the new appraisal

[starmansf]

Since nobody wants to hire appraisers to value property, why don't appraisers just hire a bunch of unemployed real estate agents /brokers and teach 'em how to do appraisals /BPO's? BPO's are basically appraisals for idiots, and we are talking about real estate agents & brokers, right?

 

[starmansf]

all these 4 am phone calls about BPO's are like wannabee appraiser's asking for appraiser trainee positions anyway. What am we miss' in? (quote from broker trainee).

 

[Michigan CG]

Since nobody wants to hire appraisers to value property, why don't appraisers just hire a bunch of unemployed real estate agents /brokers and teach 'em how to do appraisals /BPO's? BPO's are basically appraisals for idiots, and we are talking about real estate agents & brokers, right?

They are doing it in Michigan. Realtor's doing 10-20 BPO's a week, at $50 each, and they are detailed, and mostly illegal....but who is keeping track of that?

 

[athome77]

There is no need to hire unemployed Realtors. There are many production shop "appraisers" using other "appraisers" to complete their "appraisals" for tiny fee splits in exchange for experience hours. Many of those shops now use their "appraisers" to complete BPOs.

Do a Google search for BPO, then appraisal. You can't swing a dead cat without finding an appraisal company willing to do a $30 BPO.

 

[Terrel L. Shields]

why don't appraisers just hire a bunch of unemployed real estate agents /brokers and teach 'em how to do appraisals /BPO's? BPO's are basically appraisals for idiots, and we are talking about real estate agents & brokers, right?

you are so mean and merciless....

 

[panappr]

Since nobody wants to hire appraisers to value property, why don't appraisers just hire a bunch of unemployed real estate agents /brokers and teach 'em how to do appraisals /BPO's? BPO's are basically appraisals for idiots, and we are talking about real estate agents & brokers, right?

There are plenty of threads on this issue, it's a losing battle and the AMCs know it. For $65.00 a lender can get 3 comps and 3 listings, the AMCs fee these products out for $38.00, it takes about 3 hours not including drive time or expenses to complete one of these, maybe more. Some are pretty comprehensive and actually require 3 separate values. Your're right!! If you can find a way to cut into that $38.00 fee, you are dealing with complete idiots.