How can we compete with this?

[Common Sense]

Interior BPO - This 3 page report provides a detailed value of the property with interior and exterior photos. This report is similar to an appraisal but less expensive. Our clients commonly use this for Appraisals Reviews, and 2nd Broker Price Opinions.

We have to adhere to USPAP why lenders seem to do everything in there power to get an opinion of value except pay the people who have the Licensure and qualifications to render one.

 

[ddnma]

Just maybe they compare the BPO to the appraisal and the value on the BPO is more reasonable a majority of the time... Think of it, if the appraisals were "gold"- meaning the values were accurate, there would be no need to order any secondary valuation product.

 

[Mike Kennedy]

why? Intentional Ignoran$e


and.........compete? ....... you diversify and ......don't.

 

[Hall McClenahan]

We have to adhere to USPAP why lenders seem to do everything in there power to get an opinion of value except pay the people who have the Licensure and qualifications to render one.

Here is a answer,

Often the one with the license is not qualified!

 

[The Warrior Monk]

BPOs have their uses, but the agent better make sure they are doing this service within the scope of practice of their license. A BPO is not a substitute for an appraisal; each has their own purpose.

FWIW, BPOs are environmentally unfriendly, since they waste the paper they are printed on. That paper could be used for a more practical purpose, such as toilet paper.

 

[Lee Lansford]

Interior BPO - This 3 page report provides a detailed value of the property with interior and exterior photos. This report is similar to an appraisal but less expensive. Our clients commonly use this for Appraisals Reviews, and 2nd Broker Price Opinions.

We have to adhere to USPAP why lenders seem to do everything in there power to get an opinion of value except pay the people who have the Licensure and qualifications to render one.

If I believed that I could pick-up any report of an appraisal that was completed by a licensed appraiser and rely upon it without question, I would agree that no additional opinions are necessary. But, you know what? I can't so rely!

 

[Tom Foster]

How much they charging for one of those interior BPOs.?

 

[Common Sense]

They didnt say how much they charge

 

[Walter Kirk]

We can't compete with BPO's and we shouldn't have to. When the federal laws were passed that started appraiser licensing the congress intended that ALL real estate valuations be performed by competant licensed professionals who adhered to stringent guidelines (USPAP).

In practice the lenders discovered that proper appraisals by licensed professionals cost money and took time. Since they didn't want to pay for proper appraisals or wait for them to be completed they pushed for changes in the regulations. First the deminimus level which exempted the lowest valued properties, the same ones that the people with the least money buy, from appraisals. They then invented abreviated forms, BPO's, AVM's, etc to keep costs down.

This leaves professional appraisers in an untenable position. The only answer is legislation in congress and in the states to eliminate these abuses. Does anyone want to bet on when that will happen?

 

[SANDY]

poundage is no longer needed-if the phone doesn't ring it's the lenders