Lots of BPO Requests Coming In
For a full explanation of what a BPO is, read my BPO Word of the Week Post.
I am signed up with a company to receive notices of when new BPO’s are being ordered by banks so they can determine the market value of a property. Most times, I will get an email request for one of these BPO’s every few days.
In the month of June alone, I have received over 45 requests for BPO’s in the Twin Cities area just from this one company. What does that mean? It means more bank-owned properties will be coming onto the market in the coming weeks and months.
After a bank takes over a home via Foreclosure, they have several things that need to be done before it’s re-listed on the housing market. These items (which I won’t go into here) can take a few weeks to a couple months. Only after they are done clearing title and getting things transfered over into the bank’s name do they complete this BPO in order to find out it’s value.
So, the recent influx of BPO requests tells me that more and more REO properties are coming soon. That will help with the multiple offer situations we’ve been having this spring, and level off home prices rather than escalating prices slightly.
This combined with the November 30th expiring Tax Credit for First Time Home Buyers, and I think we’re going to see a very busy summer and fall in the Minneapolis / St. Paul Real Estate Market.
I guess we’ll have to wait and see when all these homes come on the market. Stay tuned for more properties!
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