Replies to This Discussion

Permalink Reply by Sam on October 27, 2011 at 5:52am

If they are smart, they have moved it to certified appraisers.  I personally feel that having agents conduct BPO's for the banks sole valuation method is a complete joke, agents are not equipped or trained like appraisers, and are too easily influenced (in both directions).  The biggest deal killer in short sale world if you are a successful short sale negotiator is a bad valuation.  While appraisers may not issue the rediculously low BPO's that happen on occaision (which will upset the investor buyers), they will be less likely to over value a property, which is the killer.

• ▶ Reply

Permalink Reply by Jeff Payne on October 27, 2011 at 8:58am

Sam, I agree with you 100%.  While I have done a few thousand BPOs, I no longer do them because it is not the best use of an agents time.  In my area, new agents are running rampant with BPOs and their values are most of the time very far off because they do NOT understand how the market works and how to make proper adjustments.  They push them through just to make $40

• ▶ Reply

Permalink Reply by Jeff Payne on October 27, 2011 at 9:01am

Wendy, I would guess that the company that lost the contract was due to too many inaccurate BPOs

• ▶ Reply