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  #1  
Old 10-19-2010, 05:51 PM
MZ818 MZ818 is offline
 
Join Date: Dec 2003
State: California
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Default Realtor Told Me That Banks Are Soon Going To Cut Off Appraiser's And Go With Bpo's

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.
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Old 10-19-2010, 06:01 PM
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Mike Kennedy Mike Kennedy is offline
 
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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).
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Old 10-19-2010, 06:04 PM
Jan Roseberry Jan Roseberry is offline
 
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They can't even fill out MLS listing sheets correctly! If they could, verification time would be cut in half.
  #4  
Old 10-19-2010, 06:21 PM
MZ818 MZ818 is offline
 
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Quote:
They can't even fill out MLS listing sheets correctly! If they could, verification time would be cut in half.
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  
Old 10-19-2010, 06:26 PM
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William K William K is offline
 
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Quote:
Originally Posted by Jan Roseberry View Post
They can't even fill out MLS listing sheets correctly! If they could, verification time would be cut in half.

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!"
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  #6  
Old 10-19-2010, 07:02 PM
BRCJR BRCJR is offline
 
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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  
Old 10-19-2010, 07:10 PM
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TEL2002 TEL2002 is offline
 
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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  
Old 10-19-2010, 07:15 PM
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Mr Rex Mr Rex is offline
 
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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.
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  #9  
Old 10-19-2010, 07:19 PM
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Lloyd Bonafide Lloyd Bonafide is offline
 
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Quote:
Originally Posted by MZ818 View Post
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.
Just wishful thinking on her part. She's dreaming about doing unlimited BPOs for $40 each, because she can't get any listings.
  #10  
Old 10-19-2010, 07:19 PM
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CANative CANative is online now
 
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http://www.youtube.com/watch?v=myeK-f0XUvg
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