BPO Legality

Know the Rules In Your State!

Check with the Real Estate Licensing Commission in your state and find out if it is ok for you to receive compensation for providing property value assessments. Confirm that you don’t have to be a certified appraiser in your state. Some states will only allow certified appraisers to perform BPO work.

Now even if you can’t receive compensation for BPOs in your area don’t fret. You are still going to need to know how to complete a BPO to get bank listings. Bank asset managers hire real estate agents to sell their listings by assigning prospective new agents BPO assignments…to test out their skills and
responsiveness. So if you are planning on becoming a bank REO agent you are going to have to still complete BPOs. (An alternative to getting paid up front may be to put your BPO fees on the HUD…because at that point the bank is your client in a real estate sales transaction, not a prospective client. This is just a suggestion and does not constitute a legal loophole check with your broker or state regulatory board).

Anthony Aires provides everything you need to get started doing BPO’s for banks and companies.  Check out the package he’s put together at the BPO REO Kit