2013년 12월 27일 금요일

About 'swimming pools on sale'|How Many People Own Swimming Pools?







About 'swimming pools on sale'|How Many People Own Swimming Pools?








BPO               stands               for               broker               price               opinion               which               is               type               of               real               estate               appraisal.

BPOs               are               often               used               to               determine               the               current               market               value               of               foreclosure               and               short               sale               real               estate.

Homeowners               who               intend               to               refinance               mortgages               or               obtain               loan               modifications               are               generally               allowed               to               use               BPOs               in               lieu               of               traditional               property               appraisals.

BPO               appraisals               are               conducted               by               real               estate               brokers.

Depending               on               the               type               of               transaction               involved,               brokers               can               either               conduct               a               drive-by               or               internal               BPO.

Drive-by               is               exactly               as               it               sounds.

Brokers               drive               by               the               property               to               gather               information               regarding               the               physical               condition               of               the               home's               exterior.
               Drive-by               BPOs               are               commonly               used               when               real               estate               has               fallen               into               foreclosure.

This               appraisal               provides               needed               information               to               the               bank               without               requiring               brokers               to               interact               with               homeowners.
               Internal               broker               price               opinion               appraisals               are               more               involved               and               require               brokers               to               enter               the               property.

This               type               of               appraisal               is               more               often               used               when               borrowers               want               to               refinance,               obtain               a               loan               modification,               or               enter               into               real               estate               short               sales.
               More               extensive               information               is               required               for               internal               vs.

drive-by               BPOs.

These               appraisals               provide               details               of               interior               and               exterior               condition.

Brokers               inspect               houses               from               floor               to               ceiling,               along               with               external               elements.
               Internal               BPOs               report               room               sizes,               type               of               flooring,               and               condition               of               walls,               countertops,               toilets,               sinks               and               tubs.

All               external               elements               are               inspected               including               siding,               fencing,               roofing,               swimming               pools,               outdoor               fountains,               and               hot               tubs.
               Both               drive-by               and               internal               BPO               reports               include               year               built,               square               footage,               lot               size,               property               condition,               number               of               rooms.

Banks               may               require               information               about               the               neighborhood               such               as               if               a               homeowner's               association               is               in               place               and               number               of               homes               for               sale,               rent,               or               in               foreclosure.
               Real               estate               property               values               have               declined               due               to               the               abundance               of               foreclosure               homes.

Banks               liquidate               distressed               properties               by               listing               sale               prices               below               market               value.

This               lowers               the               value               of               all               properties               in               the               neighborhood.

Some               areas               have               witnessed               50-percent               decline               in               property               value,               leaving               borrowers               owing               more               than               their               home               is               worth.
               When               banks               enter               into               loan               modifications               they               generally               use               BPOs               to               obtain               property               values.

Only               in               recent               months               have               banks               begun               offering               mortgage               principal               reduction               loan               modifications.

Having               an               accurate               property               valuation               can               help               borrowers               shave               upwards               of               20-percent               off               their               principal               balance.
               Mortgage               lenders               are               beginning               to               realize               that               reducing               principal               amounts               can               help               borrowers               remain               in               the               home               long-term               and               pay               back               a               majority               of               the               loan.

Reducing               principal               sums               by               20-percent               is               more               cost-effective               than               the               foreclosure               process.
               Some               states               prohibit               brokers               from               receiving               payment               for               conducting               BPOs.

The               Dodd-Frank               Wall               Street               Reform               and               Consumer               Protection               Act               amended               the               Financial               Institutions               Reform,               Recovery,               and               Enforcement               Act               which               disallows               BPOs               from               being               used               as               "the               primary               basis               to               determine               the               value"               when               real               estate               is               used               as               collateral               to               secure               the               home.

Always               obtain               legal               counsel               to               ensure               BPO               is               legal               protocol               for               the               type               of               property               and               its               physical               location.
               Sources:               
               Realtor.org               -               BPO               and               Frank-Dodd               Wall               Street               Reform               and               Consumer               Protection               Act               
               BPO               University               :               What               States               Is               It               Illegal               to               Conduct               BPOs






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