BrokerPriceOpinion.com, a provider of customized valuation solutions, has announced the availability of a new online repair cost estimator with its broker price opinion (BPO) services. Available as an add-on to the BPO, this turn-key tool generates accurate repair estimates in minutes for real estate-owned (REO) properties, short sales and other properties. Currently, all BPOs have a section for repair costs, which means that real estate brokers conducting a BPO are expected to have the knowledge to make estimates of repair costs. This results in hundreds of thousands of dollars being lost because of poor repair estimates.
With so many houses in disrepair as they go into foreclosure, it is critical that institutional investors, lenders, servicers, appraisers, real estate agents, and brokers have access to an accurate and standardized system to estimate the cost of necessary repairs for homes, taking into account varying costs by region. The BrokerPriceOpinion.com BPO repair cost estimator enables real estate professionals and investors to determine REO marketing opportunities, whether homes should be sold “as-is,” “as repaired” or as a rental based on local cost estimates for repair.
The online BPO tool covers the full range of interior and exterior repair cost and maintenance estimates for bank-owned properties, including lawn mowing, winterization, board-ups, replacement of appliances, debris removal, and patio and driveway repairs. It creates consistent repair and maintenance reports with prices for labor and materials localized down to five-digit zip codes. The tool meets or exceeds Federal Housing Administration (FHA) and U.S. Department of Housing & Urban Development (HUD) compliance guidelines for local repair cost estimates and is compliant with new government-sponsored enterprise (GSE) and inter-agency valuation requirements.
“With the repair cost estimate add-on, we can provide our clients with a more comprehensive inventory of repairs that will help them determine accurate short sale and REO pricing,” said Walt Coats, chief executive officer of BrokerPriceOpinion.com. “REO inventories will continue to swell for many months ahead as more foreclosures emerge from the shadow inventory. Banks, investors and other institutions quickly need to get a handle of their REO repair and maintenance costs that apply to the diverse properties, neighborhoods and markets represented in their portfolios.”
For more information, visit www.BrokerPriceOpinion.com.