Realtor Told Me That Banks Are Soon Going To Cut Off Appraiser's And Go With Bpo's

Discussion in 'General Appraisal Discussion' started by MZ818, Oct 19, 2010.

Thread Status:
Not open for further replies.
  1. MZ818

    MZ818 Member

    0
    Dec 12, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Today I spoke to this disgruntled realtor that was complaining to me that we have been appraising their short sales and REO properties too high and that the banks are soon going to cut appraiser's off in all REO and short sale work. I wanted to tell this lady off, but kept polite and professional. I am sorry that we are not low balling every appraisal so that your 50+ properties that you are marketing all over the state does not get multiple offers and that you are not making your commission check faster. I am tired of this crap from realtors pressuring us to value low. The BPO will never replace an appraisal, since most realtors don't have a clue on market reaction. Right now they go with the lowest sales in the area in their BPO to come up with the value. There are a few realtors that I have spoken to that really know what they are doing and correctly fill out BPO's, but they are the very few that actually know how to do it correctly.
     
  2. Mike Kennedy

    Mike Kennedy Elite Member

    27
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    NOT ONLY BPOs.......

    Once the NAR's new national MLS (in beta stage now) is "on-line" Lenders & their subsidiary AMCs (currently engaged in a mass "staff appraiser" recruiting drive) will most probably be able to subscribe.

    Do not be surprised when the "next shoe" drops i.e. Lenders and their Lobbyists demanding an increase in the DeMinimus to $300,000. or even $350,000. Time will tell.

    (yes I'm aware many people scoffed right before the DeMinimus was increased from $100,00. to $250,00...... they too believed the Feds could not be THAT stupid).
     
  3. Jan Roseberry

    Jan Roseberry Senior Member

    0
    Sep 25, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Ohio
    They can't even fill out MLS listing sheets correctly! If they could, verification time would be cut in half.
     
  4. MZ818

    MZ818 Member

    0
    Dec 12, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    100% agree! I have this account that I receive a good deal of short sales for the current owner, not the purchase. The MLS sheets I have been pulling up typically indicate very little. Today I did one that said home needs some tlc. I went there and property was a complete remodel. Granite in the kitchen, custom baths, travertine tile floors and wainscotting, vinyl dual pane windows, bamboo wood floors, custom bath fixtures and vanity sinks, crown moldings, recess lighting. The home was remodeled nice and in good quality. The realtor said she has to reduce it from $410k to $395k since she was not getting any offers. Home across the street sold two weeks ago for $440k and only had a kitchen remodel, carpet throughout and no bathroom remodel or any landscape. This home has extensive use of concrete and slate. This is B.S. These realtors are playing games with the banks. It's a big frustrating. I try not to let things get to me, but please don't tell me to low ball your listing. Sometimes I feel the entire short sale is bogus and a family member is trying to re-purchase the property. I see this happening more often.
     
  5. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    :rof::rof::rof:
    Still trying to figure out the whole , "no potential conflict here."


    "What do you mean all I get is $35 dollars for the BPO, but I have the perfect buyer!"
     
  6. BRCJR

    BRCJR Senior Member

    2
    Sep 20, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    Realtor Told Me That Banks Are Soon Going To Cut Off Appraiser's And Go With Bpo's

    --------------------------------------------------------------------------------
    Never going to happen on any grand scale.
    I work for a lender and we do not let a fox guard the henhouse.
     
  7. TEL2002

    TEL2002 Elite Member

    1
    Jan 16, 2002
    Professional Status:
    Retired Appraiser
    State:
    Louisiana
    The agents need to watch out, because once they get the national MLS, the next step will be to automatically fill out bpo sheets from that MLS. Type in a subject address & 'bam' the entire bpo form will be populated with subject data & comp data. BPOers are also buggy whip salesmen...just like mortgage appraisers.
     
  8. Mr Rex

    Mr Rex Elite Member

    28
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    If you beleived what Realtors say, you are likely in or on your way to foreclosure. Accepting their ideas as the best way out of this fiasco is like asking a farrt to go back where it came from. You may or not hear all of it, but its gonna stink and nobody really likes the idea. Best case scenario.
     
  9. Lloyd Bonafide

    Lloyd Bonafide Senior Member

    0
    Jan 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Just wishful thinking on her part. She's dreaming about doing unlimited BPOs for $40 each, because she can't get any listings.
     
  10. CANative

    CANative Elite Member

    30
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
Thread Status:
Not open for further replies.

Share This Page