A marvelous sign!

[Hamlet]

The following was shared with me and I thought I'd share it with you.

This week's email outlines examples that are beyond the scope of a BPO. In situations such as these, zzz would need to cancel and advise XXXX to upgrade to an appraisal.

The following are beyond the scope of a BPO:
• Any atypical properties – include over-improvements in this category
• Extremely difficult to obtain comp – or if all the comps need adjustments, which BPOs can’t accommodate
• Extreme rural location
• Hard to bracket
• Major construction under way – this is too complex for a BPO
• Extraordinary amenities
• Deferred maintenance
• Property with health, safety, and/or livability issues
• Significant unrepaired storm, fire, or other casualty damage
• Mobile home or coach home
• Commercial buildings
• Hotel condos or condotels
• Guest house
• Houseboat
• Earth-bermed or underground house
• Hobby farms
• Historical homes

 

[Conservative in Virginia]

heck... pretty much everything here falls into hard to find comp - nottin sellin much .. and hey.. how would they know of deferred???

Hope this is widespread lender mentality!!! Thanks for sharing Donna

C

 

[Hamlet]

heck... pretty much everything here falls into hard to find comp - nottin sellin much .. and hey.. how would they know of deferred???

Hope this is widespread lender mentality!!! Thanks for sharing Donna

C

Hehehe...oh sure, nice sunny day and you want to rain on my parade. A pox on ye!

 

[Elliott]

What's the source of the email? Realtors aren't self policing when that
big BPO fee is dangling in front of them.

 

[Flygirl 152]

Those folks doing BPO's often do them from the street and never go into the property. I was doing an REO on a property and when I walked to the back yard found the whole back of the house had been on fire. The privacy fence between the neighbor and the subject had been knocked down and was laying on the ground since the fire started in their garage. The neighbor came out and told me that they were renters and the owner died in the garage during the fire which spread to the subject as well as the neighbor next to the subject. She was hoping that someone was going to finally do something about it since it had been over 1 year since the fire.

The subject had so much water underneath it that it looked like an river running under the house. Due to all that water and heat making moisture rise, the inside of the house was filled with black mold. When I called the client to let them know that we were looking at pretty much land value since the subject was not inhabitable, they said they had a BPO done and the agent never mentioned anything. Then they started looking at Google earth, and could see the damage. I asked them how the broker could not know that there was a major fire here, and they said that the broker doesn't necessarily get out of the car, and just does a drive by.

 

[Mike Phillips]

Doesn't look marvelous to me. Looks like they are willing to use a BPO for just about anything normal.

 

[Hamlet]

I guess my point is that apparently they are starting to realize that a BPO doesn’t fit every occasion.

 

[Mike Phillips]

I guess my point is that apparently they are starting to realize that a BPO doesn’t fit every occasion.

Well...I suppose you are right about that.

 

[Mike Kennedy]

a BPO or a Drive-by never did, never will. Funny Money cares less. As long as its' someone elses problem.....who gives a damn. JUST GIMME THE DAMN NUMBER$$$$$ ..............

still reigns supreme.

 

[Pa'akai]

Last year I bought a foreclosed 1800 sf house for $62,000. I had it listed one year earlier for $115,00 (I'm also an agent). There was no way I could turn away that deal in that I was familiar with the house. Two months later I was talking to another agent about the deal I got. He said he had done the BPO on it. He said "thats a mobile home isn't it." I said no its not. He also thought it was only 1200 sf because he could not see the rear of the home. Public records even showed it at 1800 sf. BPO's are a total joke. A woman in our office was doing them after having a license only two months. Every agent I talk to has no clue on how to make adjustments or even a basic knowledge of valuation. I know of two appraisers where the lender accepted a BPO drive-by valuation over a full 1004 and accepted the BPO value over the appraisers for lending purposes.