Interior BPO? Another example why the appraisal industry is doomed.

[Tsingao]

I've been in the process of short selling one of my properties since the beginning of the year. My property has been under contract since 02/2009 as a cash deal. BofA had a BPO done back in 04/2009, then one of the many Miami skippies working for Landsafe did an appraisal in 07/2009, and today I received a phone call from my attorney letting me know that BofA is now requesting an interior BPO. INTERIOR BPO???

I asked my attorney, "Are you sure they're not requesting another appraisal?" She said, "No... BofA started ordering interior BPOs in place of appraisals because they are cheaper and considered to be just as reliable." I laughed and said, "Boy am I glad I decided to get out of appraising... I knew about BPOs, but I had never heard of an interior BPO, that is ridiculous... It doesn't surprise me that realtors have found a way to do appraisals without calling them appraisals, without a certification, and without any type of liability."

It seems that everyone is making some sort of profit in the appraisal industry, except for appraisers... This is just another example of why I believe the appraisal industry is doomed forever.

 

[panappr]

It seems that everyone is making some sort of profit in the appraisal industry, except for appraisers... This is just another example of why I believe the appraisal industry is doomed forever.

Wait a minute I made a profit last week.... unfortunately it was only $82.45 after expences... and I got another 2 orders today for $310.00 + $225.00. If this was 1988 I'd be paying taxes again.

 

[Mr Rex]

I am working on a drive by pre-foreclosure appraisal of a large log cabin (3750 GLA, 2500 finished basement per tax records) on 27+ acres. The only thing that was in the loan file was a CMA @ $1.2 million, based on 3 sales with the highest sale @ $450k and only included 3.5 acres of the subjects 27+ and indicated the house @ 10,000sf. Anybody that has been around the RE bizness for any amount of time can look at the house from the street and see its no where close to 10k sf, tax records are close. The house is 150 feet or so off the road with a view accross the street of what is likely a pre 76 single wide, and its closest neighbors are other SWs, DWs, and old houses that need tearing down but are still in use, all within the view from the house <100 yards away. From what I have been able to gather they loaned $250k based on the bogus CMA.:new_all_coholic:


Likely worth less than $500k with all 27+ acres on a good day, and without the stigma of REO.

 

[Deadbusiness]

BPO

It would be nice if the USPAPian gods could give us the ability to perform some kind of cheap REO alternative. It's amazing that were losing that share of the appraisal pie. On one hand we are told we need to be certified, have a degree, and spend boatloads of cash on CE because training is so important and on the other hand we are being shown that we can be replaced by an AVM or RE angent with no formal training. Just because I look at sales contracts, doesn't mean I should be allowed to sell homes.

 

[Pamela Crowley (Florida)]

Sometimes, I am astounded at the idiocy posted here by licensed appraisers.

 

[JTip]

I liked this comment on 'another' site, poster remains anonymous to protect the innocent:

You just size up the house and the comparable houses and give a roundball figure and the value is based more on neighborhood then sq ft anyways in these places.

Roundball. I like it.

 

[The Warrior Monk]

I asked my attorney, "Are you sure they're not requesting another appraisal?" She said, "No... BofA starting ordering interior BPOs in place of appraisals because they are cheaper and considered to be just as reliable."

Why wouldn't BOA have this point of view?...they reap what they sow.

 

[Kyle77]

Sometimes, I am astounded at the idiocy posted here by licensed appraisers.

What is that supposed to mean? He's absolutely right. Why even call this a profession anymore at all? It is becoming more of a joke everyday. Who in the right mind would spend a boat load more money for some meaningless designations and education under these conditions? Why so much more education when these guys are doing this crap for 40 bucks a pop and taking our business? What is being done to stop BPOs? Not a damn thing. AMC, AVM, BPO, HVCC, far too many enemies. What's even worse, our own are throwing each other under the bus constantly.

 

[Michigander]

Of all the threats to the appraisal profession, I view the use of agents to value properties for financing to be the biggest problem. As a tax payer, the use of non-appraisers to do these so called "evaluations" worries me to no end. As a tax payer I resent having to pay for bailouts of irresponsible lenders. I think this is the height of irresponsibility.

 

[Karl]

What is that supposed to mean? He's absolutely right. Why even call this a profession anymore at all? It is becoming more of a joke everyday. Who in the right mind would spend a boat load more money for some meaningless designations and education under these conditions? Why so much more education when these guys are doing this crap for 40 bucks a pop and taking our business? What is being done to stop BPOs? Not a damn thing. AMC, AVM, BPO, HVCC, far too many enemies. What's even worse, our own are throwing each other under the bus constantly.

AMEN!!! Think Pam may have "Miss Spoke" think she meant something entirely different than what she wrote. This happens once you no longer are in Appraising & out enjoying life.