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

[Meandering]

First American
Fannie Mae BPO3S3L (Exterior)
First American’s Fannie Mae BPO is a fully compliant Fannie Mae BPO. Fannie Mae BPOs include detailed neighborhood information, comparable sales, and listings plus itemized ($) value adjustments.
http://www.firstam.com/product.cfm?id=1092

Freddie Mac 1092 (Interior)
First American's Freddie Mac 1092 BPO is a fully compliant Freddie Mac 1092 that includes detailed neighborhood information, detailed repair estimates, comparable sales, and listings with value adjustments. At least five interior photos are included.
http://www.firstam.com/product.cfm?id=2442

Broker Price Opinions (BPO)
Our solutions integrate with First American Residential Value View's exterior and interior BPOs through a convenient XML connection. We offer a variety of comparables and photo combinations. You'll see recent sales, competitive listings or both, with each shown as equal, superior, or inferior to the subject property on nine points of comparison.

BPO1S (Exterior)
First American’s BPO1S (Exterior) is a faster, less expensive option than an appraisal and is used for HELOC, portfolio analysis and early default management.

BPO3S (Exterior)
A faster, less expensive option than an appraisal, BPO3S (Exterior) is used for HELOC, portfolio analysis and early default management.

BPO3S3L (Exterior)
BPO3S3L (Exterior) is a faster, less expensive option than an appraisal and is used for HELOC, portfolio analysis and early default management.

BPO3S3L (Interior)
A faster, less expensive option than an appraisal, BPO3S3L (Interior) is used for portfolio analysis, servicing, default management and REO.

Fannie Mae BPO3S3L (Exterior)
Fannie Mae BPO is a faster, less expensive option than an appraisal and is used for servicing, default detection and REO.

Freddie Mac 1092 (Exterior)
Freddie Mac 1092 (Exterior) is a faster, less expensive option than an appraisal and used for servicing and default management.

Freddie Mac 1092 (Interior)
Freddie Mac 1092 (Interior) is a faster, less expensive option than an appraisal and is used for servicing, default processing and REO.
http://www.firstam.com/list.cfm?id=5274

 

[ewwalter]

Go Fish, what's it all about Alfee? My BPO says your BPO is MIA and SOL.

 

[Cob]

What's going to happen when some of these loans approved with BPO's default???

 

[DMZwerg]

today I received a phone call from my attorney letting me know that BofA is now requesting an interior BPO. INTERIOR BPO???

Meet the APPRAISER at the door and ask to see a copy of his APPRAISER license and proof of identity, then look him up online & turn him in to the state, possibly while he is there?

 

[Meandering]

Notice there is no State specific for these BPOs, cause they are nationwide.

This needs to beg the question, why is Fannie and Freddie allowed to use BPOs for valuation?

Regulation needs to start at the FEDERAL LEVEL.

This is where your DUES monies (ALL ORGANIZATIONS INCLUDED) could be put to work.

It really is time for this industry to scream, LOUDLY!

 

[Terrel L. Shields]

So the bank sets the value of an REO using a BPO...the Realtor's brother in laws ought to enjoy that... I bet their REOs sell very quickly and gosh almost got what the BPO said it was worth.

That would explain some of the sales I've seen lately. Like the Condo that had an offer for $45,000 but they took $39,900 instead.

 

[panappr]

So the bank sets the value of an REO using a BPO...the Realtor's brother in laws ought to enjoy that... I bet their REOs sell very quickly and gosh almost got what the BPO said it was worth.

That would explain some of the sales I've seen lately. Like the Condo that had an offer for $45,000 but they took $39,900 instead.

Marketing time generally paints the picture over here BPO= $40,000 / SP= $48,000 / DOM= 0 Sold before processing with 6 back-up offers.

 

[valuequestor]

Getting Ill

Unbelieveable stuff. Why is it always Florida with the most aggregious situations. Interior BPO #$@&. I went to the First American / CoreLogic site just to look at the ad for this crap. If something is not done about this I will truly feel I completely wasted my vote. My ex back in Virginia pretty much hung up her appraisal license, became a realtor and cranks out BPOs now. What is California's stance regarding the BPO?

 

[Peacemaker]

What is California's stance regarding the BPO?

It doesn't matter what a state's "stance" is if the laws aren't enforced.

In AZ it's illegal for an agent to do a BPO except for the purposes of obtaining a listing. To my knowledge, this law is not enforced (along with many others...). I have a friend who is a foreclosure attorney. He says they order BPOs instead of appraisals because if you pay $350 for an appraisal you have no idea if it's any good. But if you get 5 BPOs you can figure that the value is 'in there somewhere' as he said. And they've saved $$$ for their client.

He acknowledges that this is illegal for the agents to do. But he says it's not illegal for him to request them. FWIW his clients are the big national bank type.

I'm personally glad to be leaving this business when my current license expires. Maybe I was just lucky but I didn't have any trouble finding a job that comes with better pay and more respect.

 

[Tsingao]

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.

I met with the guy that showed up at my property to do the interior BPO earlier today. I asked him if he was a realtor and he said "No, I just work as an assistant taking photos for the BPOs and the realtor works at the office typing the reports." He finished his "inspection" in about 3 minutes... He took photos of the exterior, took photos of the street, took 5-6 photos of the interior and left. He said that he was in a hurry because he still had to go "inspect" 5 other properties for 5 other interior BPOs.

What's going to happen when some of these loans approved with BPO's default???

Absolutely nothing because realtors are not certified and they have no liability.