BPO and Property Rights
Any bpo along with the comparison approach must compare like properties. The comparison of like properties involve ownership rights. Ownership rights are very complex, if the ownership rights are not the same you can not use them.
The bpo must address these ownership rights when buying or selling houses for sale such as: right of use, right of enjoyment and right of disposal. The three rights above is considered fee simple The ownership right are like a bundle of sticks that include limited air rights, some water rights, surface rights, access rights, subsurface rights, mineral rights and oil rights. A property with out any of these rights is considered partial right(s) which is affected by the type of ownerships:
Tenancy in Common. This exist when a group of people have an undivided interest in a property. This type of ownership does not include any rights of survivorship.
Joint Tennancy. This exist when each owner have an undivided interest, but have a right of survivorship.
Condominiums. Each owner has a separate interest in an individual unit and a undivided interest in common space.
Cooperatives. This is a proprietary lease where where each resident owns the building through a corporation.
The underlying theory of the above ownerships are based upon ownership of severalty and co-ownership. Severalty is when ownership is by one person and cut away from all others. Co-ownership is when two or more people have an undivided interest in the property and that means the whole property not any part. The bpo must be aware of the above.
Also, There are programs that allow Buyers to purchase with out any down payment money and pay sellers money if your house is under water.
The Asset management companies below are very good for bpo contracts:
Lender Recovery http://www.lenderrecovery.com/valuation.htm
Lighthouse Real Estate Solutions http://www.lrescorp.com
LOGS Network http://www.logs.com/services/reo_services/reo_broker.html
Main Street Valuations https://www.mainstreetval.com/Application.aspx
Market to Market http://www.defaultresource.com/mark-to-market/
MD Webb & Associates, Inc. http://www.mdwebbinc.com
Millenia Asset Management http://2ndlienrecovery.com/asp/site/vendors/jointeam/index.asp
Mortgage Contracting Services http://www.mcs360.com/vendors.aspx
National Asset Management Corp. http://www.namg.com
National Asset Management Group http://www.nationsreo.com/becomebroker.cfm
National Creditors http://www.nationalcreditors.com/services/fieldcalls.html
National default Servicing, LLC http://www.ndsreo.com/register/
National Field Representatives, Inc. http://www.nationalfieldreps.com/
National Real Estate Asset Mgmt. http://www.nationalam.com/
National Real Estate Info Services http://www.realtms.com
National REO Services, Inc. http://www.nreo.com
National Vendor Management Services http://www.nvms.com