BPO's coming in hot and heavy.

[Ray Miller]

It is starting to hit the REO Preservation work as well. I got a re-key yesterday 2 hour round trip rural drive time and the re-key, you supply locks $45.

Inspection of property to see if vacant -- 2.5 hour rural drive time round trip $15.

One acre grass mow, 75 miles round trip. $50.00

Sign Placement rural property, 3 hours round trip drive time. $15

I glad people can work for these cheap wages. Be glad when all their cars and trucks are broke down and the CC are maxed out.

My next question, who really cares, the Management compines don't. Heck they get $200 and up for sign placement.

The banks don't care they just want a value on the BPO's.

 

[Ken Youngkrantz]

Dave & Others BPO's at $45 a pop. 10 BPO's per day = $450 per day less assistant(to do BPO's) at $15 per hour for 10 hours =$150. You make $300 per day and never leave your house. Sounds like good money to me.

This is how it is done.

The person in Bakersfield who has the second most REO listings in Bakersfield lives two hours away and comes to Bakersfield one day per week.

Low priced appraisals..........Everyone on here is yelling about people accepting 1004 form appraisals for $175 or $200. You say you can't make any money that way. HA!

Three trainee's at two appraisals per day per trainee. this is 6 appraisals per day. Pay the trainee $100 per appraisal. you make $75 to $100 per appraisal times 6 appraisals. That is $450 to $600 per day and you never leave you computer. Trainee makes $200 per day, a lot better than flippin burgers. I have talked to a couple of these trainees and they think they are in "hog heaven".

You can not count on both hands the number of shops in Los Angeles doing this. I'm sure it is happening in other areas also. An appraisal firm out of the bay area wanted me to do this with unlicensed person, had their classes, to do the inspections.

Unfortunately there are too many people in this business who are only trying to make a quick buck.

 

[c w d]

Three trainee's at two appraisals per day per trainee. this is 6 appraisals per day. Pay the trainee $100 per appraisal. you make $75 to $100 per appraisal times 6 appraisals. That is $450 to $600 per day and you never leave you computer. Trainee makes $200 per day, a lot better than flippin burgers. I have talked to a couple of these trainees and they think they are in "hog heaven".

Perfectly logical, Ken. Your statistics don't exactly reflect reality, however. I haven't received 6 appraisal orders in a day since 2006. Hell, I haven't received 6 appraisals in a week since 2007. Ken, how do you get 6 appraisals a day, everyday, in this market? I know appraisers happy to do $200 appraisals through AMC's. They're maybe getting 2 a day on a good day.

Say what you want. Our industry already has BPO priced equivalent products. The market doesn't want to use them. Why? There's more going on than the economics of price. The appraisal industry is being circumvented. The only reason I can think of is the market doesn't want to deal with us because we're bound by USPAP while realtors and brokers are not. Apparently, what our client base wants we can't give them because of USPAP. *shrugs* I'm just guessing here. You can say it's because the appraisal industry is corrupt or not adequately educated or all of the skippies. And the mortgage and realtor sectors don't suffer the same uneducated, unethical, skippies as we do? Nah. There's another reason that I can't quite put my finger on it. And I think it has something to do with the requirements within USPAP.

 

[Lawrence R.]

One thing I am sure of.

Is that Realtards have enjoyed a liability free existence for a long time.

I don't think THEY think what they are doing comes with any liability at all.

When the fit hits the shan, I think all it will take is one realtor in your state to get zonked on one of these before the rats all jump ship.

It won't take too long, either, based on the kind of work, turn time and fee they are doing this work for.

Here's hoping anyway

 

[JTip]

Is that Realtards have enjoyed a liability free existence for a long time.

I don't think THEY think what they are doing comes with any liability at all.

When the fit hits the shan, I think all it will take is one realtor in your state to get zonked on one of these before the rats all jump ship.

It won't take too long, either, based on the kind of work, turn time and fee they are doing this work for.

Here's hoping anyway

I totally agree with the liability theory. Here in PA where it is illegal, I doubt E&O will pick up any claim for paid BPO's, and I know of several agents that do MANY of them. Even had one stop by the office for commercial comps. Bet that was a fun assignment.

 

[Ray Miller]

Is that Realtards have enjoyed a liability free existence for a long time.

I don't think THEY think what they are doing comes with any liability at all.

When the fit hits the shan, I think all it will take is one realtor in your state to get zonked on one of these before the rats all jump ship.

It won't take too long, either, based on the kind of work, turn time and fee they are doing this work for.

Here's hoping anyway

Who really cares?

Who is going to be the first to pull the plug on them and make them accountable?

=========

As far the earning $200 a day, that is gross. Who covers the cost to be above buger wages?

 

[xmtpedprl]

No one can do 10 BPOs in one day, nor can any 2 people do 10 BPOs in one day. There aren't enough hours, unless all 10 are your neighbors, and all reports are clones of one another.

On a good day, maybe, one person could do 3 to 4.

Dave...

 

[xmtpedprl]

The LEAST amount of fun you can have for $45.00

This one was (literally) in my backyard, but I wouldn't touch it even if it were made legally permissable for me to do so:



SUBJECT PROPERTY INFORMATION
Borrower:Joe Blow, Property Address:12345 Any Street
ALGONQUIN, IL 60102 Description:

PHOTOS
Subject PropertyPhotos Required: YES
Photo (Front), Photo (Street), Photo (Addr Verification), Photo (List 1), Photo (List 2), Photo (List 3), Photo (Sale 1), Photo (Sale 2), Photo (Sale 3)

SPECIAL INSTRUCTIONS
1) Comparables. All comparables utilized must be located within 1 mile of the subject property and have sold within the last 3 months. 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. 2) Comments, EXTENSIVE commentary is required for the subject property, subject neighborhood and comparables utilized. Please comment on subject condition, location and marketability. Comments regarding current market conditions (increasing/decreasing/stable) are also REQUIRED. Please provide EXTENSIVE comments regarding the similarities and differences of each comparable utilized. Please note: N/A or unknown for any comment field is unacceptable and report will NOT be accepted by the client. 3) Photos, All photos must be clear and free of obstructing objects (ie, people, car doors, car mirrors, etc.). Please provide a full frontal view of the subject property. If full frontal view is unable to be obtained due to obstructing objects (ie, narrow street, trees, fences, etc.) a complete property description and detailed commentary regarding limited view is REQUIRED. Please note, Thumbnail sized photos will NOT be accepted. 4) Values, All values must be supported by recent and proximate sales listings utilized within the BPO report. DETAILED and EXTENSIVE commentary is required if any of the comparables provided fall outside of this requirement. 5) Please note, A true depiction of current market value and trends is IMPERATIVE. Extensive commentary is REQUIRED on every report completed for LandAmerica. 6) Lot Size, Please provide the lot size for the subject and all comparables in acreage not square feet measurements. 7) Range of Values, The range of values for the neighborhood should reflect the value range of homes that are similar in style, condition and size to the subject property. 8) Values (Probable As Is vs. 30 Day Quick Sale) Please be sure that the 30 Day Quick Sale Value reflects true market conditions and is based on recent and proximate sales. If the 30 Day Quick Sale Value is less than a 6% variance for the Probable As Is Value, EXTENSIVE comments are REQUIRED. 9) Listed for Sale, If subject property is found to be listed for sale and you are able to gain interior access, please notify your coordinator immediately so this order can be upgraded to an interior report. 10) Photos, INTERIOR INSPECTION ONLY, Photos of all rooms and any items of deferred maintenance or damage are REQUIRED. 11) Comparable Photos, Please provide comparable sale and listing photos. Photos may be taken from the local MLS system, however if unavailable ORIGINALS MUST BE PROVIDED. Client also will not accept thumbnail sized photos, if standard sized photos are not available via MLS ORIGINALS MUST BE PROVIDED. 12) List Price, Please add extensive comments if the subjects As Is value is greater than the current list price. 13) DOM. If the subject property is currently listed for sale, please utilize comparables that have similar DOM as the subject property.

Due Dates
If you accept, this BPO and Photos is due in our office by: Jul 5 2008 11:07AM
Payment for successful completion of this BPO is: $45.00


Aren't you amazed that *anyone* would consider that kind of assignment...?

Dave...

P.S. - This home is either riverfront, or across the street from the Fox River, I can't recall, in an extremely diverse market of home styles and ages, making this job *very* difficult even for a trained appraiser, let alone some numchuck doing it as a BPO. No proper value could possibly be rendered for this home, it's just not happening...

 

[Elliott]

Dave said, Aren't you amazed that *anyone* would consider that kind of assignment...?

No one has ever said realtors were the sharpest knives in the draw.

 

[DTB]

P.S. - This home is either riverfront, or across the street from the Fox River, I can't recall, in an extremely diverse market of home styles and ages, making this job *very* difficult even for a trained appraiser, let alone some numchuck doing it as a BPO. No proper value could possibly be rendered for this home, it's just not happening...

I looked at an REO for myself some time back, it was on 31 North of 62 along the Fox River. Very difficult time getting a solid value in my mind and eventually passed, too uncertain to pull the trigger.

For background, I go way back in that area, we had a summer home on Hilltop in LITH in the 60's!