panappr
Elite Member
- Joined
- Dec 5, 2007
- Professional Status
- Certified Residential Appraiser
- State
- California
Just reporting some facts
I am with a real estate agent as I am typing this, and she is pretty astounded to here that she just received 36 BPO assignments from a LARGE AMC to be done in 72 hours for a large lender/client that has recently been under fire. She is frantic at the moment and is trying to compose herself so she can start downloading and begin processing them. Fee = $38.00 per assignment.
I wouldn't believe this if I was not looking at it with my own eyes, however, I am looking at the BPO form 3 pages and pretty detailed. I've never seen one before, but it requires 3 sales and 3 listings, no adjustments, but lots of information. Which also includes comments on Subject condition, housing supply, number of listings, number of house in direct competition, average marketing time for comparables, market conditions with percent of monthly depreciation of appreciation, and market data comments. Also asks for 3 estimates of value "as-is High", "as-is Low", and "suggested listing Price", as well as repaired value if necessary.
How is this humanly possible, and what kind of quality could you expect, and most importantly how reliable will any of the information be. And what are they using this information for!!!! I would have a hard time concentrating on 1 or 2 in a 72 hour period.
This has to be the most pathetic situation I have ever seen.
She said she once did 72 in about a week and a half. Like this is no big deal.
Now, she just asked me "what does above grade mean"?
I am with a real estate agent as I am typing this, and she is pretty astounded to here that she just received 36 BPO assignments from a LARGE AMC to be done in 72 hours for a large lender/client that has recently been under fire. She is frantic at the moment and is trying to compose herself so she can start downloading and begin processing them. Fee = $38.00 per assignment.
I wouldn't believe this if I was not looking at it with my own eyes, however, I am looking at the BPO form 3 pages and pretty detailed. I've never seen one before, but it requires 3 sales and 3 listings, no adjustments, but lots of information. Which also includes comments on Subject condition, housing supply, number of listings, number of house in direct competition, average marketing time for comparables, market conditions with percent of monthly depreciation of appreciation, and market data comments. Also asks for 3 estimates of value "as-is High", "as-is Low", and "suggested listing Price", as well as repaired value if necessary.
How is this humanly possible, and what kind of quality could you expect, and most importantly how reliable will any of the information be. And what are they using this information for!!!! I would have a hard time concentrating on 1 or 2 in a 72 hour period.
This has to be the most pathetic situation I have ever seen.
She said she once did 72 in about a week and a half. Like this is no big deal.
Now, she just asked me "what does above grade mean"?