BPO's coming in hot and heavy.

[Ray Miller]

Been tracking the BPO request from the AMC's & REO Preservation companies this week for the Reedsburg, Lake Delton/Wis Dells, Arkdale, Adams, Baraboo, Oxford, Westfied area we have received 57 orders for Condo's and Single Family from a week ago Monday to today. All have been accepted with in a minute or two of us getting the request on our computer. Over 60% of then are on the high end condos around the lakes.

No I don't accept then under my auction realest business. I can't afford to do them for $25 to $45 each. They are as much work as an appraisal and as much expense by the time you drive and take all the required pictures.

 

[xmtpedprl]

Same here. Over the past 2 weeks I've seen hundreds come in.

They just have to be using these things to predetermine auctions or short sale limits, as there's so many that they no longer care about market value ('expensive appraisals') knowing they're going to dump 'em, anyway.

Dave...

 

[Mike Phillips]

Just curious, but where/how do you guys see these orders? I'm so out of touch with AMCs and so on - are these orders being broadcasted?

Would you mind sending me PM or posting a reply here - I'd love to see what is available for Florida.

 

[xmtpedprl]

Speaking for us, we do REO appraisals for a number of clients who *also* send out 'broadcast' BPO offers. We do not accept them, as these assignments (IMHO) are no different in scope than appraisals, but because I like to 'see' them I have them sent my way.

I mean, you never know, every so often a property we appraised in 2005 pops up in a BPO offer, and I know that owner just went belly up. Last week a neighbor of mine popped up in a BPO broadcast, so I know he's out of the game, as well. It's sorta half me being interested and another half me being voyeuristic...

Dave...

 

[Ray Miller]

Same here.

I also see them through my REO Preservation work and my Real Estate Auction work. In the auction work I get a copy of the completed BPO so I know about how far off the BPO is in value. Most I see really miss the mark.

I also track them against the work I have done to know if a home owner is going belly up. With that it gives me a heads up if I am going to get a call about the value I gave the property a few years back from some lender looking to recover thier lost.

 

[xmtpedprl]

The lenders are on our minds here, too, Ray, as they are likely to not care that values defined in 2005 aren't fit to be compared with their pathetic auctions prices today. I do anticipate agony, but not the kind that will stick. It'll just be a lot of sabre rattling.

Dave...

 

[Kevin Mc]

what a f**king joke. volume BPOs. I don't know Dave, maybe that pyscho with the blog who wants all the banks to implode that you posted yesterday is onto something.m2:

 

[xmtpedprl]

You never know, Kev, you never know...

 

[Claude From NY]

Ditto here also. I had signed up with one of these BPO co's to see what it was all about. I think they are called Mark to Market, I don't have the info anymore. Anyways, It works on a broadcast basis just like some AMCs have. If their primary vendor rejects a BPO order it goes out on broadcast. Do you know that each and every one was accepted within minutes! Many appeared to be accepted in the middle of the night. That's right, these f**king joke "valuation products" were swallowed up in seconds. The fees offered for the amount of information required were remarkably very poor.

Yet someone, something accepted do complete theses assignments, many of which were complex, remote, or NYC.

 

[Jonsey]

The lenders are on our minds here, too, Ray, as they are likely to not care that values defined in 2005 aren't fit to be compared with their pathetic auctions prices today. I do anticipate agony, but not the kind that will stick. It'll just be a lot of sabre rattling.

Dave...

http://www.firstam.com/product.cfm?id=1092

Is accepted by Fannie - it's the basic bottom of the line value and all that is needed for the loan file when they go to auction.