Interior BPO? Another example why the appraisal industry is doomed.

[Terrel L. Shields]

USPAPian gods could give us the ability to perform some kind of cheap REO alternative. It's amazing that were losing that share of the appraisal pie.

I am with Pam on this one...I understand LA ...after all most are being screwed by their mentors who didn't want them anyway or else trained them in an Appraisal mill and $55 looks like big dollars....
In my state if you do an appraisal, you have to be an appraiser. And if you are an appraiser, you cannot do $55 appraisals for long before you starve to death. If you do a BPO and you are a broker or Realtor, and I find out, then you get turned into the state. In my state, BPOs for fees are illegal. They can only be used to market Realtor services....not use for valuation.
The USPAP 'gods' don't have anything to do with it. Our state LAW does. Wanna do a cheapo on this one? (Left) Or this one? (center) The last pix is the bedroom floor

Dumbing down the profession to under 100 bucks per report pretty much means there is no need for any appraiser. Just let the Realtors do it all....or use a dart board. Especially since the average appraiser won't actually develop an idea of the interior condition on a driveby anyway....nevermind USPAP requires it... Caveat away doesn 't make it right no matter how many of my peers are doing it.

 

[Mirage]

A friend is selling his home as a short sale here in Florida, the Realtor called him today to inform him that somebody is coming Sunday to do an interior BPO.
I told him BPO,s are only exterior, I guess I was wrong.
What do we need our certification for ( toilet Paper ) ?

 

[Kyle77]

I am with Pam on this one...I understand LA ...after all most are being screwed by their mentors who didn't want them anyway or else trained them in an Appraisal mill and $55 looks like big dollars....
In my state if you do an appraisal, you have to be an appraiser. And if you are an appraiser, you cannot do $55 appraisals for long before you starve to death. If you do a BPO and you are a broker or Realtor, and I find out, then you get turned into the state. In my state, BPOs for fees are illegal. They can only be used to market Realtor services....not use for valuation.
The USPAP 'gods' don't have anything to do with it. Our state LAW does. Wanna do a cheapo on this one? (Left) Or this one? (center) The last pix is the bedroom floor

Dumbing down the profession to under 100 bucks per report pretty much means there is no need for any appraiser. Just let the Realtors do it all....or use a dart board. Especially since the average appraiser won't actually develop an idea of the interior condition on a driveby anyway....nevermind USPAP requires it... Caveat away doesn 't make it right no matter how many of my peers are doing it.

I wouldn't do a 55 dollar appraisal in a million years. I would stand on the corner and sell pencils first. But if they can in some states, why can't we? SURELY if they can then we should be able too eh? What a joke.

 

[Karl]

Go to your RE Agents & look at the difference of a BPO & an Appraisal. Here there a $100 as of last week!! subject to change. A Re Agent can do 5 BPO's while doing a day of "Floor Duty"

 

[Kyle77]

Go to your RE Agents & look at the difference of a BPO & an Appraisal. Here there a $100 as of last week!! subject to change. A Re Agent can do 5 BPO's while doing a day of "Floor Duty"

Wow,...unbelievable. I have seen a BPO and it's pure junk. I can't believe there are paying this much for this crap. Just another 150-200 to get a a professional that specializes in valuation so every can rest easy at night and they opt for this junk. Why not just flip a coin.

 

[Doug DeMars]

I wouldn't worry too much about BPOs. How long do you think RE agents will continue to do these crappy reports? Most didn't get into real estate to make $7 an hour for a meaningless end-product. Some lenders take longer than others to learn...but they're starting to get burned left and right now. The same RE agents hoping to get more REO listings after churning out crappy BPOs are getting caught handing undervalued properties to their buddies.

 

[Steve Metz]

The whole RE industry is screwed up from top to bottom. This whole thing is like watching a slow motion train wreck. I am so glad I left this business.

 

[Deadbusiness]

I wouldn't worry too much about BPOs. How long do you think RE agents will continue to do these crappy reports? Most didn't get into real estate to make $7 an hour for a meaningless end-product. Some lenders take longer than others to learn...but they're starting to get burned left and right now. The same RE agents hoping to get more REO listings after churning out crappy BPOs are getting caught handing undervalued properties to their buddies.

Next stop-Since BPOs at $40 a pop by the lending industry have been deemed too expensive, there is a comprehensive plan to change the product to MPOs (mailman priced opinions). The mailmen are going by these properties anyway. Why not snap a few pictures while making deliveries and feed it into the AVM machine for the final value. It's a win-win. The MPO fees can supplement the Post Office budget shortfalls and the AVMs can deliver a final value which is comparable to our current BPOs. Since the mailmen are gubment employees, any misakes or errors can be passed to the taxpayer. Whose coming with me on this?

 

[ewwalter]

Here in Florida real estate agents are posting classified adds looking for people with a camera to take BPO photos (both inside and out) for $8.00 to $10.00 per BPO so they can crank out even more per day. I have given up on lender based appraisal work and am struggling to re-build my business without it; however, I will and that's fine since I want no part of the financial tidal wave that will roll in because of this mess. I do plan to be around though to help clean-up.

 

[KEN SMITH]

How many billions of taxpayer dollars did BOA get?