Thanks to Lorrie Eheart who is the Vice President of Evictions at Integrated Asset Services – for the being the catalyst for this Blog post and video…
When we get assigned an asset from a Real Estate Owned Management company, direct bank or a specific Asset Manager, the handling of said asset is always done in steps.
One of the steps, usually not the first, is for the assigned agent to complete a BPO, aka: Broker Price Opinion. This is a prepared report that falls short of the “measuring and permit pulling” aspect of an appraisal.
In Preparation for the BPO, we need photographs. I should say that we don’t need photos, the Asset’s Representatives need photos. They are usually many states away and do not have “ease of access” to the subject property. That is where We, the Real Estate agents, come into play.
It is not as simple as getting a phone call out of the blue. You need to have established a track record with regard to you knowing what you are doing when handling Real Estate Owned assets.
I’m off the soapbox and back to the Photographs.
We are using our camera and photos taken of each asset as an artist would use paint and canvas.
The picture is a total overview of the subject property. Unlike a “typical” real estate listing that an agent might shoot, the rooms, kitchen, and exterior.
A proper Exterior format for the photos of a Bank Owned Asset include the following areas with specific emphasis to each.
- Exterior “front” photo.
- Exterior “front-Right side” photo – to establish depth.
- Exterior “front-Left side” photo – to establish depth.
- “Street Scene” – this are three other photos that depict the properties across the street and down the streets in each direction. I usually walk to the middle of the street in front of the home and shoot in all 4 directions – turning 90 degrees after each photo.
- Verification of Street Name sign.
- Verification of Address numerics.
- Exterior – A full Back Photo, if room allows, if not, split the scene.
- Exterior – Both Sides to establish depth to the front of the property
- *Damage – See Below…
To execute proper internal Photos of a Bank Owned Property one must get descriptive in narritave form and adhere to the following list:
- Entry Photos – including door, door jam, porch, door closed and door open.
- All Interior Rooms – Shooting from each opposite corner. Align the left frame edge on the wall on your left side – shoot entire room. Cross the room, turn around and repeat.
- Kitchens – including appliances that are in place or spaces where appliances were removed.
- Fireplaces – close, noting gas, wood, electric, or all three etc.
- Bathrooms – Toilets and fixtures – including bathtub / shower shots.
- *Damage – See Below…