• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Another nail

Status
Not open for further replies.

marc paolella

Thread Starter
Junior Member
Joined
Nov 3, 2005
Professional Status
Certified Residential Appraiser
State
New Jersey
Fannie Mae is now ordering interior BPO's in lieu of appraisals for REO properties. They will pay an agent $75 for this service.

I guess that beats paying us $350...
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Fannie Mae is now ordering interior BPO's in lieu of appraisals for REO properties. They will pay an agent $75 for this service.

I guess that beats paying us $350...
I guess I know what I am doing tomorrow.
 

tjcou812

Junior Member
Joined
Aug 17, 2007
Professional Status
Certified Residential Appraiser
State
Connecticut
In the next few years when these houses go back on the market due to more foreclosures they will learn that cheaper is not better.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Tragic isn't it? The CEO made more than what Fannie Mae paid out in appraisal fees!
 

Jan Roseberry

Senior Member
Joined
Sep 25, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
Talk about conflict of interest! In our area the same agents/brokers that do the BPO's that get the listings. I have noticed several 'irregularities' like sold before broadcast, ridiculously low sale prices, etc.

An appraisal is just not that expensive when you look at the whole picture!
 

DebraALewis

Freshman Member
Joined
Mar 31, 2005
Professional Status
Certified Residential Appraiser
State
California
RE; BPO's

Fannie Mae is now ordering interior BPO's in lieu of appraisals for REO properties. They will pay an agent $75 for this service.

I guess that beats paying us $350...

Here's a idea... JUST SAY NO. If they want an interior BPO that's fine but charge your $350 and kindly tell them they might as well order an appraisal because it's going to cost the same. Who runs your company and sets your fees anyway. You or Fannie Mae?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
It was my understanding that Fannie was doing a BPO and an Appraisal on their REOs. Is there some official announcement that changed that?
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Fannie Mae's Property Disposition unit in Dallas has ordered an appraisal and a BPO for each one of their foreclosed properties for years. Then if there is a vast discrepancy between the two they will call the appraiser and the real estate agent for more information. Although in my area they usually list it for the high price the BPO reports (or it appears that way) and then finally after six months or longer sell it for around my appraised value. Or else they base their original asking price on the balance for the foreclosed loan, their original asking prices are very amusing at times.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Jo Ann has it nailed down correctly.
On occasion, when there is a dispute with Broker BPO, who came in at wildly low price, I've been asked to look at the BPO and defend myself.
ROTFLMAO... What Fun!
I Map their sales - they're all off in one direction -in a different neighborhood.
I also Map my sales - hummm, they're closer & surround the subject.
I send in a single map with properties identified and a SHORT explanation. Never hear about it again.
.
Now why did he do that? Could the Broker have a conflict of interest?
I'm shocked, shocked and surprised that anyone could even ask such a question!
.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Here's a idea... JUST SAY NO. If they want an interior BPO that's fine but charge your $350 and kindly tell them they might as well order an appraisal because it's going to cost the same. Who runs your company and sets your fees anyway. You or Fannie Mae?


Methinks you misunderstood the original post. He states that they will not order an appraisal from an appraiser, but a BPO from a RE agent. However, I have not seen anything from Fannie Mae that states this is the new policy. Anybody else?
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks