""BrokerPriceOpinion.com"":http://www.BrokerPriceOpinion.com, a California-based provider of customized valuation solutions, now provides a new online repair cost estimator with its broker price opinion (BPO) services. The tool, available as an add-on to the BPO, generates repair estimates for REOs, short sales, and other properties.
[IMAGE] According to the site, hundreds of thousands of dollars are lost because of poor repair estimates by real estate brokers on BPOs.
""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, CEO of BrokerPriceOpinion.com.[COLUMN_BREAK]
Coats added, ""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.""
Taking into account varying costs by region, the BrokerPriceOpinion.com BPO repair cost estimator enables real estate professionals and investors to determine whether they should sell a particular home ""as-is,"" ""as repaired,"" or as a rental based on local cost estimates for repair.
The online BPO tool covers 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 repair and maintenance reports with prices for labor and materials localized by ZIP codes.
The company says the tool also meets or exceeds Federal Housing Administration (FHA) and HUD compliance guidelines for local repair cost estimates and is compliant with new GSE and interagency valuation requirements.