VolcanoLvr
Senior Member
- Joined
- Oct 30, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Washington
Appraisers……
If you have never seen the type of BPO reports non-appraisers are doing that establish the value on certain real estate properties, please open, read, and save the attached PDF’s to your computer. Notice how similar to a 1004 + REO Addendum this report is.
This company’s instructions say this is a CMA, but the actual form references BPO (top left, each page). This form is a technical appraisal report, however, appraisers are normally not doing these. Or if appraisers are doing these just as presented, they are not in compliance with certain reporting requirements in USPAP Std. 2.
Many state laws say that BPO’s can be done to assist the seller in marketing their property via legitimate listing in a local MLS. But many of those laws also say that BPO’s cannot be used to help the Lender understand property value. Yet laws like those are broken daily with this form.
People who do these or similar CMA/BPO reports are doing them for very minimal fees….in some cases for less than $100.
Your employment for providing legitimate property value reporting has been compromised by this activity. Millions and potentially billions are being spent annually that appraisers never see. If this concerns you, use these PDF’s and a copy of your state law to urge your state legislators, US Representatives and US Senators to force lenders to comply with the law….or else ask that new legislation be drafted to guarantee real property valuation reporting be done by appraisers who are trained to do so, independently of other influencing factors.
If you have never seen the type of BPO reports non-appraisers are doing that establish the value on certain real estate properties, please open, read, and save the attached PDF’s to your computer. Notice how similar to a 1004 + REO Addendum this report is.
This company’s instructions say this is a CMA, but the actual form references BPO (top left, each page). This form is a technical appraisal report, however, appraisers are normally not doing these. Or if appraisers are doing these just as presented, they are not in compliance with certain reporting requirements in USPAP Std. 2.
Many state laws say that BPO’s can be done to assist the seller in marketing their property via legitimate listing in a local MLS. But many of those laws also say that BPO’s cannot be used to help the Lender understand property value. Yet laws like those are broken daily with this form.
People who do these or similar CMA/BPO reports are doing them for very minimal fees….in some cases for less than $100.
Your employment for providing legitimate property value reporting has been compromised by this activity. Millions and potentially billions are being spent annually that appraisers never see. If this concerns you, use these PDF’s and a copy of your state law to urge your state legislators, US Representatives and US Senators to force lenders to comply with the law….or else ask that new legislation be drafted to guarantee real property valuation reporting be done by appraisers who are trained to do so, independently of other influencing factors.
