BPO -vs- Appraisal

[Lawrence R.]

BPO's vs. Appraisal.

I thought the title of this thread was gonna be about who would win in a battle royale between BPO's and Appraisals.

Best I can tell, the odds wouldn't be even, because for the cost of One appraisal, you would have to fight off 8 or 9 BPO's. But, since an appraisal would have about 18-20 pages, it would take at least 6 or 7 of them to whittle it down.

So, in the end, there would be a tattered, unlocked, appraisal with a forged signature and a signed declarations page, bleeding, barely able to look up out of the dust at 1 crisp, clean BPO signed by a realtor who sold 6 properties last year and listed 3....

The soundtrack gets quiet and you hear the sound of a lone crow, cawing in the distance....

(long dramatic pause..........)

You see a flashback of an appraiser sitting in USPAP class being ridiculed by all his peers for stating,"what you are suggesting IS a contingency"...at that moment, the appraisal realizes that he was put here at this place, at this time for just one thing... and with his last little bit of strength, he picks up the USPAP book and beats the last remaining BPO to death....

And just before the appraisal falls back to the ground, too wek to even celebrate--the camera pans down to see the signature on the report....PAM CROWLEY....


Cubs, win! Cubs win!! Harry carey's voice comes back from the dead to celebrate the triumphant appraisal.

Dude, BPO's are peices of garbage, it isn't even a fair fight.

 

[wickedness1]

I thought the title of this thread was gonna be about who would win in a battle royale between BPO's and Appraisals.

Best I can tell, the odds wouldn't be even, because for the cost of One appraisal, you would have to fight off 8 or 9 BPO's. But, since an appraisal would have about 18-20 pages, it would take at least 6 or 7 of them to whittle it down.

So, in the end, there would be a tattered, unlocked, appraisal with a forged signature and a signed declarations page, bleeding, barely able to look up out of the dust at 1 crisp, clean BPO signed by a realtor who sold 6 properties last year and listed 3....

The soundtrack gets quiet and you hear the sound of a lone crow, cawing in the distance....

(long dramatic pause..........)

You see a flashback of an appraiser sitting in USPAP class being ridiculed by all his peers for stating,"what you are suggesting IS a contingency"...at that moment, the appraisal realizes that he was put here at this place, at this time for just one thing... and with his last little bit of strength, he picks up the USPAP book and beats the last remaining BPO to death....

And just before the appraisal falls back to the ground, too wek to even celebrate--the camera pans down to see the signature on the report....PAM CROWLEY....


Cubs, win! Cubs win!! Harry carey's voice comes back from the dead to celebrate the triumphant appraisal.

Dude, BPO's are peices of garbage, it isn't even a fair fight.

oh K..I've figured out the forum drama queen, lol

 

[Karl]

Post 22 would be a good fight IF it wasn't for the fact that a BPO is 50 bucks & you can recieve a crappy Appraisal for 350 Usually these Appraisal for that fee are good but evidence has been presented in past 5 days, that even 350 Appraisals can be crap.

 

[xmtpedprl]

BPO's are for sure, 100% certain, used for to make loans. Absolutely.

We have clients who order both REO's and BPO's (we merely decline the BPO's, but they show up in our system), and their reps have told me that absolutely so, their clients will use BPO's for loan purposes. Yes, *just* the BPO.

There can be no wonder as to why the financials are so insane right now. Between the bad appraising and the ridiculous use of cheap valuation products, it's academic.

Dave...

 

[Mr Rex]

I hear comp checks are at the root of many a lending decision.

 

[xmtpedprl]

Oh, really?

I didn't hear that, I wonder what your source is, Rex. Would you care to divulge for the group?

Honestly, civility is out the window here unless every walks in step to the next guy's expectations.

Dave...

 

[Workbox]

Oh, really?

I didn't hear that, I wonder what your source is, Rex. Would you care to divulge for the group?

Honestly, civility is out the window here unless every walks in step to the next guy's expectations.

Dave...

There was a post by a reputable forumite that may have a very good sources, that told them that they have. It's lost in an older thread somewhere. But as we all know, the way things are falling apart or into place, it would not be surprising if they are or ever did.

 

[AK_Grown]

What if.

I was recently approached by a friend who works for a company that is developing a new kind of appraisal form, something to "combat" the BPO plague...

What are your thoughts on something like that? It would be an appraiser only document, all the legal ramifications of a full appraisal would hold true... BUT (yes we all knew it was coming) it would only be about 2 pages and would pay little more than a BPO.

Anyone out here think that something like this could officially squeeze BPOs out of the picture? It would get those pesky real estate folks out of the valuation game, which we all seem to agree, is a good thing!

 

[Richard Carlsen]

I was recently approached by a friend who works for a company that is developing a new kind of appraisal form, something to "combat" the BPO plague...

What are your thoughts on something like that? It would be an appraiser only document, all the legal ramifications of a full appraisal would hold true... BUT (yes we all knew it was coming) it would only be about 2 pages and would pay little more than a BPO.

That really is nothing new or unusual. Any good appraiser can do a USPAP complaint BPO. These are not hard. You just have to comply with USPAP and state law. I recently did a Restricted Use appraisal for a client where I did not see the property or the comps. Not a problem and fully USPAP compliant.

The real trick is getting the lenders to use a USPAP compliant reporting form.

 

[hastalavista]

That really is nothing new or unusual. Any good appraiser can do a USPAP complaint BPO. These are not hard. You just have to comply with USPAP and state law. I recently did a Restricted Use appraisal for a client where I did not see the property or the comps. Not a problem and fully USPAP compliant.

The real trick is getting the lenders to use a USPAP compliant reporting form.

(my bold)



(Of course, Richard, you know that some consider that heretical and will bring out the hot irons and the rack to get you to confess your sin!)