Performing BPO's using total software

[1Badheckler]

Hello, I have quite a few apprasial clients that are in need of BPO's as opposed to full apprasials at certain price points. These are mostly short term bridge/fix and flip loans/fix and hold type loans.

I am wondering if anyone has used/is currently using the Residential Broker Price Opinon - BPO Forms within Total and could share their report contents and hopefully the CYA canned comments they use for "This is a BPO and not an appraisal" etc and whatever else might be pertinent. I would love to chat for a few minutes with anyone that is doing quite a few of BPO's if you have a few minutes. Thanks so much

...Yes I am a licensed broker too.

 

[residentialguy]

No reason why you couldn't. They're not an appraisal and you have a broker hat to wear. (not that you need it)

 

[NJAPRAZE]

Hello, I have quite a few apprasial clients that are in need of BPO's as opposed to full apprasials at certain price points. These are mostly short term bridge/fix and flip loans/fix and hold type loans.

I am wondering if anyone has used/is currently using the Residential Broker Price Opinon - BPO Forms within Total and could share their report contents and hopefully the CYA canned comments they use for "This is a BPO and not an appraisal" etc and whatever else might be pertinent. I would love to chat for a few minutes with anyone that is doing quite a few of BPO's if you have a few minutes. Thanks so much

...Yes I am a licensed broker too.

what do you charge for BPO vs appraisal?
what are the main differences in reporting / scope of work?

 

[1Badheckler]

Thanks for your reply. I just want to keep them happy and I just found out today that there is BPO forms in Total....

 

[1Badheckler]

what do you charge for BPO vs appraisal?
what are the main differences in reporting / scope of work?

Never done a BPO, plenty of broker valuation, never on a form or anything though. It sounds like they (my clients) are paying $350 for quick turn around BPO's with an As/Is or ARV value. Of course they use Clear Capital and Clear Capital keeps 50% of that for their "QC" work. And they all say the reports are ****, from mostly leasing agents or brand new brokers. They were begging me to do BPO's for them so I figured I would look into it.

Typical appraisal charge is $700 for an appraisal for the same as/is or arv and I am new and cheap. At $350 I will take all of the BPO's I can get. Just curious who here has done them, what type of comments/disclaimers do you add etc

If you have total look in reports under broker and the brokers price opinion report, its is 2 pager plus a page of comments. I would throw in a couple maps, maybe some core logic data too. It says it is FBP3.

 

[Terrel L. Shields]

So your state isn't a mandatory state?

 

[1Badheckler]

So your state isn't a mandatory state?

I live near Seattle, WA. Not sure what a mandatory state is. My clients are not AMC's.

 

[ValueArtist]

Never done a BPO, plenty of broker valuation, never on a form or anything though. It sounds like they (my clients) are paying $350 for quick turn around BPO's with an As/Is or ARV value. Of course they use Clear Capital and Clear Capital keeps 50% of that for their "QC" work. And they all say the reports are ****, from mostly leasing agents or brand new brokers. They were begging me to do BPO's for them so I figured I would look into it.

Typical appraisal charge is $700 for an appraisal for the same as/is or arv and I am new and cheap. At $350 I will take all of the BPO's I can get. Just curious who here has done them, what type of comments/disclaimers do you add etc

If you have total look in reports under broker and the brokers price opinion report, its is 2 pager plus a page of comments. I would throw in a couple maps, maybe some core logic data too. It says it is FBP3.

Here in California, BPOs would be compensated at $50.00 a pop! LOL

 

[Terrel L. Shields]

Not sure what a mandatory state is. My clients are not AMC's.

If you hold an appraisal license in some states, then you must provide an appraisal that conforms to USPAP. BPOs do not conform to USPAP without substantial addenda. And who the client is does not matter. In those states, normally any 'short form' appraisal is on a GPAR, a restricted report, and/or some sort of old "summary" type report. In those states a licensed appraiser cannot provide any product without conforming to USPAP, unless they are working under another license (i.e.- a licensed agent or broker can provided a BPO or CMA)

 

[residentialguy]

If you hold an appraisal license in some states, then you must provide an appraisal that conforms to USPAP. BPOs do not conform to USPAP without substantial addenda. And who the client is does not matter. In those states, normally any 'short form' appraisal is on a GPAR, a restricted report, and/or some sort of old "summary" type report. In those states a licensed appraiser cannot provide any product without conforming to USPAP, unless they are working under another license (i.e.- a licensed agent or broker can provided a BPO or CMA)

He's got a Brooker hat to wear. Besides, BPO is not an appraisal. He's not oppining market value. I don't know where these states get off with that.