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

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Comments 12 New Comment

Anonymous
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Rainer
28,512
Elena Martinovici
Designated Broker- Phoenix , Arizona
Professional Marketing Realty 602-321-1273

 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 .

September 13, 2008 07:01 PM
Rainer
48,663
Abacus Properties, Inc. DBA Apple Dream Homes
Abacus Properties Inc.

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.

September 13, 2008 07:59 PM
Rainer
48,663
Abacus Properties, Inc. DBA Apple Dream Homes
Abacus Properties Inc.

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

September 13, 2008 08:00 PM
Rainmaker
76,419
Nicole Ocean
BPO Automation Group & BPO University

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

October 25, 2008 11:08 PM
Rainer
3,338
Ken Wagner
MyHouseMarket / First Team Real Estate

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.

November 15, 2008 01:52 PM
Anonymous
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Rainer
48,663

Abacus Properties, Inc. DBA Apple Dream Homes

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