38 BPOs in 3 days, No Problem.

[Elliott]

So let's say the agent gets all 72 listings, the ad costs will kill her,
most of them will expire, she'll end up making a few bucks. Stupid
agent.

 

[aussie ken]

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"?

Dont help her .........and wish her good luck.

 

[Carnivore]

Dont help her .........and wish her good luck.

Ken,

This thought hit me from the very beginning. Why would any appraiser offer any help?

hey pan,

Who is she; your wife? your girlfriend? A hot babe that might give you the keys to her honey_P-- ?

You want to help her? Give her an old copy of "The Appraisal of Real Estate" from the appraisal institute library!

Let her spend days and weeks and months learning something.

Good Grief!

 

[panappr]

Ken,

Good Grief!

Actually this is our family real estate agent of 20+- years who has become a close family friend (so to speak) through my parents. I always knew she did an occasional BPO, because she would always ask me interesting questions, like how do you determine lot size adjustments? Or do you adjust for a corner lot, etc. I never really paid much attention to that, but on Saturday, I was waiting with my dad in her office (80+- agents) and playing with my lap top, when I discovered that she was moonlighting as valuation expert..... I am not an investigative reporter, however, when I saw the name of the AMC and the large lender/client involved I thought it was news worthy.

That's all.

BTW I also discovered that these have a disclaimer not to exceed $250,000 loan limits. She said they are probably for equity lines (doesn't know), and there are also allot of other agents in her office that do these.

 

[Blue1]

So let's say the agent gets all 72 listings, the ad costs will kill her,
most of them will expire, she'll end up making a few bucks. Stupid
agent.

True, but I was thinking that since BPO's are a prerequisite to getting the listing(s) then valuation is not the primary purpose for an agent to do them.

 

[gabrialj]

I know a new agent who began doing BPO's. She'd work her way through them and was always prompt. One valuation company sent her 3 listings, then another sent her a couple of more. She had ZERO experience as an agent and they fed her listings. I have a lot of respect for her and to her credit she sold them all but it was amazing that the asset managers would have a new agent without experience list their properties. The level of incompetance surrounding the unwinding of the entire system is amazing.

 

[panappr]

Just so everyone knows 8 out of 44 had to be re-assigned for lack of turnaround time, and most all came back with underwriting stips. The best one was, she had put the total room count in the bedroom column so some of them went out with 5 & 6 bedrooms. Others needed additional comps and corrections, like missed pools and patios. Nonetheless I learned allot from watching this. She found out later that supposedly they are just using these to rescind equity lines (its the latest lending craze) and she thinks the value really does'nt matter that much.

Personally, I think they would have faired better just using Zillo.

 

[panappr]

The level of incompetance surrounding the unwinding of the entire system is amazing.

Have you written your Congressman or State Senator? Everything lately seems to fall on deaf ears, the more I see, the more I want to get out.