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APPRAISALS vs. BPOs: Can we please put an end to this insanity?
Great discussion on this blog about the differences (and expectations) between BPOs and Appraisals.
Someone questioned on this article "who regulates appraisers?"
I DO, as do other appraisers and our state licensing board.  When have you ever heard of a Broker or agent losing their license over a faulty, over inflated, or poorly documented BPO?
But there are appraisers who have lost their licenses due to poorly supported, documented and faulty appraisals.  We DO have an industry which can be regulated, provided parties are paying attention and are willing to act.
Anyone who has access to the appraisal can have that appraisal reviewed and if found to be seriously flawed, can make a complaint to the state licensing board.  I have watched recent Florida board minutes where numerous licences were REVOKED.
When does that happen with BPOs?
This is why appraisals SHOULD be treated with higher regard, better due dilegence, and given greater weight in lending transactions.
 
Today I want to address a question that I have long wondered about and have no good answer for, and that is why are BPOs ordered by lenders for short sales instead of appraisals?
 
Let’s think about this, and look at a few ... more

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