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November 07 , 2009

How To Do A BPO: Your Step-By-Step Guide


Hello. My name is Sadie and I’ve been doing BPOs for five years. I’ve been through the changes the sites are making and I’ve gotten the numerous kickbacks that have gotten me to where I am today.

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My hope is that I can share with you the benefits of my mistakes. I am not listing my mistakes because they are much too numerous to mention, but I can tell you how I get through a BPO in good form and the way the sites want them.

Of course, there is no better source of information than the site itself. They often have site instructions and their guidelines. They will let you know their specific requirements for distances on finding comps and their criteria adjustments for GLA, lot size and age.

The bottom line for any BPO is finding the most similar comps in the area that can be used. Most of the time it is going to require explanations as to why you had to step outside of their guidelines and use the comps you did.

Their most important criteria is in the comments section. It is extremely important that they know you searched your butt off trying to find similar comps. If you were unsuccessful, they want to know what you did and why you did. If you had to expand the radius search, let them know why, be it because the subject is atypical in that area so you needed to search a similar market area outside of the requested radius search.

You really need to comment the heck out of your BPO because homes are not cookie-cutter homes and if there are cookie-cutter homes, they are not on the market at present time.

Again, read the site guidelines for criteria and the rest, I hope I answer for you in this book.

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