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eAppraiseIT Acquires Source One

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Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
This is infuriating. Why the hell have licensed appraisers if lenders can just hire some clown to do a BPO (Bullsh*t Price Opinion)? I really like the part about VeriCert....I guess they will take this over what a licensed appraiser who has actually inspected the property says about it. Things got really crazy just before the stock market crashed. Just like they are now with real estate.
 

Eric Boggs

Sophomore Member
Joined
Feb 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Boy, if this doesn't just add to the list of evidence pointing to the fact that we, as an industry, are doomed. BPO's aren't even legal as a lending tool but the Appraisal Boards allow them to survive and prosper. I for one am not going to be the last rat off this sinking ship. That's my $.05 worth.
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Eric,

Get your rear end to Raleigh and speak up and out. As long as the NCAB hears no complaints and no comment, they will do nothing. The NCAB should be making this an issue but due to politics (again) they will not do the right thing. Here again, I have never heard anyone speak on this issue at the open forums.

The NCAB needs to work out something with the NC Banking Commission and The NC Real Estate Commission to go in check files for these BPO's. If the request to the broker does not specificly say it is for LISTING purposes there should be action taken.

It is not against any law for a lender to use a BPO for lending purposes. It is against the law for a broker to prepare a BPO with the knowledge and intended purpose of being used in a lending transaction.

BPO's should be reqiured to have a stated PURPOSE and INTENDED USE & USER.... to make it clear what it is for.

MY .10 cents worth, ( inflation you know)
 
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