Hello folks,
This is my first post. I’ve been reading alot of the threads and since I’m new to the ss process and posting lingo, I have a couple of simple questions.
What do
REO, BPO & ATR stand for? And if you can add a quick explaination, I would greatly appreciate it.
Thanks for your time.
Micki
REO - Real estae owned, by the bank after foreclosure auction, when there was no other winning bidder
BPO - Brokers price opinion - used by banks when you try to short sale a mortgage, there way of getting an appraisal of the properties as is value, anyone can use this if they need to though.
ATR- Don’t know what that is.
Hope this helps some.
ATR… perhaps ARV?
ARV - After Repaired Value - Value of the home fixed up
Ex. Someone wants to consistantly purchase homes 65% of ARV.
Thanks deal maker & RDR. I can read along much faster now!! I’m in Mass and I worked for a very reputable long standing real estate law firm and I also started selling RE. I find this whole process extremely interesting and since this state is swamped with foreclosures, I’m going to be all over it. I’ve mastered the process of researching properties on registry websites, assessors databases, etc…I can easily find out if there is equity or not. I’ll be working on my negotiation skills.
I think I could be a great source for investors. What do you think?
I’ll be back with many more questions and positive results - soon!!
Thanks again,
Micki
Hello Micki,
I too am new to the foreclosure world I have been a realtor for 4 years and feel confident in my knowledge of paper work and general lending and tax advantages. However, I would like to know how to find the foreclosure notices before they go to print in the paper. I went to 5 different homes today to sell my services then followed up with a letter (a letter I think is pretty smart) I just would like a tip on how to find them… I am also struggling with the fact that if the Home owner takes a short sale of 100 grand less then they owe they will be taxed the following year as an 100 grand income (or I think I have that right) Do we explain that to them or just let them think that they are already over the worse part. It is such a sad case. Any way your tips will be appreciated. I do go to the court house and pull Probate cases and send out mailings.
ATR- Authorization To Release. Letter sent to lender authorizng the lender to release info to you about the homeowners loan.
ATV All Terrain Vehicle. 
How do i obtain the Authorization of Release?
Just type in Authorization to Release along with Real Estate information on a google search. Some ATR forms came up via some of the REI “gurus”. Then download the forms that come up and tweak them to your liking. That’s what I did.