BPO and Making Adjustments to Comps
When doing a bpo you should be strategically aware of houses for sale that have sold while utilizing the sales comparison approach in determining value of real estate property which does not require that properties not be exact opposites.
You must be able to adjust comparables when properties are not exactly alike. The following terms define some methods of adjusting comparables:
Cash Equivalency. Discounting the favorable mortgage terms.
Contributory Value. The amount that a feature or improvement ads to a value which factors what a buyer is willing to pay virs cost.
Elements of Comparison. Any part of a property that causes a difference in price.
Gross Living Area. Space that is finished that is above grade.
Inferior. Any comp that missing something like a garage, number of bedrooms or any element that the subject property has.
Matched Pair Analysis. A process of determining value by comparing pairs of properties such as if a property is almost evenly matched but one property has 3 bedrooms and the other has 4 bedrooms and the property with the four bedrooms sold at a price of $5,000.00 more, then based upon matched pair analysis the fourth bedroom is valued at $5,000.00.
Net and Gross Adjustment Theory. A way of confining total adjustments to comps to assure how closely they match the subject property. Negative numbers in a net adjustment is subtracted where as a negative number is added for a gross adjustment.
Superior. The comp has something extra that the subject does not have.
Units of Comparison in a bpo. Element that make the properties different such as number of bedroom, one car or two car garage or whether a basement have an exit door.
Also, There are programs that allow Buyer to purchase with out any down payment money and pay sellers money if your house is under water.
In order to acquire a bpo contract, please contact the following asset management companies:
REM Corporation http://www.remusa.com
REO America http://www.reoam.com
REO Brokerage group http://www.reobg.com
REO Marketing http://www.reo-marketing.com/broker-agents/brokers-agents.htm
REO Nationwide http://www.reonationwide.com
REO Solutions http://www.reosolutions.net
REO Tech https://www.ams.reotech.com/
REO World http://www.reoworld.com/brokersignup.html
RR Review https://www.rrreview.com/login/default.asp
Safeguard Properties, Inc. https://bpo.safeguardassetmanagement.com/
Equity National http://www.equitynational.com/extranet/JoinOurTeam/BecomeAServicePartner.aspx
Security National Servicing Corporation http://www.snsc.com/
SingleSource Property Solutions http://ss.propertysmart.us/vendor_application/NewVendor.aspx?buid=250919ca-12a5-4151-b7a3-863b55eab6fe
SN Servicing Corp. http://www.snsc.com
Snow Enterprises, LLC http://www.snowcompanies.com/index.html
Stewart Lender Services http://www.stewart.com/lender-services/business-partners
Strategic Asset Solutions http://www.reosas.com/api/