HI folks,I took the pictures, and I have done the CMA on the subject, but I am a little lost with the BPO form. There are no active' s in that particular neighborhood. I pulled up few sold properties in the past year.On the form there is alist of items( pool/patio/heating cooling/etc....), then there is column called description. So I need to put in here if the heat is gas or electric, if there is a pool or not, then there is +(-) $ Adj. What am I supposed to put in here? How am I to know in which condition the other sold homes were; what did their kitchens have? Most of the sold homes are foreclosures and the agents have not put down much info in the listing.How much money am I supposed to adjust if the subject has a fireplace and the comps dont have one?Please someone call me or email me at rashab2001@yahoo.com and I can fwd the form to you and you can guide me.I know am asking for too much but I am sure I will be helped. By the way I am a realtor in Texas, Cypress.Thank youRashida.
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Well, I'll see if I can help....it may be too late by now!
On the +(-)$ Adj you need to add or subtract FROM THE COMPS..NOT the subject what that feature's value would be in your area.
For example if the comp has a fireplace and the subject propert does not, you subtract. If the subject has a fireplace and the comp dos not, you add that value.
I suggest making a list of 'feature values' for your area so you can refer to it later if need be. Look at sold comps for the value if you can, if enough comps are available. If you don't find any...(maybe you're a rural area?)....go out as much as allowed for rural areas.
Use your best judgement based on what's going on in that market to arrive at what the property would sell for. Be realistic. The sf should normally be 15% + /- of subject's size. Another trick I use is if the listing agent didn't put too much in there (shame on them btw!), look the property up by address to see if another agent had listed it before with additional info and/or photos. Not sure what else to add here. Hope this helps! Good luck!!
Hi:I saw your response and it was very helpfull to me.. I just got my first BPO and have spent the entire day working on it. Same thing trying to determine the adjustments for small lots/lager lots, one more bedroom, etc. Does anyone have a sample value, list etc. Can anyone help me with making adjustments on land values. I have comp that is over a half acre larger than the subject, any suggestions.
Thank you very much for your help,ryalex@verizon.net
Knowing the adjustments is like knowing the local construction rate in the area. It's very localized and one area is different than others, esp in different neighborhoods. Quality of the construction matters as well. Check with the company for the guidelines of the searches. Sometimes they will accept searches outside of their parameters if there are no comps, however, you must state that on your BPO.
Check your email. I have tried to help you out on your first BPO. I remembered my first BPO and I asked for help and no one helped me. It takes some time but you will do it.
Good Luck!!!
Hi:I saw your response and it was very helpfull to me.. I just got my first BPO and have spent the entire day working on it. Same thing trying to determine the adjustments for small lots/lager lots, one more bedroom, etc. Does anyone have a sample value, list etc. Can anyone help me with making adjustments on land values. I have comp that is over a half acre larger than the subject, any suggestions.
Thank you very much for your help,ryalex@verizon.net
Replies
On the +(-)$ Adj you need to add or subtract FROM THE COMPS..NOT the subject what that feature's value would be in your area.
For example if the comp has a fireplace and the subject propert does not, you subtract. If the subject has a fireplace and the comp dos not, you add that value.
I suggest making a list of 'feature values' for your area so you can refer to it later if need be. Look at sold comps for the value if you can, if enough comps are available. If you don't find any...(maybe you're a rural area?)....go out as much as allowed for rural areas.
Use your best judgement based on what's going on in that market to arrive at what the property would sell for. Be realistic. The sf should normally be 15% + /- of subject's size. Another trick I use is if the listing agent didn't put too much in there (shame on them btw!), look the property up by address to see if another agent had listed it before with additional info and/or photos. Not sure what else to add here. Hope this helps! Good luck!!
Thank you very much for your help,ryalex@verizon.net
Sincerely, Alex agent in CA
Good Luck!!!
Thank you very much for your help,ryalex@verizon.net
Sincerely, Alex agent in CA