled to project his anger onto me since he couldn't take it out on the parties responsible. I agree that it's a bit freaky when someone takes a picture of a home but how many pictures of you are out there that have been take without you knowing? Do all cell phones have cameras? Food for thought.
Excellent posts. Wow you have done many, many BPO's. I am told only an appraiser can do this type of activity in PA. In fact, BPO is not a legally defined term in this state. Best of luck.
Cal
Damon: You should google some phrases. Many of them think we are casing the home, LOL
Susie: Ouch on the foreclosures!
janeANNE: You are welcome :)
Katherine: you are welcome too!
Susan: I am waiting for the cops to come knocking on my door one of these days!
Victor: TRUE THAT! On a public street is legal too! I think they should project their anger inwards. Not our fault and LOTS Of BPOs are being ordered during the default process per lienholder. You were just the lucky one to get caught!
Cal: I have heard that about PA also!
Great job, Renee. Been chased myself a few too many times.
I do not do many BPOs but there are some very effective neighborhood watch organizations and someone usually sees me and stares quizzically (probably writes down my license number too). Thankfully, short sales and foreclosures are still the exception to the rule in my neck of the woods.
Renee - Great explanation! Although I haven't actually caught anyone do that with our home, if I do, I won't freak out. :)
Some homeowners and tenants get freaked out when they see anyone with a camera outside of the property. Colleagues that conduct many BPO's have mentioned the same state of paranoia demonstrated by homeowners and tenants.
You are one busy cookie, that's almost 2 BPO's a day.
David: Haven't been chased but now that I said that.....
Norma: I am envious that short sales and foreclosures are the exception in your neck of the woods.
Donne: :wink:
Leolinda: Yup some days ten, some days none!
I was chased down by a homeowner... Big truck (I'm sure he was making up for other shortcomings) and angry as hell that I took a picture of his home. All I'd done is roll down the window, and this goofball charges after me, cathing me several blocks away. He was the new homeowner, and had no clue about comparable sales, etc. He calmed down slightly, when I explained what the reason was -
If someone has recently closed on the home, they are definitely more likely to have someone taking a photo.
Renee - Sitting out in front of a home yesterday morning, I was gathering some paperwork on a subject house. People walking around were so suspicious that I felt bad. I didn't take any pictures but what would they have thought if I did.It wasn't just a drive by. I actually didn't even get out of the car.
Great explanation so the public will know.
Renee - I am always concerned what does the homeowner will do when I take a picture of a home. Excellent blog.
When I take pictures, I do it quickly. I have been asked before from neighborhood watch people, etc. As soon as they find out I am a Realtor, they calm down and talk me to death.
Love it!!! GREAT TOPIC! And a very relevant one at that! Recommended it be featured, and re-blogged!
It is funny how things can change from area to area, and from marketplace to market place. What you are calling a "drive by"... I normally hear it referred to as "windshielding." Just seeing the home through the windshield... and the BPO'er "drives by." Same thing... different nickname.
If you have done over 2000 REO since 2007 you know the market quite well. I have done over 3500 in the same time period.
Renee I think you pretty much found every possible reason a Realtor would want to take a picture of someones home:)
This is a great post to explain the process so Homeowners are not concerned when they see the camera and unusual interest in their home. I like your idea that the .com address on the vehicle points here. What a solution!
Renee, I suggested your post. If I put the shoe on the other foot, I think I would be highly concerned as well.
This very subject was on our local news last night. They say if the picture was done from the street (a public place), no need to permission, but always good to have it! GREAT post.
I was doing a drive by the other day and a woman came out. She was very nice and I told her what I was doing; but we were both wondering as she was current, not refinancing, and had been in the loan for a long time. I think she even had equity. It is possible her loan was being sold or someone was evaluating the portfolio at the lender.
Very timely topic, Renee. I worry about homeoners coming out and hassling me when I do a drive-by BPO too. You did a great job of listing many other reasons why an asset manager would request a BPO.
This is very good topic and you have made it very informative ..
Seems Every Town, USA is seeing this occur more frequently and youve done a nice job translating our duties!
Renee if I lived in Vegas they may have seen me taking pictures. I take them all the time for these bad blogs I write.
Renee,
I bet a lot of Vegas homeowners have seen this going on at their own house or in the neighborhood. This ought clear the reasons why it may happen. Timely info indeed.
Good post , it helps when people are informed and knows we aren't there to take the home away. I've had to take the photos from my car to avoid possible confrontation.
However ordes have declined in Phoenix metro ? has anyone noticed that ?