BPO in California

[tuan]

Hello everyone!

Does anyone know Department of Real Estate of California allows brokers to do BPO?

Thank you for your helps.

Gnguydan

[aguilar]

Yes, it does not require you to be licensed. It is just an opinion of value provided by a real estate agent.

[tuan]

Thank you Alex. Can a California real estate broker do BPO for a fee? and where can we do some research about it?

Thanks again.

Tuan Nguyen

[aguilar]

Fee's are fine and there is no limit on what you can charge but it is rare that a lender will pay more then $50-100 for a BPO. I would suggest that you sign up to offer some BPO service's which is a good way to get your foot in the door for doing REO work.

[tuan]

Thank you Alex. You are so helpful. I have a small group of investor with some cash on hand. Where do you suggest us to buy the property from? Should we buy it :

1)from REO list from MLS by a real estate agent - or -
2)from courthouse -or
3)from direct lender? - or-

any suggestion that you may have.

Thank you again and wish you and your family a Happy Holidays.

Tuan Nguyen

[aguilar]

I would suggest that you buy from the MLS. Depending on how large of a purchase you are looking to make you can buy in bulk but depending on the area you wont find as many options for buying in bulk. If you wanted to buy in Florida or Michigan it would be easy to buy bulk property but where we are in Southern California, it's not as common. I think the MLS is your best option. Auctions are not great because so many people show up that often the home is bid up so high that it's above other comparable property on the MLS. Most of the property that ends up in the auction are property that didn't sell on the MLS. I would stick to the MLS and be patient!

[tuan]

Thank you Alex.

Daniel Nguyen

[shanschools]

hay thanks alex