Performing BPO's using total software

[Tru Red]

ClickFORMS software has several BPO forms canned in it (including a Fannie Mae Form). I would guess most others do as well.

Super easy form to complete. Nowhere on the form is the word "appraisal". No appraiser license required. No license required at all. Interesting that it has a place for your social security number.

In California an appraiser can complete this form and NOT follow USPAP since you are not acting in the capacity of an appraiser. The mere fact a person might have an appraisers license does not compel that person to always follow USPAP when not acting as an appraiser.

 

[Mark K]

He's got a Broker 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.

They have laws that state that if you render an opinion of value for real estate for a fee, you are doing an appraisal and as such, are subject to the laws regulating appraisers, laws that have incorporated USPAP by reference.

Simply stating "this is not an appraisal" doesn't absolve an appraiser from the responsibility to follow state law.

Any licensed appraiser/broker should check their state laws prior to doing BPOs.

 

[JTip]

Washington is a mandatory state.

Ignorance of the law is no excuse when you get in trouble.

 

[residentialguy]

They have laws that state that if you render an opinion of value for real estate for a fee, you are doing an appraisal and as such, are subject to the laws regulating appraisers, laws that have incorporated USPAP by reference.

Simply stating "this is not an appraisal" doesn't absolve an appraiser from the responsibility to follow state law.

Any licensed appraiser/broker should check their state laws prior to doing BPOs.

Stating the best price to list a home to sell is not an opinion of value.

 

[Terrel L. Shields]

Stating the best price to list a home to sell is not an opinion of value.

So who are the clients? Would doing a BPO for a bank mean the bank is trying to list a house? Or, to update the value of an existing loan?

 

[residentialguy]

So who are the clients? Would doing a BPO for a bank mean the bank is trying to list a house? Or, to update the value of an existing loan?

To list a home.

 

[Mark K]

To list a home.

A broker conveying the results of a CMA to an owner to list a home is not the same as doing a BPO for a bank/lender.

The listing CMA is exempt.

 

[JTip]

To list a home.

The 'catch' with mandatory states is that the second you get paid for a BPO/cma, you are breaking the rules, regardless of the client. You must be certified to be PAID. Anyone can say what to list a property or what they think the value is, the second you get paid is when a certification is required.

Voluntary states will allow an uber driver to opine a value to real estate and get paid for it.

Washington is a mandatory state, and so is my state of Pennsylvania.

 

[residentialguy]

A broker conveying the results of a CMA to an owner to list a home is not the same as doing a BPO for a bank/lender.

The listing CMA is exempt.

That depends on the purpose of the request. Typically banks will ask for a BPO in order to list a property, not to qualify for a loan.

 

[residentialguy]

The 'catch' with mandatory states is that the second you get paid for a BPO/cma, you are breaking the rules, regardless of the client. You must be certified to be PAID. Anyone can say what to list a property or what they think the value is, the second you get paid is when a certification is required.

Voluntary states will allow an uber driver to opine a value to real estate and get paid for it.

Washington is a mandatory state, and so is my state of Pennsylvania.

Yeah.. I don't agree with them, but they make the rules.