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  #1  
Old 01-06-2009, 01:29 AM
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marc paolella marc paolella is online now
 
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Default Another nail

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...
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Old 01-06-2009, 01:33 AM
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Quote:
Originally Posted by marc paolella View Post
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...
I guess I know what I am doing tomorrow.
  #3  
Old 01-06-2009, 09:11 AM
tjcou812 tjcou812 is offline
 
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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  
Old 01-06-2009, 09:16 AM
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Tragic isn't it? The CEO made more than what Fannie Mae paid out in appraisal fees!
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  #5  
Old 01-06-2009, 09:22 AM
Jan Roseberry Jan Roseberry is offline
 
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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  
Old 01-06-2009, 11:53 AM
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DebraALewis DebraALewis is offline
 
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Default RE; BPO's

Quote:
Originally Posted by marc paolella View Post
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...
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  
Old 01-06-2009, 11:58 AM
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It was my understanding that Fannie was doing a BPO and an Appraisal on their REOs. Is there some official announcement that changed that?
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Old 01-06-2009, 12:05 PM
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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  
Old 01-06-2009, 01:53 PM
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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!
.
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Old 01-06-2009, 02:58 PM
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Quote:
Originally Posted by DebraALewis View Post
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?

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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