For any Long Island homes for sale on the market right now, a big challenge is competing with short sales and especially foreclosures. I can't believe the amount of Broker Price Opinions (BPO) are pouring into my office right now. It's startling to say the least.
Basically a BPO is an evaluation by a broker/agent of a home that is in the process of foreclosure. The BPO is completed to let the bank know the fair market value of the property for various reasons.
What I'm seeing is just scary. Every type of home, from the Hamptons to Deer Park, I am seeing every type of owner in trouble. I just recently completed a BPO for a waterfront home in West Islip. A few years ago, that would be so infrequent. Now, it's common.
Since the middle of August, 2009, I have completed over 30 BPO's. And I'm not a BPO company, although I'm thinking about it!
Long Island homes for sale right now are losing value on a month to month basis. My last update on the Long Island real estate market will show that. But these BPO's mean only one thing...that foreclosures are coming. And the numbers are going to be simply mind-boggling.
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