Drive-by BPO Form

What Is a Drive-By BPO Form?

The Drive-By BPO Form is an essential tool for conducting Brief Property Analysis. BPO is specifically an evaluation of a piece of real estate, typically conducted by a real estate broker. The "drive-by" aspect means that the analysis is done from an external perspective, rather than an in-depth, inside-and-out appraisal of the property. A Drive-By BPO Form can be filled out quickly after visually examining a property's exterior and neighborhood.

Features of the Drive-By BPO Form

The Drive-By BPO Form is specifically designed to gather necessary information about a property at a glance. It includes sections for basic information such as property address, type, and region. A more refined analysis can be found in sections for exterior conditions, neighborhood characteristics, and market conditions. You will also need to give an estimated market value of the property on the form, and suggest any improvements that could potentially boost its value.

How to Fill Out Drive by Bpo Form

Here’s a detailed step-by-step guide to filling out the Drive-by BPO Form on PDFLiner:

1. Start by entering the property details at the top of the form, including the address, borrower name, inspection date, delivery date, APN (if applicable), property ID, and order ID.
2. Complete the "General Conditions" section by specifying the property type, occupancy status, overall condition, and any relevant comments on the condition. If the property is part of a homeowners association (HOA), indicate this as well.
3. Under "Subject Sales & Listing History", fill in the current listing status, dates listed, dates sold, list prices, sale prices, and any notes that provide context or details about the property’s sales history.
4. In the "Neighborhood & Market Data" section, describe the type of location, the state of the local economy, and provide sales price ranges (low and high) for the neighborhood. Include comments on the market’s behavior for this type of property, normal marketing days, and additional comments both positive and negative about the neighborhood.
5. For "Current Listings", enter detailed information for up to three comparable listings including street addresses, zip codes, data sources, distances to the subject property, list prices, days on the market, and various attributes of each listing such as age, condition, and size. Also, explain why each listing is considered superior or inferior to the subject property.
6. Provide details of recent sales in the "Recent Sales" section by listing comparable sales data including addresses, zip codes, types of financing, sale dates, days on market, conditions, and other relevant characteristics. Note adjustments in value and reasons for these adjustments relative to the subject property.
7. In the "Marketing Strategy" section, input the "as-is" value, "repaired" value, and any comments regarding the pricing strategy, suggested list price, and sale price. If applicable, include additional broker or agent information.
8. Complete the "Repair Addendum" by estimating the costs required to bring the subject property to "repaired" condition according to FHA guidelines. Break down the costs by category such as exterior paint, siding/trim repair, exterior doors, windows, and other relevant repairs.
9. Finally, attach images of the property in the "Property Images" section, including views from the front, street, side, and any necessary verification of the address.

This guide directly references the sections and specifics of the Drive-by BPO Form, ensuring accurate and comprehensive completion of each part.