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Another $50 Offer

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Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Just received a call from a company in LaJolla, CA apparently doing work for BOA, can't remember their name.

Anyway, this telemarketer is all hyped up and offering me a GREAT deal to pull 3 MLS comps and tell them on their very own 1 page form if the value they want is within the realm of possibilily. Only take me a few minutes and they pay $50. When he figures out that I'm laughing because I think it's so absurd, he offers me $95.

I told him I could do much better than that and if he sends the orders, I'll actually complete and appraisal and only charge them my base fee plus whatever extra I believe is warranted due to additional difficulties. He gets all excited thinking I'm buying into his BS until he finally figures it out.

Oh... He also told me that BOA's E&O would cover me! Yea, right.

I should have played along better and had him send me one of those new 1 page forms so I could send it on to the state powers that be.

I'm shocked and disgusted that any licensed appraiser would do these!!!!
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I think the Snakes made the same offer to every AMC in the country. But the AMC's maybe...... maybe, are just starting to realize the "difficulty" in "placing these orders". If they have their phone monkeys play around with trying to place these orders too long, they'll start losing money. ;)

In the mean time, just keep singing to them: We ain't gonna take it, NO! we ain't gonna take it...... we ain't gonna take it noooooo more.....
 

Bobby Bucks

Elite Member
Joined
Jan 27, 2002
Professional Status
Real Estate Agent or Broker
State
North Dakota
Now, I'm chuckling out loud.......the BOA has slithered into almost every AMC that has a dedicated fax line. I think we're winning the war folks. When I get a call for one of those I now immediately tell them my 2055 fee. What's going on behind the curtain is you're probably the 5th person they've called and if they can't find a $50 sucker soon, they reluctantly order a "real" appraisal. That's the word from college buddy who is an AMC lifer and will remain nameless. :)
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
What's going on behind the curtain is you're probably the 5th person they've called and if they can't find a $50 sucker soon, they reluctantly order a "real" appraisal.
That's what I'm betting on. The few AMC's I work with have already taken that course. ;) Only one still orders the "desk top", but when I reject the order, they immediately change the order to a 2055 with my fee. :)
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Pam,

Why are you shocked????

The only appraisal guidelines that allow such non-sense are our very own, industry standard....USPAP. You don't see FHA/VA/Fannie or Freddie ordering such non-sense.

This is what USPAP has "approved" for us: $50 to $95 fees?? Got me.

I'm waiting for the day when they design an LTV ratio form. No value. No appraisal. No USPAP. Just based on the borrower's requested mortgage amount and on three comparable sales, what do you, Mr/MS Appraiser, estimate the LTV ratio to be for the subject property? Hey, if you can develop a GRM as an appraiser, you can develop an LTV ratio, right???? That's all they really need to price and sell the loan in the mortgage business. Why even mess with a value and USPAP??????? That's all they do when they run loans through an AVM. If they can make the loan on an AVM, they do. If the LTV ratio is tight, they order an appraisal. Why not just keep the same mentality going and ask the "appraiser/whatever" to just refine the LTV ratio for them..... :D :D

Ben
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I haven't had the joy of one of those calls. But, I am anxiously waiting to inform them that I am an appraiser and I don't do BPO's or sell my services for anything less than my own fees and forms. they get what they pay for, then bundle them and send them off to other companies before foreclosure.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I just got 4 REO orders in this week. I was talking to one of the Agent contacts on one of them and she told me she did over 1,000 BPO's in the last year on foreclosure properties. $50 for straight BPO's, $95 with pictures of comps and listings. I seriously felt like asking her if she thought she was losing money on those BPO's, but it is none of my business. :blink:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
That would be a violation of our license law here in Colorado...I would turn her in!
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
The loophole in TX is that a Realtor can perform a BPO to obtain a listing. I know several Realtors that BPO's are their life blood. They make half their living on BPO fees and then that is the only listings they ever have. Is there such a thing as loophole stopper? :D
 
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