Reo Company Wants To Know Why.....................

Discussion in 'General Appraisal Discussion' started by Laurie Norman, Dec 28, 2004.

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  1. Laurie Norman

    Laurie Norman Junior Member

    0
    Dec 18, 2004
    Professional Status:
    General Public
    State:
    South Carolina
    ..........
     
    Last edited: Jan 23, 2007
  2. Scott Kibler

    Scott Kibler Elite Member

    4
    Oct 7, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Maybe they should have some other sales agent field review the BPO. :lol:
     
  3. CANative

    CANative Elite Member

    25
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    What did they expect for $25.00? The broker probably didn't even do it. He probably had an office flunky run a bunch of printouts.
     
  4. Laurie Norman

    Laurie Norman Junior Member

    0
    Dec 18, 2004
    Professional Status:
    General Public
    State:
    South Carolina
    ..........
     
    Last edited: Jan 23, 2007
  5. Lee in L.A.

    Lee in L.A. Elite Member

    19
    Jan 24, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Just explain to them nicely how BPO is synonymous with POS. :p
    Just like you did here. :banana:
     
  6. Terrel L. Shields

    Terrel L. Shields Elite Member

    43
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I like that Lee. I can just see the letter. I may steal your line and save it for any similar situation I come across.

    Dear Lender
    I want to make sure you understand that I am an appraiser and I provided certified residential appraisals (CRA). I also hope that you understand BPO stands for Broker Price Opinion. Please note that BPO does not contain the word "Appraisal". I am sure you are also familar with some other acronyms in common use. So please note that your BPO is a POS, and my CRA will CYA.
    Sincerely ~ :yellowblack:
     
  7. Nancy Wyatt

    Nancy Wyatt Senior Member

    0
    Nov 21, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Just did one today that the broker said she was hoping to list around $230. No sales that low in the entire neighborhood, and the subject is in good condition. Maybe she was thinking "quick sale" value.
     
  8. Lee in L.A.

    Lee in L.A. Elite Member

    19
    Jan 24, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Feel free Terrell. Your refinement was better though.

    I always liked this line from Tom Lehrer.

     
  9. Will43

    Will43 Senior Member

    0
    Aug 13, 2003
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
    That is because they don't have to worry about commission.

    I was talking to a sales agent that told me she gets a fee of about $2,000-$3,000 per sale on $5,000-$25,000 houses.

    She told me sometimes the bank doesn't make enough to cover her fee.
     
  10. Lee in L.A.

    Lee in L.A. Elite Member

    19
    Jan 24, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I realize prices everywhere are not insane like California, but whaaa...?

    These must be more than humble abodes. In neighborhoods fitting the same description. :eek:
     
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