BPO's coming in hot and heavy.

[xmtpedprl]

That 'product' actually has ADJUSTMENTS! Tell me, then, how is *not* an appraisal again...?

Dave...

 

[Diego Lopez]

That 'product' actually has ADJUSTMENTS! Tell me, then, how is *not* an appraisal again...?

Dave...

Because it is not done by an appraiser.

I have seen a couple of BPO's and they are pretty detailed, I dont understand how they can do it for $50 to $125. It's like doing a 2055 for $75. Realtors I've talked say they do 10 to 15 a day, I can only assume that they are cutting alot of corners.

 

[Elliott]

I'm shocked at the volume. I guess they must not involve a federally
related mortgage and the banks or lenders have the regulators
being okay with them. All the state boards must be on board with BPOs,
kind of the way FTC lets phony drug cures advertise to a gullible
public because they have those little disclosure statements. I guess I just
don't get it.

 

[xmtpedprl]

For those of you yet uninitiated, here's what they expect for a whopping $65.00 (name and other stuff removed), just got this one a few minutes ago:


PHOTOS
Subject PropertyPhotos Required: YES
Photo (Street), Photo (Addr Verification), Photo (Interior), Photo (Front)

SPECIAL INSTRUCTIONS
If you are unable to gain access to complete the interior report, please contact your coordinator before proceeding. PROPERTIES REQUIRING KEY CUTS: Cost for having keys cut for the property should be $5.00-$7.00 on average. Please contact your coordinator if the key cut should exceed this cost. You may be required to send us a copy of the receipt in these cases. Photos All photos provided must be clear and without any obstructing objects (i.e. car doors, windshields, people, etc.). Photos of poor quality will not be accepted. Interior Photos Upon interior inspection, photos of all rooms and any items of deferred maintenance/damages are required. Comparable Sales Please use comparable sales that have sold within the last 3 months and are located within 1 mile of the subject property. Comparables should be from the same neighborhood, block or subdivision whenever possible. If comparable sales within these guidelines are unavailable DETAILED and EXTENSIVE commentary is REQUIRED. REO/Foreclosure Comparables The use of REO or Foreclosure comparables are NOT permitted unless the subject property is located in an REO or Foreclosure driven market. REO/Foreclosure Driven Market If subject property is located in an REO/Foreclosure driven market, EXTENSIVE commentary is REQUIRED. Increasing/Decreasing Market Values. Please provide detailed commentary when the subjects area values are either increasing or decreasing. Data sources used to verify and determine this information as well as a percentage rate of increase/decrease per month is REQUIRED Values. All values must be supported by comparables utilized, detailed commentary is required if any comparable falls outside of this requirement. NOTE: This BPO report may be utilized for default purposes so a true depiction of current market trends and value is imperative, EXTENSIVE commentary is REQUIRED. Please add Multi List comments for each comparable used.

Due Dates
If you accept, this BPO and Photos is due in our office by: Jul 4 2008 8:19AM
Payment for successful completion of this BPO is: $65.00


Dave...

 

[JTip]

If you want to read the nitty gritty of the BPO business, check out agentsonline dot come. There are usually 50-75 ppl there at any given time on the BPO section. I have seen a couple of AF members there.
I tried to start a thread regarding the individual state laws regarding doing BPO's for a fee. Nobody wanted to play....

 

[Michigan CG]

You too can BPO...........http://www.bporealtors.com/

 

[Michigan CG]

And this one...they are everywhere....http://www.mainstreetval.com/NewAd.aspx

 

[Hamlet]

Google broker price opinion and the list goes on and on and on...

 

[xmtpedprl]

Sorry, sorry, but here's a recent one, and for those of you who understand Scottsdale, Arizona, just try to fathom the 'risk to reward ratio' of this product:



SUBJECT PROPERTY INFORMATION
BorrowerRemoved)
Property Address:12345 Some Street
SCOTTSDALE, AZ 85255 Description:

PHOTOS
Subject PropertyPhotos Required: YES
Photo (Front), Photo (Street), Photo (Addr Verification)

SPECIAL INSTRUCTIONS
Please add extensive comments regarding current market conditions and supply comparables that support the 30 day quick sale and 90 day as is values. If market is appreciating or depreciating, please provide a rate per month. Comments MUST be provided to support this determination and rating.

Due Dates
If you accept, this BPO and Photos is due in our office by: Jul 4 2008 12:04PM
Payment for successful completion of this BPO is: $45.00


Scottsdale & $45.00 = Disaster!!!

Dave...

 

[Common Sense]

IMHO you have to be a fool to do all that work for $45.00. Unless your market data is pulled outta the air oy your ***