Are listing agents allowed to talk to agents conducting a BPO?
I read tons of stuff about how the listing agent should go and talk to the agent doing the BPO, prepare a CMA for them, etc. But today when I got there, and tried to give the agent my CMA, she said absolutely not, they aren't allowed to talk to us or take any paperwork from us, she wasn't to know whether it was under contract and for how much, and so on. I was stunned - I spent quite a bit of time researching that and was convinced it was ok to do that. Does anyone know if there are any specific regulations regarding whether or not a listing agent can talk to person performing a BPO?
Replies to This Discussion
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Permalink Reply by Lyonel Katz on
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Hi Beth!
You are definitely able to speak to a BPO agent any time of the day, the real question is whether or not they will receive you with open arms. Just keep in mind that the BPO agents job is to come in and complete an unbiased value, but they should be aware of defects of the property. These days so many BPO agents and Appraisers are bombarded by Listing Agents harassing them during and after they complete their value that many times they come to the property with their guard already up. Some BPO agents are more strict then others, but my opinion is that it is a personal thing. At the end of the day a BPO agent is there is obtain the value from a 3rd party perspective. It is your job as the listing agent to make sure that all known defects are known by the BPO agent so that is can be incorporated into their report. If a property has a cracked foundation, roofing issues, plumbing issues and or anything else that would other wise be disclosed int he sale of the property the bank should be aware of it and it should be in the BPO agents report. Pulling comps from the neighborhood is a simple task and is not necessarily needed, but definitely any defects, inspections reports and repair bids should be provided. The last thing the buyer, seller, agents and even the bank wants is to be asking for Fair Market Value on a property that needs repairs that are safety/structurally related.
Hope this helps! Have a great day!Call or Private Message me any time!
Lyonel Katz
888-664-6561
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Permalink Reply by Jeff Payne on
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An agent is allowed to speak to an BPO agent and an appraiser. There is nothing wrong with pointing out things to them, you just can not coerce them into a value or pressure them.
This BPO agent is most likely new and does not understand.
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Permalink Reply by Beth Skinner on
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Thank you to all of you btw for responding - I apologize for not following up sooner. Ron - I was wondering if there was any sort of legislation or policy or whatever re the bpo - specifically did they follow the same practice as an appraiser and so on - so I appreciate the new info.
On a positive note we've received final SSA on 1st lien!
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Permalink Reply by Kevin - Greenville, SC on
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Were either of these ever signed into Law?
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