BPO INSTRUCTIONS - DOC by jasminebyrd

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									                    7100 West Commercial Blvd. • Suite 101 • Fort Lauderdale, FL 33319
                          (800) 711-1258, ext. 225 • (954) 749-8315 fax


         BROKER PRICE OPINION INSTRUCTIONS
Please complete your BROKERS PRICE OPINION on the (Fannie Mae) BPO form sent
with the initial property assignment documents. Please follow the instructions below
when you are completing your BPO. The finished BPO form is due by email or fax (954-
742-2484) within 7 days of initial vacancy, regardless if the property was delayed in
being secured and re-keyed. (90% of a BPO can be prepared without interior access.)
Please send a hard copy of your BPO form along with the following documents below to
complete your “BPO Package”. The complete BPO Package is due in the REO Division
office within 10 days of vacancy.

         BPO form
         Color photos (as indicated below)
         Color photos of comps (or MLS printouts)
         Saxon Damage Report
         HOA Supplement (if applicable)
         Mobile Home Info Sheet (if applicable)

Please adhere to the following instructions when completing your BPO:

         All Sold Comps should be less than 6 months old, of similar size and in similar
          condition to, and located within a 1-mile radius of subject. Please indicate in your
          comments if comps exceed these parameters and the reason. Please note that
          REO comps are preferred.

         Line item adjustments should not exceed 10% of the sold or list price of the
          comp; total Net Adjustments should not exceed 15% of the sold or list price of the
          comp; and the Total Adjusted Sales Price should not exceed 25% of the sold or
          list price of the comp.

         Please estimate and itemize repairs needed to bring the subject property from its
          present “as is” condition to average marketable condition for the neighborhood.
          Do not include normal start up repairs (trash-out, initial lawn maintenance, etc) in
          your estimate. Do not include repairs needed to bring the property into a
          “rehabbed” condition (“new carpet & paint throughout”) unless all comps have
          been completely rehabbed.

         The “as is” and “as repaired” values should reflect a 90 to 120 day marketing
          period, i.e. the price required to sell the property within 90 to 120 days, regardless
          of the normal marketing time in the area. (If the normal marketing period in the
          area exceeds 90 to 120 days, your values should be adjusted down. If the normal
          marketing period in the area is less than 90 to 120 days, your values should be
          adjusted up accordingly.

         Please provide comments that provide additional insight into property condition
          and location and/or possible marketing problems or issues. Include a description
          of any functional utility or obsolescence. Please also indicate who you feel will be
          the most likely buyer (investor or end-user) as well as the most likely form of
          financing for the eventual sale.

         Include the following color photos with your BPO:
              o Subject Exterior (front, rear, and street scene)
              o Subject Interior (include photos of all rooms and any repair issues)
              o Exterior shot of comparable sales & listings (color MLS print outs may be
                 used)
(Updated 2/10/05)




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