Lisa and Jim's Northern Nevada Real Estate Blog: Nevada Realtors Will Soon Be Allowed to Perform BPO's For A Wide Variety of Reasons

Nevada Realtors Will Soon Be Allowed to Perform BPO's For A Wide Variety of Reasons

Nevada Realtors Will Soon Be Allowed to Perform BPO's For A Wide Variety of Reasons

Here's an excerpt from our Nevada Association of Realtors Weekly Report.

This is great news for those of us in Nevada who have been providing BPO's for Asset Management Companies and REO Lenders.

Prior to the passage of this legislation agents in Nevada were limited in the scope of BPO's that we could provide.  We were only allowed to prepare BPO's if we were attempting to obtain a listing.   This new legislation will open the door for all of us who would like to expand the BPO segment of our business.

Another fine example of RENPAC at work!

Nevada Association Banner

NABPOP Applauds Nevada BPO Law  By Teresa McKee, NVAR Legal Counsel

The Nevada Association of REALTORS® carried the Broker Price Opinion bill in the 2009 Legislative Session in Carson City. This bill, which benefits REALTORS® by allowing real estate licensees to perform Broker Price Opinions (BPOs) for a wide variety of purposes has received national attention.  "This legislation sets precedence for lawmakers around the country regarding BPOs." said Michael Ramer, President of the Real Estate Valuation Advocacy Association (REVAA).  You can read the entire Press Release by clicking here.

This bill becomes effective July 1, 2009. You can access the entire bill by clicking here.

Comment balloon 3 commentsLisa Wetzel • June 15 2009 07:29PM

Comments

This is tremendous news for all of us who have spent so much time working so hard at doing a great job on these BPO's for so long!  Yeah!  It's about time!

Posted by Jessie Wetzel (RE/MAX Realty Affiliates) over 9 years ago

Lisa, I believe Realtors in Arizona have been able to do the BPO's all along....Is this something new? like a federal change? Interesting!

Posted by Mesa, Arizona Real Estate Mesa Arizona Realtor, AzLadyInRed (Homes Arizona Real Estate LLC) over 9 years ago

Great news, Lisa!  I think it will help the lenders get better agents doing BPO's, and it will give the appraisers more real appraisals to do since the better quality BPO's will result in more actual sales.  This is a win/win/win/win for lenders/owners/appraisers/agents.  Thanks for the update.

Posted by Jim Valentine (RE/MAX Realty Affiliates) over 9 years ago

Participate