BPO Research & Data Entry
Research & Data Entry we pull comps based on BPO standard guidelines (BPOSG). Once similar comparables are found and selected for the BPO, the same is inputted in the BPO form and comparable photos are uploaded to the BPO. Once everything is completed we send an email confirmation to the client for a final review and submission. If there are any changes to the comparables us then we change it immediately to the client’s specifications.
Turnaround Time (TAT) 8-12 hrs
Once similar comparables are found and selected for the BPO, the same is inputted in the BPO form and comparable photos are uploaded to the BPO. Once everything is completed we send a email confirmation to the client for final review and submission. If there are any changes to the comparables or the value provided by us then we change it immediately to client specifications. In this service we require MLS login information and BPO company login information.
Our Search Criteria for pulling similar comps
We pull comps from the same neighborhood as the subject property. The comp location (Urban, Suburban or Rural) should be the same as the subject. However, there are different guidelines for proximity, depending on the location:
Urban – comps should be within ½ mile.
Suburban – comps should be within 1 mile.
Rural – comps should be within 5 miles.
If comps must be used outside of these guidelines will explain the reason.
Proximity: Start the search using 0.25 miles from the subject. Maximum proximity expanded for urban location is 1 mile and for suburban location it is 3 miles. For rural properties if the search is expanded to more than 5 miles then a detailed explanation will be provided.
GLA/Sq.ft.: Comparable’s are selected within +/- 15% of the subject GLA.
Year Built: Comparable’s are selected within +/- 5 years, if no comps are similar then we expand to 10 years, 20 years and 30 years.
Lot size: Comparable’s are selected that are equal in lot size to the subject. If the subject lot size is huge then we will try to bracket the lot size.
Room Counts: Similar room counts will be preferred, if not +/- 1 room count comps are selected and made a detailed explanation.
Location/View: If the subject is water front then all the comps selected for the BPO will be water front.
Sale Date: Preferred sold comps is within 3 months if no comparables are found then 6 months, 9 months or 12 months.
Check if the subject is listed in the market and if yes save the MLS sheet which will be attached to the order. Check for subject information and Neighborhood market and update the same in the order.
We are familiar with all the BPO companies forms and will complete BPO/CMA with highest accuracy and quality. Turn around time for each BPO is within 12 hrs.
View all Recent Sales & Listings
Preferred sold comps will be within 3 months if comparables are not found then looking for 6 -12 months.
to avoid making adjustments based on an older sale, we use sold comps that are no more than 6 months old.
Comp Age Requirement
The age of the comp property should be as close as possible to the age of the subject
Property. The required age difference between the comps and subject property is
Based on the following sliding scale:
- If the subject property is 0-25 years, the comp property’s should be within 5 Years
- If the subject property is between 26-50 years, the comp property’s should be Within 15 years
- If the subject property is between 51-75 years, the comp property’s should be Within 20 years
- If the subject property is older than 76 years, the comp property’s should be Within 25 years
If comps must be used outside of these guidelines you will need to explain the Reason.
Gross Living Area
The GLA of the comps should also be as close as possible to the GLA of the Subject property. Table here shows is allowable differences based on the square footage of the subject property
Room Counts:
Similar room counts will be preferred, if not +/- 1 room count comps are selected and made a detailed explanation.
Lot Size
Depending on the lot size of the subject property the following comp lot size
Parameters apply:
- If the subject is < 1 acre, the comp should be < 1 acre (But no more than twice the property size)
- Subject is 1-5 acres the comp should be within ±1.5 acres
- Subject is 6-10 acres the comp should be within ±2.5 acres
- Subject is >10 acres the comp should be within ±30%