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BPO's

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P.Johnson

Thread Starter
Sophomore Member
Joined
Feb 4, 2002
Our State Board of Realtors (I call them real estate salesmen, not realtors or real estate agents just to give them the needle) just mailed out an opinion that it was okay for them to do BPO's for a fee if in 'the normal course of business'. All these AMC's and huge mortgage companies are now advertising BPO's as one of their appraisal products. FNMA and FreddieMac/Homesteps are ordering BPO's on foreclosures. Some mortgage companies are using BPO's for PMI removal. Wasn't the whole purpose of appraisal licensing, FIRREA, and the whole S & L bailout to get these stumbling, bumbling idiots out of the appraisal profession?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
They don't need no stinkin licensed appraisers. The corner shoe shine boy's opinion is good enough!

Back to the 20's when whatever you could get on a contract was good enough ...... replay the 30's????
 

Francois K. Gregoire

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
P.Johnson,

Curious as to what state you're talking about. Care to tell us a little bit more?
 
Joined
Jan 16, 2002
Same here in NY since day one, NY immediately placed same loop hole in our licensing law. NAR felt they were missing out on a piece of the action and couldn't get law passed without it. Makes you wonder why bother having a license. HOW WOULD NAR LIKE IT IF APPRAISERS COULD SELL HOUSES WITHOUT A LICENSE - think about how absurd this really is !
At this point my attitude is let them inflict serious damage on the entire lending industry THEY AND THE LENDERS DERSERVE IT. When their precious housing market collapses around their ears I hope they all go out of business.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I am not a betting man but I would be willing to bet you dollars against doughnuts that you don't have a State Board of Realtors in your state. How can I say that?

Realtor is a professional designation of the National Association of Realtors and only members can claim the use of the term Realtor. The term is copywritten.

Your state board would be for brokers/salespersons.

I am a Realtor, have been for 27 years and am darn proud of it. There are a lot of us appraisers who are Realtors.

Since Realtor is a proper name, it is capitalized when written.

If you are going to raze brokers, please do it right. When you don't, in a round about way, you insult those of us who are non-broker Realtors.

Thank you.
 

Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
P.Johnson,

In OR, BPO's may be performed by a Realtor in the pursuit of a listing only. I'm aware that they are being requested by lenders for pricing of foreclosed homes where they often request BPOs from several brokers - obviously the lender usually fails to inform each broker of the situation.

They may not be performed for other uses and may place the broker into a situation where he may be charged with unlicensed appraisal activity if he completes them for any other purpose.

Oregon is a manditory state - what state are you talking about?

Oregon Doug
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Richard,

Have you found that being a Realtor has helped your appraisal business - or is it another way to spend money on dues? What advantages have you received by being a Realtor. I do not object to going through the application procedures, and even the money it costs...but is there a return?
Thanks for relaying your expertise about this.
 

Susan Priore

Freshman Member
Joined
Apr 11, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
The State Board of Realtors and Real Estate Appraisers are two separate entities.

Realtors shoot out BPO's/CMA's to people all of the time. How do you think they get listings?

As an appraiser, why would you be concerned about Realtors getting compensated to supply a BPO/CMA?

They are not trained as appraisers; nor should they acclaim to be real estate appraisal/valuation experts.

In my opinion, and I almost CRINGE when saying this, but I would "most likely" rely on a BPO/CMA over an AVM! If I had to choose one or the other, of course!
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I would "most likely" rely on a BPO/CMA over an AVM! If I had to choose one or the other, of course!
I agree there, but it is illegal for brokers/agents to receive compensation for doing BPO's for the purpose of obtaining financing in a Fed. related transaction. In some states, it is illegal for broker/agents to do BPO's for anyone not offering a listing. The problem is that many are doing it illegally, or atleast going so far to the edge as quoting a "market value", not a "recommended listing price". Seen it before. As a broker/appraiser, I have gotten calls in the past from AMC's looking for cheap BPO's for $50 each. Not for listings, but "evaluations" on high LTV loans. They didn't like it when I quoted a full fee for an appraisal. :wink: 8O
 

Ray Ohler

Sophomore Member
Joined
Jan 15, 2002
I also happen to have a broker's license but do not actively sell or list. I am a member of the National Association of Realtors (I can't figure out how to do that little circled r). There are also State Associations and well as Local Associations (some of which call themselves "Boards"). Whatever, it really doesn't matter what they call themselves. Here, if you have a broker's or salesperson's real estate license, you have to belong to the local "board" of Realtors to be able to access the MLS (obviously, there are people who would take advantage). When you join the local "board" you get membership in the State and National Associations. As far as BPO's, here in PA (at last check), a licensed person (licensed by the State as a real estate salesperson/broker not necessarily a Realtor) could perform a BPO only in anticipation of getting a listing (normal course of business). Be it a foreclosure or estate or whatever. Some people in this world will twist ANYTHING (it's called ethics) whether it be a salesperson, broker, lender, banker, lawyer, indian chief ....well, you get the idea. With the almost total "gutting" of Title XI, anything is possible. I've seen values (not really values) stretched so far it would make one ill. Thought pattern is by the people stretching these values is that normal "appreciation" will make their infraction invisible. If it goes, like I said in one of the local papers, it'll make the S&L mess look like a picnic. I relinquish my "soapbox".
 
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