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Virtual tours are very vaulable for determining differences in condition. When a comparable property has a virtual tour, it is noted in my reports that the tour was viewed. This lets the reader of report know why there is an adjustment for particular items such as kitchen/bath finishing, fireplaces, and in some cases views. However, I only put interior photo's of the subjext property in the appraisal and do not put interior photo's for the comparables. In most cases, the exterior & interior photo's of the subject property fill all the picture pages within the report. Yes, I do sometimes present MLS pictures. However, I also have a current picture in the file of the comparable. Reason why MLS picture presented due to current picture not reflecting the condition of the property at time of transaction which is stated in the appraisal.
Most of the work I am currently doing is REO work (Chicago market). Once in a while I get lucky and extract a REO comparable with a virtual tour. My problem is getting the REO realtors to return my calls making it very difficult to determine differences in deferred maintenance.
Some REO realtors have skippy mills just like some appraiser's have skippy mills. Poorly trained assistants performing the realtor's job of a BPO. I have been doing REO appraisals for a while now and know the REO realtor's which will return calls or can be contacted. I do believe the reason why some realtors contacted do not return calls is because they never inspected the properties. Some of the poorly trained assistant's are trained to seek the lowest listings within a particular market even if they are not comparable. These assistant's do not know differences in location an often present comparables located in superior or inferior markets. The "end result" is an opinion of value usually well below market value (15% or more) performed by a non-professional causing the banks to loose more money.
I do not understand why banks do not seek professional REO listing agents within a particular market area that are well informed on the market area and market conditions. I often see out of area REO listing agents performing BPO's in markets they are not familiar with. Appraiser's are trained to learn a particular market prior to completing an appraisal. I wonder if realtors have the same training?
I just had to review a BPO in Dupage County of a one-half duplex. The REO listing agent who performed the BPO was $20,000 below my quick sell price. Two of the listings presented were all located in inferior competing markets in Cook County Illinois (different tax base). Two of the three listings presented were of townhouses located well outside the market area. The remaining listing was located within the subject's development. Of the three sales presented: 1 sale was of a one story condominium unit (subject ~ 2-story) and remaining listings were of townhouses (interior locations). All sales were extracted well outside the subject's immediate area in inferior competing market segments of Cook County. The subject's development had a total of 12 sales dating back 12 months prior to inspection date. Of the 12 sales, 6 sales were of the same model. Of the 6 sales, three were recent sales (under 6 months old). Wondering who performed the BPO (realtor or assistant)?
Most of the work I am currently doing is REO work (Chicago market). Once in a while I get lucky and extract a REO comparable with a virtual tour. My problem is getting the REO realtors to return my calls making it very difficult to determine differences in deferred maintenance.
Some REO realtors have skippy mills just like some appraiser's have skippy mills. Poorly trained assistants performing the realtor's job of a BPO. I have been doing REO appraisals for a while now and know the REO realtor's which will return calls or can be contacted. I do believe the reason why some realtors contacted do not return calls is because they never inspected the properties. Some of the poorly trained assistant's are trained to seek the lowest listings within a particular market even if they are not comparable. These assistant's do not know differences in location an often present comparables located in superior or inferior markets. The "end result" is an opinion of value usually well below market value (15% or more) performed by a non-professional causing the banks to loose more money.
I do not understand why banks do not seek professional REO listing agents within a particular market area that are well informed on the market area and market conditions. I often see out of area REO listing agents performing BPO's in markets they are not familiar with. Appraiser's are trained to learn a particular market prior to completing an appraisal. I wonder if realtors have the same training?
I just had to review a BPO in Dupage County of a one-half duplex. The REO listing agent who performed the BPO was $20,000 below my quick sell price. Two of the listings presented were all located in inferior competing markets in Cook County Illinois (different tax base). Two of the three listings presented were of townhouses located well outside the market area. The remaining listing was located within the subject's development. Of the three sales presented: 1 sale was of a one story condominium unit (subject ~ 2-story) and remaining listings were of townhouses (interior locations). All sales were extracted well outside the subject's immediate area in inferior competing market segments of Cook County. The subject's development had a total of 12 sales dating back 12 months prior to inspection date. Of the 12 sales, 6 sales were of the same model. Of the 6 sales, three were recent sales (under 6 months old). Wondering who performed the BPO (realtor or assistant)?