Unless the home is unoccupied, an internal BPO will likely involve contact with the homeowner or a tenant. If the BPO is for refinance purposes, this likely will not be an issue or problem. However, if a pre-foreclosure situation exists, care must be exercised in personal contact situations. Different lenders and loss mitigation companies will have different policies in this respect. Obviously, the best situation would be that you are expected and treated with courtesy.
As we said, you will definitely be doing all of the tasks involved in a drive-by BPO, and additionally some or all of the following:
Of course, in internal BPOs, more work is required so the compensation is greater. The ordering company may require other services, so it's hard to estimate what you would be paid. However, the range of payment for internal BPOs is frequently between $100 and $175. Additional services that might be required, frequently prepaid by the broker, are:
Generally, BPO customer will require that the real estate broker pay these expenses out of pocket. Reimbursement can frequently take 30 to 60 days. When foreclosures are up, a great many real estate professionals generate excellent income from BPOs. The broker should have good billing practices and follow-up in order to maintain profitability.
