BPO values
Is anyone having issues with BPO Real Estate Agents who actually are REO agents going out to your short sale listing? I have issues with a couple here who are married but have different last names. Wife is REO agent. Husband gives an elevated value that is well above even market value at times so the bank will reject the short sale and escalate to foreclosure. I had one they valued at $410,000 when nothing had sold for more than $360,000. Plus the house was in need of $62,000 in repairs. Still negotiating that one with BOA since Novemebr 2009. I have uploaded to Equator at least 22 times now with the same offer we have had since November 13, 2009. Ridiculous at this point. I feel like I am minus minus minus minus minimum wage at this point with all of the hours that I have spent on this one!!!!
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Our biggest problem with BPO is new agents that don't know the market. Yours is an ethical issue and should be brought to the attention of your board of realtors and the agents broker. They can be held liable for inaccurate or fraudulent information. One way to get around it is to NOT let them in the house for the BPO, make it difficult for them and make the bank order a new BPO from a non REO agent. Document everything. Please be sure that you know that they are doing this before making any accusations to be safe. How do you know that the BPO came back at $410,000? Keep in mind that BofA does not always use the BPO value, they also look at the size of the loss and the difference between selling short sale and selling REO. Also keep in mind that repairs are not relevant if it is a drive by BPO, the agent does not know of the repair needs normally unless they go inside.
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Permalink Reply by DeLana Billingsley on
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I have actually encountered that same situation and I explained the situation to the negotiator and requested a new BPO. One was a Freddie Mac file and actually had a form that I filled out to dispute it. Send in your own comps to the negotiator and explain. Hopefully, the negotiator you have is reasonable enough to listen. Good luck!!
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Permalink Reply by Smitty on
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I've had this happen twice. In one instance the bpo agent literally said, "If I were to list this property I could sell it for $180,000" to the lender - MIND YOU this is also an REO agent, and of course the real value was around $120,000.
You have to fight the BPO price. Get an appraisal or a CMA with a third party agent.
It's very scary. I think there should be a rule if you are a bpo agent you can't be a REO agent
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Lets not throw all REO agents under the bus, I believe that it is a small minority that can make a BIG mess. It certainly is an ethical issue for sure.
Always, Always, Always contest the BPO if you believe it is wrong, did I say always? Provide your comps. Another trick that I have found to get around the "I can not give you the BPO Value" excuse, ask them for the comps that were used in the BPO and 99% of the time they will tell you at least the properties used.
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