Appraisal Orders from AMCs

[dpappraisal]

What are some of the best companies that pay?
What do you all feel about BPos?

 

[Greenback]

...What do you all feel about BPos?

I think any lender would need to re-think their business decisions if they rely on BPO's. They may as well ask for a comparable check instead? Either one, they both suck, in my eyes (economic suicide and leaves an extra inch for exploitation). Just my opinion.

In my area, BPO's take away a lot of commercial work from Real Estate Appraisers. I see nothing wrong with it as a selling tool, I guess, but shouldn't go no further than that. It's just a sales technique, used to get a listing or manipulate market participants, in my eyes. Kind of like a competitive market analysis (CMA) used by Realtards.., I can't stand it when they call it a comparable market analysis.

I may be wrong, price has a different meaning than value(?) ; broker PRICE opinion - not broker VALUE opinion. Many truly think a BPO is a clear, meaningful, substitute for market value and the Real Estate Appraiser.

 

[dpappraisal]

Thank you for your response!!!

 

[Greenback]

Thank you for your response!!!

You're welcome.

 

[Lee Lansford]

...
What do you all feel about BPos?

Your question is somewhat broad.

Can you be a bit more specific?

 

[TEL2002]

Do a search here on the forum for AMC & BPO. These topics have been discussed and cussed for months. You will probably have a minimum of 40 hours of reading to do. When done, you will know all you ever wanted to know about those topics.

 

[The Warrior Monk]

What do you all feel about BPos?

If you are interested in doing BPOs, make sure that you are familiar with your state laws. You would obviously have to have a salesperson's/broker's license, and then you may only be able to do them under specific circumstances, such as to procure a listing. The types of BPOs that I've seen are just as much work as an appraisal, for a fraction of the fee; quotes of $45 per assignment area common.

 

[Restrain]

AMCs have contracts with major/minor lenders for the services. For example, a company like LSI is going to charge $375 for the appraisal to the lender (example - it's in that ball park but not necessarily that number). Out of that, they have to pay for their overhead, review services, ordering services, etc, and still make a profit. As we all know, about 50% of our fee is overhead. The AMC pays what they think they can get the work for and still make a profit. As a result, AMCs pay $125-$210 for what an appraiser would get $375-$450 directly from a lender. The same applies to BPOs. BPO from a lender would probably pay $100, broker gets $25-$45.

That's the nature of the market, and it looks like it's gonna get worse.