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BPOs in michigan

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Imp8012

Thread Starter
Freshman Member
Joined
Aug 13, 2007
Professional Status
Licensed Appraiser
State
Michigan
Hi guys, Just checking to see if anyone in Michigan has seen any work from the slew of foreclosures. It appears to me all these bank owned are being done by brokers as BPO's. Anyone actually getting some bussiness for actual appraisals?
 

Mary Tiernan

Senior Member
Joined
Dec 16, 2003
Professional Status
Retired Appraiser
State
Michigan
Surprisingly, I am getting some sales.

Have done a few preforeclosures.

When I do get a foreclosure, I notice that my opinion of value is often the listing price, and the property most of the time sells within 5% of my value - if it was listed a little higher, might actually get the value I provide, but most purchasers offer below asking price.

However, when a realtor tells me what they found on the BPO, and my appraised value is higher, it is interesting that the property usually sells for the realtor's dollar amount within 60 days. What do they tell the lender, that there is no way the property will sell for that, and they should take their back pocket buyer's offer as it is the only one they will get????

I wonder how the system works sometimes, and I don't think it is fair.
 

Kali the Boston Terrier

Senior Member
Joined
Jul 7, 2003
Professional Status
Certified General Appraiser
State
Michigan
Yeah I see about 15-20 a week in foreclosures. But then again we specialize in them and have for about 7 years.

BPOs tend to be lighter on value because realtors are not afraid to adjust them downward for economic conditions. People offer what they are willing to pay, im my expereince they rarely have anything to do with list price. Many are based on anticipated repairs and/or future market conditions
 
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