Another nail

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by marc paolella, Jan 6, 2009.

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  1. marc paolella

    marc paolella Junior Member

    0
    Nov 3, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey
    Fannie Mae is now ordering interior BPO's in lieu of appraisals for REO properties. They will pay an agent $75 for this service.

    I guess that beats paying us $350...
     
  2. Workbox

    Workbox Elite Member

    0
    Mar 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I guess I know what I am doing tomorrow.
     
  3. tjcou812

    tjcou812 Junior Member

    0
    Aug 17, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    In the next few years when these houses go back on the market due to more foreclosures they will learn that cheaper is not better.
     
  4. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    1
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Tragic isn't it? The CEO made more than what Fannie Mae paid out in appraisal fees!
     
  5. Jan Roseberry

    Jan Roseberry Senior Member

    0
    Sep 25, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Ohio
    Talk about conflict of interest! In our area the same agents/brokers that do the BPO's that get the listings. I have noticed several 'irregularities' like sold before broadcast, ridiculously low sale prices, etc.

    An appraisal is just not that expensive when you look at the whole picture!
     
  6. DebraALewis

    DebraALewis New Member

    0
    Mar 31, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    RE; BPO's

    Here's a idea... JUST SAY NO. If they want an interior BPO that's fine but charge your $350 and kindly tell them they might as well order an appraisal because it's going to cost the same. Who runs your company and sets your fees anyway. You or Fannie Mae?
     
  7. Mr Rex

    Mr Rex Elite Member

    14
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    It was my understanding that Fannie was doing a BPO and an Appraisal on their REOs. Is there some official announcement that changed that?
     
  8. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    8
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    Fannie Mae's Property Disposition unit in Dallas has ordered an appraisal and a BPO for each one of their foreclosed properties for years. Then if there is a vast discrepancy between the two they will call the appraiser and the real estate agent for more information. Although in my area they usually list it for the high price the BPO reports (or it appears that way) and then finally after six months or longer sell it for around my appraised value. Or else they base their original asking price on the balance for the foreclosed loan, their original asking prices are very amusing at times.
     
  9. Riick

    Riick Elite Member

    11
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    Jo Ann has it nailed down correctly.
    On occasion, when there is a dispute with Broker BPO, who came in at wildly low price, I've been asked to look at the BPO and defend myself.
    ROTFLMAO... What Fun!
    I Map their sales - they're all off in one direction -in a different neighborhood.
    I also Map my sales - hummm, they're closer & surround the subject.
    I send in a single map with properties identified and a SHORT explanation. Never hear about it again.
    .
    Now why did he do that? Could the Broker have a conflict of interest?
    I'm shocked, shocked and surprised that anyone could even ask such a question!
    .
     
  10. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    5
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas

    Methinks you misunderstood the original post. He states that they will not order an appraisal from an appraiser, but a BPO from a RE agent. However, I have not seen anything from Fannie Mae that states this is the new policy. Anybody else?
     
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