Valligent

[Mike Kennedy]

I don't think in these cases the fee paid is the issue. There are some appraisers that charge the highest fees out there and get it and I can tell you the product they return is some of the most horrible reports I have ever seen. While others charge and are paid a significantly lower fee and return some of the best reports there are. Fee does not equal quality-That comes from within each appraiser.

Exactly correct - as do Professional Ethics, Competency and Conduct.

 

[Kevin Mc]

The subject of fees came up and the presenter suggested that their goal was to have reviewers make $300/day at $30 per review, which takes about one hour for experienced reviewers . That would be completing 10 reviews per day (per USPAP) and a ten-hour day........

I'm a General Certified appraiser in two states, have been an appraiser for 25 years and done many reviews in that time, so I know what it takes to do a good USPAP compliant review.

I'm at a loss for words.

 

[Vinny Disanza]

I've done some work for them. I think they have a good product but I don't think its profitable. In order to review the 120+ points of review and analyze data and type comments you have to put in a lot of time to do it right. I am told this can be done in a half hour. The best I was able to do was 2 hrs. I stopped working on their main product because it isn't worth my time- they only pay $30 for the product. Personally I dispute that anyone can be thorough in that short amount of time but I recognize that repitition will make someone faster...but not that fast. Currently I am looking into their BPO review- they pay $15 for each review. If I can do them quickly then maybe it will be profitable.

 

[J Grant]

I've done some work for them. I think they have a good product but I don't think its profitable. In order to review the 120+ points of review and analyze data and type comments you have to put in a lot of time to do it right. I am told this can be done in a half hour. The best I was able to do was 2 hrs. I stopped working on their main product because it isn't worth my time- they only pay $30 for the product. Personally I dispute that anyone can be thorough in that short amount of time but I recognize that repitition will make someone faster...but not that fast. Currently I am looking into their BPO review- they pay $15 for each review. If I can do them quickly then maybe it will be profitable.

Vinny, please don't do BPO reviews for $15! Use that time to find new clients. There are better AMC clients, you can at least find those. Appraisers in res end are stuck often with AMC work but can at least turn down the lower paid and bad working condition end of it. A number of AMC's are starting to pay better, keep trying, as well as local realtors, etc.

Even working at Starbucks part time is better than doing BPO reviews for $15. Some part time jobs offer good health care benefits, which is why people take them.

RE, trying to work quick to make $15 a pop will never work. By the time you log in, download or read the BPO , research what they did and fill out the questionaire or whatever the product is, upload it, etc, at least an hour. And you will be liable for the results.

The worst part is, appraisers reviewing BPO's allows lenders to get around regs and keep using BPO's, because the lender calls them an evaluation, or appraiser assisted or the like.

Appraisers should refuse to assist in any way, shape or form, BPO's. If appraiers refuse, lenders will be forced to order some kind of short form appraisal product to fulfill the evaluation mandate (many lenders are now prohibited from using just a BPO alone for certain assignments)

 

[Fritz in NY]

In my Realtor days a BPO was $ 50. in my pocket, hand written and no photos. Now that I've grown up NO way would I sign a document for $ 50. let alone $ 30.