Innacurate BPOs, Why?

I may have just figured out why there are so many inaccurate BPOS. Check out this email that I just got from someone who will do my BPOs for me for $18.00 each. Names and numbers omitted on purpose

This is XXX, writing to you from XXXXXXXm Inc, seeking possible
partnership with your firm for researching and completing BPOs on your behalf
for multiple vendors. We work on behalf of Real Estate Brokers; furnish BPOs
that gets assigned to them. XXXXXXX Inc,  has been delivering quality
real estate data & software services to partners across the US. Our BPO
expertise include banks like REO Trans, IAS, Dispo Solutions, First American,
PCV Murcor, Ocwen, Clear Capital, Quality BPO's, Nations Valuation Services,
AVM, etc.

We offer our service at an extremely competitive rate of 18 USD per BPO with a
live workforce available 24/7 or on a need basis. Our team is currently
producing over 100 BPO/day on behalf of brokers across the nation. Please feel
free to contact me via email or at (555) 555 5555 for discussing more about the
possibilities. You can also find more information on our website:

 

So let me get this straight, they can give an accurate BPO from across the country?  They can choose which homes are closest to the subject without knowing the first thing about the local market?

I wonder how many agents are doing this and I also wonder how many inaccurate BPOs are the result of this?

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on February 1, 2012 at 7:54pm

It's not a conspiracy if it's true.....

Permalink Reply by Kevin - Greenville, SC on February 1, 2012 at 7:53pm

“Fannie and/or Freddie take an enormous loss up-front and elect to do so.” For her, the alarms went off when Freddie Mac recently asked Congress for $124 Billion dollars. Moura says, “I believe they are intentionally creating these huge losses in mortgage defaults so they can justify on paper their requests for hundreds of billions in taxpayer money. The longer they take to review modification applications, the further behind the homeowners end up, the higher the arrearage gets, the larger the investor loss appears, therefore making a modification that much harder to qualify for. The perfect storm has been created.”

http://www.foreclosurehamlet.org/profiles/blogs/for-immediate-relea...

Permalink Reply by Kevin - Greenville, SC on February 1, 2012 at 7:48pm
Permalink Reply by Jason Scott on February 1, 2012 at 7:59pm

Thanks. I saved it for future reading. As an employer of Servicers for portfolios, it should be a good read.

Permalink Reply by Patricia Zuk on January 8, 2012 at 9:14am

I recently did a BPO (2nd) for LPS.  They contacted me and wanted to know why my number was higher than a previous submitted BPO. I went over my numbers and justified it to them with add comps.  They then sent the previous comps.  The property was a lakefront ranch,  The previous comps were over a year old and one was a 2 bed log cabin.  I can only surmise the previous were done by someone out of the area.  The problem I have is the time invested was no where near the compensation I received.

Permalink Reply by Sheyenne Schultz on January 8, 2012 at 11:27am

Hi Christine...  Sorry if I offended anyone. That was not my intention, nor am I rascist in the slightest way. I was using examples, etc. Point taken... thanks!!!

Permalink Reply by Terry McCarley on January 9, 2012 at 4:40am

That is insane!  I used to do BPO's but won't do them anymore because it takes time to do them correctly and the fees the banks pay for them just isn't enough to justify the time spent to do them right.

Permalink Reply by Marcy Moyer on January 9, 2012 at 6:03am

A lot of the cost savings on the "$18" BPO's are coming from outsourcing the work to people in other countries. 

Permalink Reply by Joseph Alfe on February 3, 2012 at 12:46pm

also a problem is the bpo agent sending out some flunkie to take picture while they sit behind a desk to pull comps.  Alert the lender to this practice and demand a new bpo.  The lenders are paying for the agent to do a bpo, not someone else, and they will be quite upset when they find out.

Permalink Reply by Patrick Willard on February 3, 2012 at 12:58pm

Joseph, you are absolutely right. In fact most BPO forms have a check box with a statement that says something like "I certify that I personally inspected this property." Of course when the BPO companies top priority is who will do it the fastest and the cheapest that's what they will get. Until they place a higher priority on quality than the first agent to accept their short turn times and ridiculous fees this will continue to be a problem.

Permalink Reply by Tara Samney on February 5, 2012 at 9:17am

I'm starting to catch on to this when the person who accesses the lockbox is female and the BPO agent who calls is male.... I need to start following up on this

Permalink Reply by Joseph Alfe on February 5, 2012 at 6:27pm

This is why you probably have bad bpo's.  You let the agent in.  NEVER use lockboxes, and ALWAYS physically meet the bpo agent and let them in so you can sell them your position.

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