38 BPOs in 3 days, No Problem.

[Fred]

Sounds like it might be time to start shopping. I'd help here with those 38 BPO's just in case one comes in at 50% of market value.

 

[Riick]

Steve...
I'd hesitate on shopping.
Japan's Real Estate values fell for a total of 10 years, after their bubble.
Word is that the Option-ARMs are just beginning to hit the fan.
At the same time, the Bank of England (? -that may be wrong) is looking at
changing the way the LIBOR rate is calculated - any changes would push it upward.

Slow-motion disaster, but disaster none the less

 

[panappr]

Update:

Update:

I just received a phone call, from the agent, 12 properties have been inspected , drive-by with front photo only, no comp photos. Geographically, 15 more will be inspected tomorrow, then the balance on Monday. She is just now starting to write up, the ones she saw today.

Obviously there will be allot of clowning.

PS

I'm still working on the one appraisal I saw on Friday.

 

[Rufus]

Obviously there will be allot of clowning.

That may be quite accurate, although I think you intended to say cloning.

 

[Blueprint]

Update:I'm still working on the one appraisal I saw on Friday.

Velcome to America сэр. We are in process of devloping your общественный personality through time. нравиться understand that your whining has no merit. We are in process of defining your реальность. Please understand our consideration of your power.

 

[jay trotta]

38 jobs in 72 hrs - even a non specific BPO would be cutting into accuracy.

then again, isn't the lender already being scrutinized ? Are they now in hot pursuit of a scape goat ? sounds to me like they're lining up the "goats" and preping them for slaughter. Is there no State Law in CA regarding BPO's ? I would find that hard to believe.

How many Millions of Dollars worth of property is this twit working on ? I sea a light at the end of that tunnel.......lol

 

[The Warrior Monk]

The masses of agents won't do what this agent did. Hopefully the masses will get thrown in the gutter over the next few years. The intelligent common sensors will persevere.

To put things in perspective, any agent with any activity wouldn't waste there time with these. As an amusing example, I made $1,375 last year for hanging a sign on a tree...the principle broker didn't want to travel to the property since it was out of his general area (FWIW, I have a salesperson's license). Why the hell would an agent do a BPO for $45 when they can make a whole lot more money hanging signs?

 

[Fred]

Steve...
I'd hesitate on shopping.

I am sure you would.

 

[Workbox]

Slow-motion disaster, but disaster none the less

You got that right.

 

[Frederick]

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 think I would send this story to the Wall Street Journal and a few other business publications and make sure they know the source was an AMC.