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  #1  
Old 04-02-2008, 04:28 PM
Seth Thatcher Seth Thatcher is offline
 
Join Date: Mar 2008
State: Virginia
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Red face What are these Appraiser Acronyms?

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?
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Old 04-02-2008, 05:30 PM
DonRico DonRico is offline
 
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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  
Old 04-02-2008, 05:49 PM
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Tony V Tony V is offline
 
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Quote:
Originally Posted by Seth Thatcher View Post
REO Real Estate Owned (Bank Owned)
AMC Appraisal Management Company
SOW Scope of Work
BPO Broker price Opinion

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

................
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  #4  
Old 04-02-2008, 05:49 PM
Tom Woolford Tom Woolford is online now
 
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REO = Real Estate Owned (Foreclosure)
AMC = Appraisal Management Company
SOW = Scope of Work
BPO = Brokers Price Opinion (Realtors CMA basically)
  #5  
Old 04-02-2008, 06:15 PM
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JRS at OBX JRS at OBX is offline
 
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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
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  #6  
Old 04-02-2008, 06:45 PM
MRL MRL is offline
 
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Quote:
Originally Posted by Seth Thatcher View Post
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?
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  
Old 04-02-2008, 06:50 PM
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RSW RSW is offline
 
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Real Estate Owned, Appraisal Management Company, Scope Of
Work, Broker Price Opinion.
  #8  
Old 04-02-2008, 07:02 PM
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Smokey Bear Smokey Bear is offline
 
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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!
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  #9  
Old 04-02-2008, 07:03 PM
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alex gilbert alex gilbert is offline
 
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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  
Old 04-02-2008, 08:35 PM
Tom Woolford Tom Woolford is online now
 
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OK, we're all on the same page here. Just wondering why we did not see each others posts?????? Inquiring minds want to know......
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