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BPO Work?

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laurielutton

Thread Starter
Sophomore Member
Joined
Apr 8, 2008
Professional Status
Licensed Appraiser
State
California
Just wanted to know if anyone has done any BPO work?
I was offered a position with a Real Estate Company that needs BPO's for bank owned properties prior to listing. The pay in not very good at $100 a pop. The report will include interior inspection ( no measurments ) and notation of condition, 3 comps, 3 actives, all in bad area's.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Just wanted to know if anyone has done any BPO work?
I was offered a position with a Real Estate Company that needs BPO's for bank owned properties prior to listing. The pay in not very good at $100 a pop. The report will include interior inspection ( no measurments ) and notation of condition, 3 comps, 3 actives, all in bad area's.

Are you a licensed real estate agent and would you be engaged in your capacity as such and NOT as a licensed appraiser?

If you wear two hats, you need to be VERY careful so as not to blur the line between the two.
 

laurielutton

Thread Starter
Sophomore Member
Joined
Apr 8, 2008
Professional Status
Licensed Appraiser
State
California
I am not a licensed real estate agent which is what they seem to like about me and that I am in fact an appraiser. Not a good idea???
 

Nick Gilbert

Freshman Member
Joined
Aug 15, 2006
Professional Status
Certified Residential Appraiser
State
Colorado
You can't give a "brokers price opinion" without holding that designation. You would be providing an appraisal, not a BPO and would be subject to USPAP.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I am not a licensed real estate agent which is what they seem to like about me and that I am in fact an appraiser. Not a good idea???

No, no, no, no. Most definitely NOT a good idea.

You would be engaged to provide the service because you are a licensed appraiser...no hiding that fact.

You can complete the "BPO"...but, be aware, you would have to conform to the USPAP and applicable state appraiser license law. That is, what you would be developing and communicating would be an APPRAISAL...for $100.
 

JRS at OBX

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
Yes, I think it is a great idea for you to perform BPOs. First turn in your appraisal license, then apply for a brokers license. Good luck!
 

Tony V

Elite Member
Joined
Mar 29, 2005
Professional Status
Certified Residential Appraiser
State
New York
I am not a licensed real estate agent which is what they seem to like about me and that I am in fact an appraiser. Not a good idea???

They would love to have appraisals at that fee....
 

laurielutton

Thread Starter
Sophomore Member
Joined
Apr 8, 2008
Professional Status
Licensed Appraiser
State
California
No, no, no, no. Most definitely NOT a good idea.

You would be engaged to provide the service because you are a licensed appraiser...no hiding that fact.

You can complete the "BPO"...but, be aware, you would have to conform to the USPAP and applicable state appraiser license law. That is, what you would be developing and communicating would be an APPRAISAL...for $100.

Thank you for allowing me to "bounce" that off of someone that had something constructive to offer. I left the meeting feeling confused as the company already employes a large team of appraisers that handle the BPO's who all seem to think it is the best job ever and all well within the guidelines of USPAP. I think maybe they are under the impression that I am a broker as well ( which I will need to clarify with them ).
 

JoeB

Member
Joined
Jun 1, 2006
Professional Status
Certified Residential Appraiser
State
New York
You wonder why AMC's pay $125 for a 2004_05 ?
you have appraiser's willing to perform BPO's ( without being a broker?)
what next!
 
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