Needs introduction. With today's active market, BPOs have become instrumental for a broad range of individuals and entities. Here is a list of some of the major uses.
Residential sales
- For sellers
- For buyer
Additional diligence on appraisals
- Appraisal review
- Appraisal supplement
- Quality control
- Fraud
Appraisals validation and assessment
- BPO data is used for comps, neighborhood and market analysis, etc.
- Market changes
- Eyes-on/drive-by BPO is used to assess changes in property condition
Internal non-lending purposes
- Valuation of portfolio
- Market to market
PMI removal
Secondary loan markets
- Establish portfolio price - seller
- Due diligence - buyer
- Mortgage Backed Securities
Distressed loans
- Ongoing diligence/disposition
- REO
- Short Sale
- Loan Modifications
- Pre-Foreclosure
Legal
- Divorce
- Estate settlement
- Lawsuits
- Prenuptial agreements