38 BPOs in 3 days, No Problem.

[PropertyEconomics]

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.

OOPS ... the agent doesnt understand 72 hours .... Saturday (24 hours - 12 properties) .. Sunday (24 hours - 15 properties) .. Monday (24 hours 11 properties) ... OOOPS TIMES UP.

Dear Agent,
Because you were not able to meet our turn time, which is very important to our client, we must cancel this order. No payment shall be made as you did not meet our deadline.

 

[George Hatch]

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.

Actually, this looks like a workproduct that the Z-process could handle quite well.

The "valuer" takes a tablet PC with a wireless connection, a camera, and the Z-software and database out into the field. They can perform their visual inspection and fill in the subject-specific descriptions in the site and improvements section, use Zaio's statistical analysis of the market, "hotload" the comps w/photos into it, run the AVM and decide whether they think the result looks reasonable. They could do all this and transmit the finished report while sitting in their car in front of the subject property. Not counting drive time, I'd reckon on no more than 30 minutes, tops.

As long as the BPO form doesn't require a concurrent inspection of the comp data it's perfect.

The only problem is the fee split.

 

[Terrel L. Shields]

Tell the agent that above grade is a quality rating.

"Above Grayed" means the paint has faded more than usual.

allot of clowning.... I think you intended to say cloning.

Nah, I think he had it right the first time.

I wonder how long before this blows up in some Realtor's face when they get sued for the results of their BPO?

 

[panappr]

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.

OK... I did finished my assignment and will stop whining. I agree, but when I see the potential damage from this particular business model, I get a little outraged. Just reporting some facts that I think everyone needs to know about what is actually going on in the mortgage backed securities industry. Incompetence drives me crazy.

 

[panappr]

BTW, the count has now increased to 44 since Friday.

 

[Workbox]

Actually, this looks like a workproduct that the Z-process could handle quite well.

The "valuer" takes a tablet PC with a wireless connection, a camera, and the Z-software and database out into the field. They can perform their visual inspection and fill in the subject-specific descriptions in the site and improvements section, use Zaio's statistical analysis of the market, "hotload" the comps w/photos into it, run the AVM and decide whether they think the result looks reasonable. They could do all this and transmit the finished report while sitting in their car in front of the subject property. Not counting drive time, I'd reckon on no more than 30 minutes, tops.

As long as the BPO form doesn't require a concurrent inspection of the comp data it's perfect.

The only problem is the fee split.

I think any software company can produce what you discribed with out the franchise fee. I would rather spend $1,000 for zip code Zoner system.

 

[PropertyEconomics]

BTW, the count has now increased to 44 since Friday.

With all due respect Pan .. it appears they have found a sucker and are going to make the most of it.

 

[xmtraterbcra]

....
The only problem is the fee split.

- And the overhead of scoring the entire zone of 10,000 properties, followed by periodic zone monitoring and maintenance.

 

[Mike Boyd]

Sign me up for that one.

Tell her that "above grade" means that the property, as a whole, must rank as an A or B in her books. Anything she percieves to be a C, D or F property is considered to be "below grade".

Funny, Evan, but I suspect panappr wants to keep the agent as a friend. LOL

 

[Blue1]

Doesn't an agent stand the chance of getting listings by doing a BPOs?