By Marcie Geffner - California Real Estate magazine
Broker price opinions, or "BPOs," can be an attractive opportunity for Realtors.
Some turn these valuations, which fall between an appraisal and comparative market analysis, into a lucrative sideline. Others say BPOs are a break-even activity, but lead to listings of bank-owned homes or market intelligence that helps them put together other transactions.
Bill De Ridder, broker/owner of Quality First Real Estate in San Diego, has farmed out more than 350 BPOs to approximately 50 California real estate agents since September 2010. The agents complete the assignment and return the information to De Ridder, who forwards it to his clients, which include banks, loan servicers and attorneys representing banks in homeowner bankruptcy cases.
"It seemed like an easy avenue to explore," De Ridder says.
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