The Drive By BPO is a Bit More Than the Name Implies

By James Kimmons, About.com

The lenders and companies that hire real estate brokers to do BPOs, or Broker Price Opinions, have very specific requirements. Don't assume from the name that a "Drive By" BPO will involve only a couple of photos from the car and a short form with information about what you saw.

The forms used by lenders and loss mitigation companies vary greatly in how they are laid out and the information they require for a Drive By BPO. However, examination of even the shortest of forms with the least required information reveals a minimum of the following form fields and requirements:

·  Broker information.

·  Location

·  Neighborhood

·  Conformity to neighborhood and zoning.

·  Property type, style, approximate age.

·  Visual condition of all individual exterior features.

·  Whether it looks occupied.

·  Parking.

·  Lot size.

·  Estimated square feet.

·  Estimated room count.

·  Comments

·  Three recent sold comparables with info.

·  Three currently listed comparable properties.

·  Two photos.

As you can see, there is a large amount of information to be gathered and transmitted. And this was the simplest of the forms I found, with the least amount of required information and only two photos. Note that some companies require you to get out of the car and photo all sides of the home as well.

As many drive by BPOs pay only $50, a real estate professional would really need to have their systems in place for efficient performance. Otherwise, profitability would be non-existent or tiny. However, in urban areas, real estate brokers who specialize in this market can stay quite busy and book a nice income stream.

• Homeowners with adjustable rate mortgages could see their rate reset at a lower amount, which is good news.
• This heftier-than-expected cut should boost consumer confidence thereby rebounding and stimulating the real estate market.

• Staged Homes look better than competing homes for sale.
• Staged Homes sell faster.
• Staged Homes sell for more money in most markets.
• Photos of Staged Homes look better in print and internet advertising.
• Agents working with Buyers recognize Staged Homes as properties ready to sell and are more likely to show the Staged Home first. 
• Staged Homes are recognized by Buyers as the best properties to see.
• Buyers view Staged Homes as homes that have been well cared for.
• Appraisers are more likely to appraise Staged Homes at full value.

By Seedland

There are many different methods that can be used for planting lawns.  Ideally all grass seeds have the best results when planted into a freshly prepared, tilled, firm, pure soil (no plants or weeds present) seed bed. The key with getting grass seeds to germinate is to have good "seed/soil" contact.  By good soil contact that means that soil (not grasses) is in direct contact to the surface of the seeds.  Ideally the best seed/soil contact is where the seeds are completely surrounded by soil. 

Three Planting Issues
should be observed when creating good seed / soil contact and thus insuring proper germination of your seeds:

1.     The primary one is that seeds must be planted (covered by soil) at the correct depth.  With most grass seeds that depth is 1/8 to 1/4 of soil above the seed.  With other types of seeds, planting depth can be deeper, but with grass seeds, this depth is often a critical factor in obtaining good germination.
 

2.     Second is that good seed/soil contact also means that the soil has good moisture and that the soil is in CLOSE contact with the seeds allowing moisture in the soil to enter the seeds.  Often slightly firming the soil after planting with a light roller presses the soil tighter around the seeds thus improving the germination of seeds.
 

3.     Third and a key factor in getting seeds to germinate is that the temperatures (and season) must be right for the particular type of seeds planted AND there must be adequate soil moisture for the seeds to germinate.  Depending on the soil type, watering may be required for multiple times daily in order to keep the top inch or two of soil moist (not wet) for the seeds and seedlings (germinated seed plant) to grow

METHODS

Planting on a prepared seed bed (bare soil).
Planting on a prepared seed bed is the best choice.  This is because you have removed a lot of competition by killing any existing "adult" weeds or other plants.  Little seedlings grow better when they don't have to compete for food, water and sunshine that an existing plant would also want and basically take first (being the big bully).  Secondly a prepared seed bed has reduced compaction of the soil allowing the roots to push through and grow (find water and nutrients) easier and faster.  Third a prepared seed bed usually insures that "seed/soil" contact is better.  The only drawbacks are having to till up an existing lawn area (perhaps killing an existing lawn) and the fact that you have bare dirt for a period of time until the new grass can establish.

Planting in an existing grass lawn.
Planting seeds into an existing lawn is somewhat harder to obtain good germination because seed / soil contact is often less.  The key is to somehow increase the seed to soil contact.  Cool season grasses usually work better (germinate easier) with this method than will warm season grasses.  Aeration (using some type of spike or plug aerator, or a vertical mower to produce slits in soil) prior to seeding helps increase the likelihood of individual seeds falling next to soil and hopefully being slightly covered by soil due to wind / rain action.  Most often experts recommend higher seeding rates because a certain percentage of the seedlings are going to fail, either due to competition from existing grass or the inability to properly germinate due to seed / soil contact problems.  Even raking the area before or after broadcasting seeds can help increase germination and create better seed / soil contact and/or coverage.

Broadcasting on top of the soil / lawn area.
This method is dependent on the amount of seed / soil contact that can occur and also on the type of grass planted (cool season / warm season).  Warm season grasses will RARELY germinate if they simply are laying on top of the ground, unless some action (walking, rain, raking, etc.) causes them to become covered by soil.  Cool season grasses on the other hand may partially germinate as they will occasionally germinate with less coverage / soil contact... In fact, ryegrasses have the ability to easily germinate with just good contact with the soil.  Fescues and Bluegrasses require more contact for good germination to occur.  Again, any method used; aeration, raking, covering with top soil, etc helps increase germination.  With warm season grasses (Bahia, Bermuda, Zoysia, Buffalo, Centipede), don't expect germination to be very high without good seed / soil coverage at correct depths.

Planting early in season or out of season.
If you decide to plant too early or too late, perhaps weather giving you spring fever prematurely, or waiting too late in the fall to plant.... Don't expect germination to be as good (or perhaps NOT at all).  First seeds require specific planting temperatures to germinate. SECONDLY they require a certain amount of growing time at proper temperatures and conditions (rainfall, soil nutrients available, etc.) to grow to a mature enough size to survive any dormancy caused by either high or low temperatures or other weather extremes.  Grass seedlings are like babies... you don't put babies outside in temperatures below 55 degrees or above 80 degrees without some additional protection to survive.  There are "dormant" seeds in some grasses that are natures way of preserving the species.  These seeds lay successfully dormant while waiting for the correct temperatures and weather conditions to occur before beginning germination.  Often these seeds are one that are called "un-hulled" seeds.  Removing hulls on seeds results in quicker germination, thus breaking natures dormancy protection.

Same goes for your "baby" grass seedlings.  Plant at the right time of year for your type of grass (Early Spring / Early Fall for cool season grasses / Late Spring / Early Summer for warm season grasses.) and plant when temperatures and weather is appropriate.  You can in some instance plant outside normal times, but just be aware that the risks are higher.  Either rot of seeds from excess cold / moist soil can occur... or freeze / frost kill by late cold temperatures after seeds germinate due to an early warm up.

Planting over snow.
Cool season grasses (Perennial Ryegrasses, Fescues, Bluegrasses) can be successfully planted on top of snow for winter planting.  What happens is that the seeds are carried downward to soil level by melting snow in the spring.  At that times cracks are present in the soil from the freezing temps of winter that the seeds can be "melted" into.  This provides for reasonable seed / soil contact.  The disadvantages are the same as for planting out of season above... a higher risk that this method may have some failures.

Planting with erosion mats.
Seeds can be covered by "erosion mats" that help prevent erosion.  However for best results, the seeds still need to have good seed / soil contact for germination to occur.  Simply covering the seeds with an erosion matting material does NOT insure better germination.  The mats are to help prevent erosion (and thus washing away of seeds).  Not to increase actual germination.

Hydroseeding.
Modern hydro seeding methods, when correctly done help maintain good soil moisture in the top soil.  The hydroseeding machine also slightly forces the seeds (by pressure) into the top soil to be covered by soil, thus ensuring better germination.  Some seeds also benefit slightly by the soaking inside a tank of water prior to planting.  Usually you also get more uniform application of seeds when mixed correctly and applied correctly.  This method should be only done by a qualified appicator.

Planting with a turfgrass or slit seeder.
Commercially designed "turf" seeders are available for planting grasses.  Some are built to plant in prepared soils (Brillion seeders).  Others have what are called slit discs (slit seeders / No-till & grain drills).  The discs slice very narrow holes in your soil / lawn and direct the seeds through tubes to drop into these slits, thus ensuring better seed / soil contact.  They are excellent devices for seeding into existing lawns in order to improve either the variety planted or the total stand.  These planters are available from small walk behind models to large tractor types

A broadband router combines the features of a traditional network switch, a firewall, and a DHCP server. Broadband routers are designed for convenience in setting up home networks, particularly for homes with high-speed cable modem or DSL Internet service. A broadband router supports file sharing, Internet connection sharing, and home LAN gaming.

Answer: In some areas of the country, and from time to time, real estate values decline.

In such situations it sometimes happens that owners need to move but the value of the mortgage is greater than the value of the property. The owner is said to be financially "upside down."

If the property is sold at a loss, the owner is still responsible for repaying the entire mortgage nationally (a purchase money mortgage in California may be an exception -- see an attorney for details). But, sometimes owners do not have enough cash to re-pay the loan and so they try to work out a deal with the lender to pay less than is owed -- a short sale.

The lender, of course, wants back every dime loaned to the borrower. That was the deal. And lenders point out, properly, that if the value of the property rose the borrower would not turn around and be required to offer some of that profit to the mortgage company.

Lenders will sometimes allow a short sale if it is a better alternative than a foreclosure sale in a down market. However, before making such a decision, a lender will want to see how such a deal can be structured. Perhaps the borrower has other assets, or perhaps the short-fall can be made up with a note to the lender.

If the lender takes a loss, that loss may be reported to the IRS as income to the borrower -- money not actually received by the borrower, but money that is taxable.

In the event that a borrower faces a short-sale situation, the best approach is to have an attorney contact the lender on your behalf. It may be possible to work out a different monthly payment, an interest rate lowered to current levels, a long extension, etc.  

See a tax professional and realty attorney for details before making any decisions.

A year or so ago, we were having to explain how short sales worked to anguished sellers. These days, sellers call us, say they are underwater with their mortgages, and ask if we can help get them out from under crushing and/or mounting debt. And contrary to popular belief, short sales are not only occurring in condo conversions and lower end properties, but in the luxury home market as well.

How and why do short sales present such potential for real estate investors and home buyers? Most short sales situations we encounter in San Bernardino county involve homes that were purchased in the last two years with 100 percent financing, or homes that had been refinanced—often a number of times. Many of these properties are also encumbered with Option ARM mortgages, whose rates have reset to unaffordable rates and may have negative amortization. 

No well-advised buyer would pay an inflated price for a home to accommodate a home seller’s inflated mortgage debt.

In fact, we routinely check the outstanding mortgage debt on properties we show to home buying clients to check short sale potential. Many buyers don’t want to go through the protracted hassle of waiting for lenders to respond to offers. Others are willing to trade time for opportunity. Regardless, we feel compelled to advise buyers of the possibility.

It may be anecdotal evidence, but we seem to be encountering more homes at the low end of the luxury market that will likely be sold under short sale conditions. In the San Bernardino market, many of these properties are newer tract homes that are in the $500,000 to $1,000,000 These sellers have also had the added burden of having to compete with builder’s inventory that is/was being sold with ultra-generous incentives.  

And what does the near-term future hold for short sales in the luxury home market? Difficulties will arise with some of the luxury home purchases and refinances that were accomplished with Option ARMs and their “teaser” entry rates. A million dollar mortgage that originated 30 months ago and had payments starting around $2600 per month could now be readjusting to just under $7000 per month. And refinancing out of these products is often daunting, because of hefty prepayment penalties.   

It is a story that is still under development.  – Roberta Murphy

Brett Dunne at DayBreak Group

agrees with Pam:

Organization expert Pam Hix offers tips on getting your garage in tiptop shape.

• To organize small tools in the garage, tack an old belt to the edge of a shelf or cabinet at two-inch intervals. Slide tools into the slots for easy retrieval.

   

• Hang an old tire against the back wall of the garage. This way if you come into the garage too fast, you will hit the tire, not the wall.

   

• Hang old cabinets on garage walls. Use them to lock up harmful substances.

   

• Mount a fold-down table on the wall for repair work and other tasks.

   

• Hang a net across the ceiling of the garage to hold large and light items. Make sure the net does not interfere with the garage door.

   

• Utilize used glass jars such as jelly or baby food jars, and screw the lid into a 2-by-4 piece of wood. Hang the piece with lids facing down so that you can grab the jar and twist on or off. This is a great way to store nails, screws or bolts.

   

• Install wire shelving instead of wood. The wire shelving is easier for you too see what’s on higher shelves, and it’s virtually dust free.

   

• Use a piece of plywood for hanging tools, shovels and brooms. Magnetic strips screwed into the plywood will hold lightweight tools. The others can be hung with nails.

• Clean or replace the AC filters monthly. Dirty air filters cause the AC unit to work harder than necessary. The energy bill can act as a monthly reminder to do this—change the air filter before sending out the bill.
• Keep the grass around the AC trimmed, being careful not to blow debris or grass clippings into the AC. Make sure landscaping does not block the outdoor air conditioner components. Four to five feet of open air between any shrubs or trees and the AC unit will ensure proper airflow. Blocked AC units have a harder time taking in air to cool the home, which means higher energy costs.
• Shade the outdoor AC unit. Air in a shaded space is typically five to six degrees cooler than the surrounding air, which means the AC will have an easier time cooling the air before pumping it into the home. Air conditioners with proper shading can be up to 10 percent more efficient over a cooling season, according to the U.S. Department of Energy.
• Insulate ducts. Sealing ducts will save energy and money year round. First, seal the duct joints and leaks with mastic tape or sealer. Plain duct tape is not recommended because it will dry out and peel off over time. Wrap the ducts with low-cost, foil-faced R08 rated fiberglass insulation (recommended for cold climates like Iowa), and seal the insulation seams with regular duct tape. According to the U.S. Department of Energy, insulating ducts in the typical American home costs about $250, but the improvement will pay for itself in energy savings in two and a half years. Even the added cost of hiring a professional to install the insulation will be repaid with the energy savings.
• Clean off dirt buildup on the indoor and outdoor coils of the central AC system. These heat exchangers between the refrigerant and the surrounding air can quickly build up impurities will hinder the coil's performance by as much as 8 percent. Both indoor and outdoor coils can be cleaned with warm, soapy water, but need to be treated gently. Before performing any maintenance, be sure to consult the manufacturer's recommendations to answer any questions about an AC unit's care.
• Recirculate air. It is far more economical to recirculate and cool the indoor air than to draw in hot air from outside, cool it down and remove the moisture in it.
• Raise temperature settings. Each degree of temperature can represent up to 9% savings or added expense in cooling costs.
• Keep the unit fan on “AUTO.” IT is not necessary to run the fan constantly when the air conditioner is turned on.
• Use ceiling fans. Moving air with ceiling fans can increase the comfort range.