BPO's ?

[mwbode]

I know this has been throughly discussed on the boards. I was taken back today by this and need to share. My wife owns a mortgage shop. Times are slow and the processor decides to become a Realtor. She just passed the test about a month ago and I get a phone call today asking advice on how to do a BPO as she has an assignment with no closed sales over the past 12 months.
:new_all_coholic:

 

[Mike Boyd]

She has to have a broker and he/she is the one to ask. Tell her you do not know as any self respecting appraiser will not touch one.

 

[Elliott]

"I get a phone call today asking advice on how to do a BPO as she has an assignment with no closed sales over the past 12 months"

She needs to hit the "CMA" button on MLS and enter broader parameters.

I had a call today, wanted a condo appraisal, 'doesn't have to be detailed', but it
will go to the IRS. I quoted my fee and said, "a realtor would probably do it for
free." He says, "Yeah, but the IRS won't accept it."

 

[Walter Kirk]

Is Florida a manditory license state?

 

[Pamela Crowley (Florida)]

No, Florida is not a manditory license state. Specifically, licensed real estate agents can do 'appraisals' here.

Horse puckies.

 

[Michael Tipton]

No, Florida is not a manditory license state. Specifically, licensed real estate agents can do 'appraisals' here.

Horse puckies.

Now Ms Pam, you know REALTORS in Florida cannot call their value estimates appraisals. That is spelled out in Florida law. :Eyecrazy::Emoticon_hug:

 

[Diego Lopez]

Now Ms Pam, you know REALTORS in Florida cannot call their value estimates appraisals. That is spelled out in Florida law. :Eyecrazy::Emoticon_hug:

Actually they can, so long as they adhere to USPAP. They cannot however do an appraisal for a FRT.

 

[Pamela Crowley (Florida)]

Federally, licensed appraisers should be the ONLY ones that can be paid for a value opinion, period. Make it so the real estate agents and/or brokers can do all the BPOs they want to, but can NEVER be paid for them.

 

[Rufus]

Federally, licensed appraisers should be the ONLY ones that can be paid for a value opinion, period. Make it so the real estate agents and/or brokers can do all the BPOs they want to, but can NEVER be paid for them.

Yes, very good point. Let them do them in order to facilitate getting a listing, but not to give a value as if it were an appraisal.