Broker Price Opinions (BPOs) Quality Product Tips




LEWISVILLE, Texas, Aug 15, 2017 -

We appreciate our Real Estate Agents’ time and diligence. It would be impossible to provide our clients a great product without committed professionals such as our panel network.

In this newsletter, we wanted to flag the top five items that generate quality issues or revision requests from our clients when reviewing Broker Price Opinions (BPOs).

Keeping these five items in mind when submitting an order can help MCS Valuations deliver a quality product, in a timely manner.

 

  • Address Verification Photo – If no clear address photo is available, make sure to add commentary as to how the property was verified.
  • Clear Subject Photo – The instructions will let you know what the photo requirements are and how to proceed in the case of a gated community, obstructed view, or private drive. Some of our orders are for Home Equity Loans which require a full photo of the subject. Be sure to check the special instructions section or the contact information section of the order for the point of contact and/or access instructions prior to visiting the property.
  • Subject Price – Subject price should fall somewhere within the sold comp range and be bracketed by the highest and lowest comp price.
  • Condition of Subject and Comps – Have at least two listing and two sold comps with the same condition as the subject. Poor – uninhabitable, Fair – outdated or needs repairs, Average – no or minor repairs, Good – remodeled or very well maintained, Excellent – new construction.
  • External Influences – If there are commercial properties, schools, busy roads or other items near the subject, additional commentary is needed. Also, look for comparable properties that share similar influence.

 

Keep in mind that when performing BPOs commentary is key!

Should you need anything related to the valuations process, please contact us at 1 (877) 899-8799 or MCSV.ValuationsSupport@MCS360.com.

MCS Valuations is an appraisal management company and one of the leading full-service valuations companies in the industry. We perform broker price opinions (BPOs), property appraisals and property evaluations in all 50 U.S. states and surrounding territories.




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