Looking For More About a Drive By BPO Form
photo by Diego Torres Silvestre
Are you looking for a drive bpo form? Are you unsure what exactly a drive by bpo form is? Relax. Let us explain and get you squared away. First lets start with a BPO in general. A BPO is short for a Broker Price Opinion. A Broker Price Opinion is a valuation of a property or an opinion of what a broker believes a property is worth. These BPOs are often completed for short sale approvals, REO or bank owned properties as well as private estate valuations or divorce proceedings.
What is a Drive By BPO Form?
I guess we should first start with what exactly a Drive By BPO is. Often referred to as an exterior BPO this is a broker price opinion that is completed from the exterior of the home. Often called a drive by because you don’t formally have to make an appointment to see the inside of the home or walk the inside of the property to document detailed interior conditions. We have a simple breakdown of an interior and exterior BPO here. You aren’t actually driving by because you are generally required to photo the exterior of the home and report information about the neighborhood and exterior condition of the home. Now that you know what a Drive By BPO is you would imagine there is a form for this or more particularly the Drive By BPO Form.
It is common to perform exterior BPOs on occupied properties where the occupant may not be cooperative or aware but an exterior BPO is still a detailed report. You may have come across other drive by bpo form templates online which are one page simple basic forms. We don’t recommend that you use this form. Fannie Mae, Freddie Mac, and almost all financial institutions expect a detailed BPO whether or not you have interior access and using a one page Drive By BPO Form is not sufficient for them. The truth is that when completing an exterior BPO most clients expect the standardized Fannie Mae Residential BPO form or the Fannie Mae 2-4 unit BPO Form when its a duplex, triplex, or fourplex. These standardized forms are more thorough and provide a complete picture of the property and all the conditions that may affect value. Many of the other drive by BPO form options online are inferior and will not be considered as they are not industry standard forms.
Careful When Completing a Drive By BPO Form
We mentioned briefly that these types of Broker Price Opinions are often ordered on homes that are occupied. Its important to understand that in some cases these people may be at risk of losing their homes and they may not realize who you are and that their home may be in foreclosure. We never recommend that you speak with an occupant of the home and you respect their privacy as well as their property. If you can take photos from off of the actual property in the street we would recommend it. You don’t want to hang around for a long time completing information there. Get your photos, observe the condition and the neighborhood and exterior conditions and be on your way. For a full comprehensive guide to BPOs as well as a complimentary list of BPO Companies you can see more here.
