I need help...what is a retro BPO?

By
Real Estate Broker/Owner with Abacus Properties Inc.

I just got 2 orders for retro/historical BPOs. First of all, I would like to know why lenders and AM ask for them? They are looking for values back in 2005. I assume I have to go back in time and pretend I am pricing the homes in 2005.

I know appraisers do this for cases where a spouse passed away and they need to get a step up value when the surviving spouse sells the home.

One good thing is they do not require any photos...so no driving.

If any of you have done these BPOs, please give me some advise. Thanks

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
BPO agents
Independent Brokerages
REO
SAN DIEGO Real Estate Agents & Loan Officers
San Diego Real Estate Networking Group

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
35,227
Stephanie Zellous (512) 971-4875
Gaston And Sheehan Realty - Pflugerville, TX
Stephanie Zellous
Sep 05, 2008 07:15 PM #1
Rainmaker
744,349
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

That seems like a tough thing to do.  I cant remember 2005.

Sep 05, 2008 07:21 PM #2
Anonymous
vacation guy

yea that seems tough, I wonder what they are looking for? maybe loan fraud?

Myrtle Beach rentals

Sep 05, 2008 07:27 PM #3
Ambassador
1,830,966
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

I have done them.  I've been given the appraisal that was done at the time to compare comps.  Each time I found the house was overvalued.  I didn't ask why they wanted me to do them.  It was easy enough to find the data in the MLS and there were no photos involved.

Sep 05, 2008 07:50 PM #4
Ambassador
654,560
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Real Estate Pro

Thanks for sharing.  I am new at tis REO stuff and had never heard of a retro BPO.  I agree with cindy and the vacation guy, and I bet loan fraud had something to do with it.

Sep 06, 2008 12:45 PM #5
Rainer
48,713
Abacus Properties, Inc. DBA Apple Dream Homes
Abacus Properties Inc. - San Diego, CA

Thank you all for you comments.

Janna, thank you for your order for my REO/BPO companies list. Good luck!

Well, I have submitted my 2 retro BPOs, hopefully they will pass QC and I don't have to do more work for them.

Sep 06, 2008 06:52 PM #6
Rainmaker
181,596
Debbie DiFonzo
Debbie DiFonzo - United Country VIP Realty, SW Missouri - Lebanon, MO
Lebanon MO and Buffalo Missouri Real Estate

I have never heard of this type of bpo. Very interesting. Were they both for the same company? May I ask which company?

Sep 11, 2008 10:30 PM #7
Rainer
28,574
Elena Martinovici
Professional Marketing Realty 602-321-1273 - Phoenix, AZ
Designated Broker- Phoenix , Arizona

 It might be for fraud. look for similar listings sold around the same time in 2005. Look at the sold MLS listing sheet in case this home might have more upgrades etc.. compare apples to apples .

Sep 13, 2008 07:01 PM #8
Rainer
48,713
Abacus Properties, Inc. DBA Apple Dream Homes
Abacus Properties Inc. - San Diego, CA

Elena, on both my orders, I find them to be overpriced. But in a rising market, it is hard to say how much buyers will pay, so I am not passing any judgement.

Sep 13, 2008 07:59 PM #9
Rainer
48,713
Abacus Properties, Inc. DBA Apple Dream Homes
Abacus Properties Inc. - San Diego, CA

BTW, both BPOs have been approved! Thanks for all your input!

Sep 13, 2008 08:00 PM #10
Rainmaker
78,271
Nicole Ocean
BPO Automation Group & BPO University - Miramar Beach, FL

What is a Retro BPO?

"Simply put, a "retro" BPO is an opinion of value as of a date that has passed. Many lenders and or investors, courts, judges need the value as of a date in history to establish the value at the time it is needed. Since real estate values change dramatically from time to time; a historical value is needed to distribute assets or cross verify a previous opinion of value."


Provided by: Mott Marvin Kornicki has been a licensed real estate broker in the State of Florida since 1978.

Source: http://activerain.com/blogsview/580926/What-Is-A-Broker

Hope this helps!

Nicole Ocean

BPO Trainer/Realtor

www.nicoleocean.com

Oct 25, 2008 11:08 PM #11
Rainer
3,338
Ken Wagner
MyHouseMarket / First Team Real Estate - Tustin, CA

Good question.

These are actually pretty easy.

If the bank is asking, they are likely checking to see if an appraissal was pushed up for a refi or sale. I remember encountering one scam in 2005 that involved increasing sale price, then kicking back a portion of the increase to the buyer and agents involved.

If they don't give clear parameters, bracket the time date by 6 weeks for the area and determine what the estimated sale price range should have been.

I've not done this for the banks, but I do a number of these for a probate attorney that I work with on trusts.

Nov 15, 2008 01:52 PM #12
Post a Comment
Spam prevention
Show All Comments
Rainer
48,713

Abacus Properties, Inc. DBA Apple Dream Homes

Ask me a question
*
*
*
Spam prevention