BPOs are less thorough than an appraisal but require more analysis than Comparative market analysis.
Anyone, who holds an active broker, sales associate, or an appraisal license in the state may prepare a BPO. The preparer is entitled to receive compensation or a fee for the BPO.
With the unprecedented amount of distressed properties in the market place over the past few years, BPOs can be a viable source of income for you. To ensure a steady source of BPO orders, you might be best served by having an established relationship with the bank asset manager, the outsourcer, or a BPO company.
The outsourcer is an asset management company that handles the entire process from the time it is assigned to a broker to the sale. Many lenders choose not to handle the asset themselves so they turn it over to an outsourcer for handling