1. Welcome to AppraisersForum.com, the premiere online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

What are these Appraiser Acronyms?

Discussion in 'Newbies/Appraiser WannaBe' started by Seth Thatcher, Apr 2, 2008.

Thread Status:
Not open for further replies.
  1. Seth Thatcher

    Seth Thatcher New Member

    0
    Mar 31, 2008
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    REO
    AMC
    SOW
    BPO

    Am embarrassed to ask about these because they are used so commonly is some of the threads, but I just don't know?
     
  2. DonRico

    DonRico Member

    3
    Nov 26, 2002
    Professional Status:
    Certified General Appraiser
    State:
    South Carolina
    REO stands for Ransom E. Olds, the founder of the Oldsmobile Motor Car Company. Many appraisers drive Oldsmobiles, hence the acronym.

    AMC stands for American Motorcar Company, another vehilce favored by appraisers.

    SOW is an acronym used when the subject property is a real pig-sty.

    BPO stands for Broker Price Opinion. It is a cut-rate way to get a value estimate for any one of a number of reasons. These are typically performed by hungry Real Estate salespersons, trying to fill the time between tour-guiding prospective buyers around town. The $25 cost of the BPO covers the gas when operating as a taxi service.
    Lenders will typically order a desk review of the BPO for another $25. This gets them access to the unwitting appraiser's E & O Insurance.

    OOOOOPs....Sorry April 1st was yesterday...HA!


    REO is Real Estate Owned (by a Bank or other lender after foreclosure)

    AMC is Appraisal Management Company. They assign an order to you, then immediately start calling to ask when will it be completed. For this continuous series of interruptions, they only take half of a normal fee.

    SOW is Scope of Work.....this is one you should become familiar with.

    And BPO is just exactly as stated above.
     
  3. Tony V

    Tony V Elite Member

    67
    Mar 29, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York

    ................
     
  4. Tom Woolford

    Tom Woolford Elite Member

    94
    Nov 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    REO = Real Estate Owned (Foreclosure)
    AMC = Appraisal Management Company
    SOW = Scope of Work
    BPO = Brokers Price Opinion (Realtors CMA basically)
     
  5. JRS at OBX

    JRS at OBX Elite Member

    11
    Jun 13, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    REO-Real estate owned. This is a house that has been foreclosed or otherwise is owned by a company such as a bank or lender.

    AMC-Appraisal management company.

    SOW-Scope of work

    BPO-Broker price opinion
     
  6. MRL

    MRL Sophomore Member

    8
    Dec 19, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    REO- Real Estated Owned (Foreclosed bank owned property)
    AMC- Appraisal Management Company (Stay Away!)
    SOW- Scope Of Work (You should know this if you are licensed)
    BPO- Brokers Price Opinion
     
  7. RSW

    RSW Elite Member

    118
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Real Estate Owned, Appraisal Management Company, Scope Of
    Work, Broker Price Opinion.
     
  8. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    REO - Real Estate Owned (Bank owned foreclosure)
    AMC - Appraisal Management Company - A company that will give you work for half your fee, then call you 10 times a day from India to ask why it's late, 12 hours later. Oh yeah, they also unlock your pdf, remove data from your report then resign it for you.
    SOW - Scope of Work (USPAP term)
    BPO - Broker's Price Opinion - cheap non-appraisal from a real estate agent.

    Other important appraisal terms:

    Dozer bait - a house that needs to be torn down.
    Dork the value - bump up the value to please the mortgage broker that ordered it so you'll get more work
    Skippy - baaaaaad appraiser who skips over good comps to find comps that "hit the value".
    Ray Miller/Greg Boyd job - appraisal job from hell with no comps within 500 miles.

    Welcome to the forum!
     
  9. alex gilbert

    alex gilbert Member

    5
    Feb 21, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Welcome, Seth.

    REO = real estate owned. As in a foreclosed property now owned by a lender.
    AMC = appraisal managment company. A "middle man" between lenders and appraisers. Not popular with many fee appraisers.
    SOW = scope of work. Scope of work is the amount of research and analysis in a given assignment. See the Scope of Work rule in USPAP.
    BPO = broker price opinion. An opinion of value provided by a re agent or broker rather than an appraiser. Sometimes called a CMA = competitive market analysis.
     
  10. Tom Woolford

    Tom Woolford Elite Member

    94
    Nov 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    OK, we're all on the same page here. Just wondering why we did not see each others posts?????? Inquiring minds want to know......
     
Thread Status:
Not open for further replies.

Share This Page