Backup Rep

The field rep that is secondary to one or more other reps in a particular area. Most companies will have two or more reps in an area and work can be equally or unequally divided among the reps.

Bankruptcy Inspections

A Drive-by, No Contact, inspection that provides the current condition of the property, the occupancy status and reporting of  any existing damage or potential conditions that could effect the value of the property per investor/insurer guidelines and/or client instruction.

Usually, neighbors may not be contacted to verify whether the property is occupied and. can not discuss the mortgage, bankruptcy, etc. with anyone.

Bankruptcy inspections are normally performed every 30 days.

Board Broken Only

A service performed whereby only the broken windows at a property will be secured by boarding, regardless of the area regulatory requirements for the loan type.

This order also authorizes the field representative to board any broken windows at the property without prior approval.

Photographs of the broken windows, and completed boarding, must be provided.

Board-Up

Secure a property by using plywood to cover broken windows, doors, and any other unsecured access. Additional preservation procedures may be requested such as locks, tarps, and security personnel if necessary.

BPO

A BPO (broker price opinion) is a broker’s opinion of value of the property. Normally must be performed by a licensed real estate agent or broker.

Broker Opinion of Value

Valuation of a property. Same as a Broker Price Opinion (BPO) or Comparative Market Analysis (CMA).

This inspection determines the physical condition of the property and compares it to similar properties that have recently been sold. The inspection is used to help determine the market value of the property and usually requires access to the Multiple Listing Service in order to see the data on other listings and sales.

In order to perform this service, one must be a licensed realtor and the report must be signed by a licensed broker. Pictures are required.

Business Site Inspection

Validate the existence or operation of a business enterprise. Customer traffic and photographs may be requested.