Comment

Comment by Jim Hale on February 23, 2011 at 11:07am

Cheryl -

To be in the BPO business, to have a whole department devoted to nothing but BPO's, to do BPO's with no intent to pursue the listing ...

...is all completely illegal for an agent or principal broker licensed in Oregon.

To be "in the BPO business" you must be a licensed appraiser.  Banks don't want to pay appraisers.  They want to spend a few bucks on an agent with a conflict of interest instead.

That's how they prefer to protect the fiduciary interests of their investors and stockholders I guess.

Comment by Brigitte Powell on February 23, 2011 at 9:53am

OMG!! :-) sometimes we all digress.....nobody's perfect.  Some people feel they get a comforting ear on this site so they "let er rip" :-)  been there done that :-)

It doesn't hurt to be gracious. These short sales can sometimes get the best of us all......or maybe not.  My opinion :-)

Comment by Cheryl Sommerville on February 23, 2011 at 7:04am

Here in Southern California most of us have had to take extensive training to get BPOs.  I have a whole department devoted to doing nothing but BPOs.  They get paid, but they don't get anything out of it but the $$$.  There is no expectation to get the listing if the short sale fails and frankly most of them are going through in my area.  Although many an investor has tried to give us their comps, we always refuse.  We do our own pricing and many banks have relied on our expertise for DECADES. Lately our BPO business has gone down dramatically as more and more hungry agents enter the field.  Many of these agents may be clueless, but fortunately I haven't run into them with my short sales.  It's not rocket science, but it is time consuming and the agent doing them should be experienced.  Most often (good) agents have a better sense of pricing than appraisers.

Comment by Aneetra Isis Sherrell on February 23, 2011 at 5:22am

Yes but we are complaining about B of A, there is another forum for Wells and other banks.

Comment by Steele V. Propp on February 23, 2011 at 5:18am

So what is being said can apply to any number of lenders and short sale situations.

Comment by Kevin - Greenville, SC on February 23, 2011 at 5:07am

not true. currently going nowhere with Chase where the BPO is over $100,000 more than an appraisal.

Comment by Michael Schneider on February 23, 2011 at 5:05am

My "most over FMV" valuations are FHAs ('cause of that appraisal before offer feature of PFS, I think).

Could be coincidence, but I have more such files Wells than BofA.

Comment by Aneetra Isis Sherrell on February 23, 2011 at 4:57am

@Jim, they specifically have to do with B of A as they are the only ones extremely over the mark on their BPO values!

Comment by Jim Schneider on February 23, 2011 at 4:31am

Ummm, do any of these comments have anything to do specifically with Bank of America???

Comment by Thom Colby CA Brkr 888-391-5245 on February 23, 2011 at 4:29am

@Alan -

 

Great comments!  The BPO assignment companies have stringent guidelines for everything from how many photos, to which photos, and lately in which order they must be presented within the finished BPO.

Since the beginning of 2011, the number of Interior BPOs I am assigned has increased dramatically.  Now, about 90% of my assignments are Interior.  My market in Newport Beach CA is mostly in the $1.5 Million range and as high as $30 Million.  Those properties are going into default more now than over the last 5 years.  For me, I spend a lot of time on these.  It's important to the Lender and also to the Borrower that we provide the most detailed level of service we can.  Sometimes, I have to take hundreds of photos just to explain the value in many of these custom homes.

Whether to use REOs or not, is detailed in the assignment.  Sometimes they want REOs if it's an "REO Driven Market" - and sometimes they do not want REOs / Distressed proeprties included.  Every assignment is different and specific to that property.

 

I agree, many agents are not doing a good job on BPOs but many are doing a GREAT job.  I have many investor friends and have never discussed any of my assignments with them - that too is not allowed.

 

Thanks for the input, it's always terrific to get different perspectives.

 

Cheers,
Thom Colby

Broker / Negotiator

Newport Beach CA

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