Dublin ohio
Elite Member
- Joined
- Mar 20, 2008
- Professional Status
- Licensed Appraiser
- State
- Ohio
Why the hullabaloo. Lenders have been hiring brokers to do bpos when I started over 30 years ago. Nothing new.
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Bank of America; Invitation to Join Bank Panel for Residential Valuations
- Thread starter NC Appraising
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PushinValue
Member
- Joined
- Nov 28, 2011
- Professional Status
- Certified Residential Appraiser
- State
- California
when explaining the profession (lending side) to people, this is my basic explanation. The lenders making the loans instantly sell them to the secondary market. All the lender wants is a signature with an e and o policy attached to it. Nobody cares about the quality of work. All that is needed is a license, signature and eo policy…
Tom D
Elite Member
- Joined
- May 22, 2015
- Professional Status
- Certified Residential Appraiser
- State
- Pennsylvania
i don't think there is any different that they are doing than before. having been involved in pre foreclosure & REO appraisals. typically, there has been a broker who handles those sales for the lender. they always did a BPO for the listing. when i did REO appraisals and there was a broker already involved, they did a BPO for the listing price. now for pre foreclosure, servicing companies have to do them each year for book keeping loses, if any. i don't know those rules that a servicer has to have an appraisal for that book keeping. man, it was easy good money when i did it. now if they are using a BPO for the pre foreclosure book keeping. i can't blame them for trying to save more on foreclosures. and it's not for lending purposes, so wouldn't you try to save that cost. just the reality of it's not personal, it's business said don of america.
NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I sent an email inquiring what these BPOs will be used for. Did not respond.
Yes, could be used for REO or short sales.
Fannie uses appraisers for REO, Freddie uses bpos.
Or they could be used for https://www.axios.com/2024/05/13/why-second-mortgages-could-make-a-comeback
Could be a coincidence?
NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Agree. But when most appraisers are slow or are deciding whether or not to close their doors....it's a gut punch to see this come through the email...along with all of the other changes hybrids, waivers, etc.
J Grant
Elite Member
- Joined
- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
It makes sense for some to drop the appraisal license or maintain it as a side gig and get an RE sales license and do BPOs and CDCs as an RE agent .Probaly more valuations performed by them these days total then appraisers. You too can be underpaid and run around all day to do these silly valuations if you really want it - the pay for BPO is terrible ( typically)
chad hampton
Senior Member
- Joined
- Nov 10, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
The usual suspects lobbied and bribed enough people in NC to change the law about a decade ago to allow non-appraisers to perform valuations for banks. The day that law was signed, I stopped getting all pre-foreclosure work from BOA. Cost me 50k worth of business a year. These decisions have significant consequences for real people. Hope people understand that.
J Grant
Elite Member
- Joined
- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
They understand and do not give a sh**. That is part of the reason we have a large homeless population and a population of underpaid people in America living paycheck to paycheck. Some of course are substance abusers, others got downsized so many times due to similar decisions in teh name of capitalism there was nothing left - GH says that is all good, as if people must make every decision based on sending the $ to the top tier only -
A bank pays a BPO provider peanuts and gets lousy work in exchange, and as long as the bank profits more , if people who own the homes feel the pain of being underwater on equity, etc, well, that is life deal with it - (not my words ) as long as the upper-tier does not feel the consequences it's all good. Only the little people pay taxes. ( Leona Helmsley )
Elliott
Elite Member
- Joined
- Apr 23, 2002
- Professional Status
- Certified General Appraiser
- State
- Oregon
The only value this license had is that financial institutions used to have to go to us for any and all valuation needs. Over the past decade I’ve seen so much business be handed off. I’m not sure what the value in this license is anymore.
What I learned about BPOs:
"How Much Can You Get Paid From A BPO?
In many cases in my experience, BPO agents are usually paid $40-$80 for valuations of houses / condos. This will depend on area, type of property and whether if it is a drive by or interior BPO. Vacant land parcels can be a much smaller fee while commercial real estate, can be hundreds of dollars."
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I usually estimate around 45 minutes to complete the report. But this does not take into consideration drive time and time on site.
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We listed and sold a lot of Short Sale properties. There was one BPO agent who did a ton of BPO’s just on our listings alone. I asked him one day how much he was making. He was making around $5,000 a month.
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How To Get BPO’s Assignments (Broker Price Opinions)
If you want to make fast money as a real estate agent you may want to consider getting BPO (Broker Price Opinion) Assignments.
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