What is BPO in real estate business. And what is REO in real estate business too. Please give me detailed ans.

l need real estate professional to answer these questions for me. Again could anyone tell me how one could get into the , REOs and BPO production and take advantage of it? Is there a way l could talk to realtors lenders or banks to give me some BPO and REO business and how?Thanks alot. l am in the financing sector of real estate in NJ and PA area. Thanks

BPO
Broker price option. The method used to evaluate pricing for the notes held on property.

REO
Real estate owned.
This is real estate that has been foreclosed on and did not sell at auction. It is owned by the Bank and is in inventory.

The first step is to find investors who desire the real estate in large quantities and align them with a source such as ourselves.

I am more familiar w/a BPO being a Broker's Price Opinion, not option. The best way to think of it is as an unofficial appraisal. BPO's are given by real estate brokers who are familiar with their local area.

The REO is when the bank takes control of the property again, because the loan holder is in foreclosure. Depending upon the state, this process could take 2-6 months.
Once the process is complete, the bank requests a BPO, the Broker Price Opinion. When a bank would like an opinion on how much the REO they bought back would sell for, they ask for a BPO. There are people who exclusively do BPOs and also, some Real Estate agents will do so. They base the Opinion on the prices of other properties in the area and give their best guess as to how much they could sell the property for.