BPO Orders- What,how,which,who?

[Carmella]

Hello.
I have recently been offered a couple of BPO orders.
I have never completed one before.
What does it entail? and how long do they take?
Also...What is a c and r fee for this type of order?


And what ACI form is it completed on?


Please only answer if you have the answer, not just to comment.:new_2gunsfiring_v1:

Thanks in Advance! woohoo

 

[J Grant]

Usually they are done on a proprietary online form supplied by client.
average fees from $25 to $45.I did a few several years ago to help a RE friend, and have not done another one since. I found they took about 2 hours each. Am sure realtors find a way to knock them out in less than an hour. A big thumbs down from me but try it...if they are offering a much better fee it might be worthwile.

 

[Richard Johnston]

I notice that you are a Licensed Appraiser. If you are wearing this hat you will need to retain a workfile and abide by USPAP. This endeavour is not worth your time.

 

[Carmella]

I notice that you are a Licensed Appraiser. If you are wearing this hat you will need to retain a workfile and abide by USPAP. This endeavour is not worth your time.

Wow. So it would pretty much be considered an appraisal?

 

[Carmella]

BTW its $60 Bucks ....lol

 

[Lee Lansford]

Wow. So it would pretty much be considered an appraisal?

Are you a broker?

 

[The Warrior Monk]

Wow. So it would pretty much be considered an appraisal?

An opinion of value by an appraiser is an appraisal. Standards Rules #1 and #2 apply.

BPOs should be done by brokers/salespersons, not appraisers.

 

[Roy Courtney]

Some USPAP guru correct me if I am wrong but I was told that an appraiser cannot issue a value opinion without it being considered an appraisal. In other words lets say I am at a ball game and a friend asks me what they should be able to sell their house for. This is a house that I have been to many times. If I say "Joe your house should sell for about $zzz,zzz." I have just issued an appraisal. I should complete a workfile and be prepared to defend that opinion if requested by the state.

I am also a real estate broker. Is there a way to do a BPO and say that although I am an appraiser I did not complete the professional requirements of an appraisal but just pulled the numbers out of my axx using my broker license to get beer money? How does that work? :new_all_coholic:

 

[Lee Lansford]

...

I am also a real estate broker. Is there a way to do a BPO...

Digest "Advisory Opinion 21" for some good advice on this topic.

 

[J Grant]

An appraiser can do a BPO and there are no regulations against it. However, an appraiser will be held to USPAP standards, whereas a broker or agent won't be. For that reason, most appraisers elect not to do BPO's, because the low fee does not make sense for the work/liability involved.