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Broker Price Opinions? - BPO's

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You missed about 100 threads on this subject. Same stuff rehashed over and over by the same people.
 
I believe Vegan I were in agreement on 1 of those other 100 threads. He was in error on the other 99. :)
 
Richard Ferebee said:
I believe Vegan I were in agreement on 1 of those other 100 threads. He was in error on the other 99. :)
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I didn't know we were in disagreement about anything Richard? I agree with you that appraisers doing illegal comp checks are the scum of the appraisal field. :D You don't put the people who are doing legal desktop appraisals in that same place do you? Or those who just printout client requested data without filtering do you?
 
Richard Ferebee said:
I believe Vegan I were in agreement on 1 of those other 100 threads. He was in error on the other 99. :)
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:rof: :rof: :rof:

Another question that I have after reading that thread, yes I probably should wait till I read all USPAP and finish classes but wondering, if an appraiser taped a conversation on the phone with a LO/MB and the LO/MB did say a number, is there somewhere to turn them in and report them? I got the feeling that there isn't with what was being said in that thread. Or maybe just state specific?
 
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RE;Way I wrote it,[1st ]REALTORS free estimate[2] then paid appraisal

JJohnson1985 said:
/Richard FerebeeUt oh, didn't mean to start a war :Eyecrazy: So Richard I think I see what you are saying, the appraisers who do things for free open pandora's box and set the precedant and the expectation in the eyes of those who use appraisal services that those things should be done for free, Mr. Stroupe for example. This in turn hurts others because the way appraisers earn their money is by those services. Am I correct?
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No warfare intended here,especially since i didnt write, or imply an appraisal should be done for free.Nor has any bank i dealt with last 20+ years allowed a BPO to substitute for a required paid appraisal.

It seems pretty clear to me, but since mr Johnson/mr Ferebee misunderstood it.Clarification follows.

To further clarify i may see 4 properties i like , so get Realtors free opinion on all four; then pay for 1 appraisal on best 1,,since i have to pay for appraisal [thru bank] on 1 property whether bank loan gets approved or not.

So i wasnt suggesting substituting a free REALTORS price opinion for a Bank ordered paid appraisal;
but using REALTORS as a initial screen first .
 
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JJohnson1985 said:
Ok thank you. One poster in that thread said something to the effect that appraisers risk their license on every appraisal if they make a mistake and LO/MB don't risk anything. Thank you for clearing that up for me.
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Partially true. In some states the LO's also are licensed so if they get caught committing fraud they will lose their license just like the appraiser. NV has a very aggressive Mortgage Lending Division and they will investigate the smallest complaint to the fullest. You can access their website at http://mld.nv.gov/index.htm and see they hand out fines and revocations all the time.
 
It is good to know that appraisers have some teeth too. Although I can see some not wanting to turn in bad LO/MB due to getting a bad rep, but at the same time if getting those type of people out of the industry could only help. I have to do more reseach in finding out what you need exactly for a claim. When I get my license I might just record every conversation to protect myself and not feel like LO/MB can put me in a corner. Thanks
 
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