BPO Agents

Mike Ashcraft March 28, 2011 at 6:42am

I'll go out on a limb on this one. The reason we care about being there is because many BPO agents do not pull realistic comps or come to an accurate valuation of the property. We want to be there to try and give the BPO agent proper perspective. This is not meant to be a dig to any of you BPO agents out there that are properly doing your job. The problem is there are many that are NOT.

Thom Colby said:

If this was an interior BPO and the agent / broker showed up without calling first, they likely did not follow the instructions from the company who assigned that BPO to them. In all cases, BPO Agents/Brokers are provided a Contact name and telephone number ONLY, along with instructions not to discuss "valuation" or comps with anyone.

I do about 75 BPOs a month, always follow the contact instructions to the letter, and NEVER discuss the valuation with the agent or the borrower. Any BPO provider worth their RE license will follow the instructions as written.

If there truly is a "mean dog" on the premises, state that fact. If there is not, don't.

Also, here in SoCal, there are two differences from other parts of the country;

1) We do not have "Centralized Showing Service" (I wish we did, as I use it in Houston, but we don't have it here), and;

2) All listings in the MLS, MUST have an electronic lockbox. You can still use a combo, but it also must have an electronic (SUPRA, SentriLock) from the local Association and accessible by all members. Of course, Listing Agents can always activate the CBS Feature on electronic lockboxes to make it work like a COMBO Box.

As long as the BPO agent follows the instructions provided by the lender / valuation company and contacts the appropriate POC for access, why do you care?

Thom Colby

Broker / Negotiator

Newport Beach CA

Mike Ashcraft March 28, 2011 at 6:11am

I always use coded contractor boxes and put "please call for code" in the showing instruction comments. I also instruct the homeowners to not let anyone in the house if they have not scheduled an appointment.

That being said, you may just sometimes get an aggressive BPO agent that does their own thing. Last week I had a BPO agent call me to get into a property and I told her that there were renters in the home and that I would have to get the owner to clear it with them 1st. I texted the owner but didn't hear back from her. A few hours later the owner called me in a fit because apparently the BPO agent just walked into the subject home without knocking or anything, just turned the knob walked in and started taking pictures. The renters asked what she was doing and she said they needed to call their landlord and she wouldn't even identify herself or the reason she was in the home!

JACK L UNTHANK March 27, 2011 at 8:57pm

I think that I would tell him that I was contacting the lender about his trying to make a deal when you havn offer on the table and he was working with what sounds like a conflect of interest !!!!!!!!!!!!!!!!!!

Thom Colby CA Brkr 888-391-5245 March 27, 2011 at 7:44am

If this was an interior BPO and the agent / broker showed up without calling first, they likely did not follow the instructions from the company who assigned that BPO to them. In all cases, BPO Agents/Brokers are provided a Contact name and telephone number ONLY, along with instructions not to discuss "valuation" or comps with anyone.

I do about 75 BPOs a month, always follow the contact instructions to the letter, and NEVER discuss the valuation with the agent or the borrower. Any BPO provider worth their RE license will follow the instructions as written.

If there truly is a "mean dog" on the premises, state that fact. If there is not, don't.

Also, here in SoCal, there are two differences from other parts of the country;

1) We do not have "Centralized Showing Service" (I wish we did, as I use it in Houston, but we don't have it here), and;

2) All listings in the MLS, MUST have an electronic lockbox. You can still use a combo, but it also must have an electronic (SUPRA, SentriLock) from the local Association and accessible by all members. Of course, Listing Agents can always activate the CBS Feature on electronic lockboxes to make it work like a COMBO Box.

As long as the BPO agent follows the instructions provided by the lender / valuation company and contacts the appropriate POC for access, why do you care?

Thom Colby

Broker / Negotiator

Newport Beach CA

John Bacon March 27, 2011 at 7:11am

Our Supra GE Boxes allow us to put in a "CBS" Call Before Showing Extra Code that all agents must obtain from the listing agent before they can gain access to the lock box. I would do that, take the box off or put a construction box on the property.

I also change the RMLS instructions as soon as I get and offer to Appointment Only, Call Listing Agent.

Hugo W Meza March 27, 2011 at 6:40am

I do a lot of BPOs and I have seen some lazy agents who put the owners name as point of contact and some other ones who put their name. This depends on the SS agent. Personally, If the bank gives me the homeowner as POC of contact, I am going to contact the owner, specially if its not listed it. (i usually check the mls first). Second, If It is listed, I would rather have the listing agent to set up the appt. But I rather he/she doesnt show up. Why? because they usually want me to bring my value to what they want and it is annoying! But that is just me! The best thing you could do is to put yourself as POC for any BPOs or appraisers, not the owner.

Linda Ipaye March 27, 2011 at 6:26am

These are all great ideas and I agree with them all! In Idaho, we can use a combo construction lock box. I have used only this kind of lock box for the last 7 years of doing short sales. On the listing, even if it is vacant, I put "Call for Instructions". When I request the BPO/valuation from the lender, I tell them I am the direct contact for the valuation. Having that combo lock box takes care of it all! The other reason I use the combo lock box is that when a buyers agent calls I get to talk with them and they can learn about my experience with short sales and are confident and excited in showing the property to the buyer.

Alyce Nelson March 27, 2011 at 5:45am

Unless there is mean dog on premisis you'd be lying, don't go there, your integrity is too valuable. Just remove the lock box for the period between short sale submission and after the BPO is done. They cannot get inside without calling you. Works like a charm. Besue to note in the MLS ---"no lock box".

Dan thompson March 27, 2011 at 4:20am

I was an Appraiser for 30 years and have been doing BPO's for about 4 years. The problem is, these things never reach the Agent or Appraiser. I don't know how many times I was ask if I received the comps they sent or the list of upgrades and It was never sent. My suggestion is to put a comment in the confidential remarks for the BPO Agents to contact you before proceeding. Not to say they will but you have a better chance of contact that way.

TC Bland March 27, 2011 at 3:40am

Hi Wendy - I would also appreciate seeing the form if that is OK with you. Thanks

Wendy Martin said:

I use a form specifically for that purpose. Have never had a problem with the BPO agent contacting me, and I always meet them at the property, comps in hand. Can get a copy to you if you like :)

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