bpos: I just lost an argument with quality control and the bank just lost $100,000 - 11/16/10 06:48 PM
I just finished working on a BPO for a house built on the side of a hill. The house has a daylight basement. A daylight basement is a basement based on the fact that it is on a level below the front door. It is not underground. There are windows, you can walk outside to the patio which is on the same level. If I did not tell you it was a basement, you would not know it was a basement. It looks like the rest of the house, same walls, ceiling, carpet. From the front of the house, it looks like … (8 comments)
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bpos: Interior BPO on vacant land. - 11/08/10 10:40 AM
I just received an interior BPO for vacant land. I wonder why it is an interior, not an exterior. Should I bring a shovel?
… (4 comments)
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bpos: BPO Values - 08/14/10 11:58 AM
I have been getting many BPOs recently on homes I did in the past. The company calls me up and says you did a BPO on this property 6 months ago, can you do it again?
Comparing the old and new BPOs is interesting. The house was purchased 3 years ago for $1,000,000. 6 months ago, the only comp sales were in the $500,00-$600,000 range. Nothing higher. I had to price the homes in the range. Now we have sales in the $650,000 - $750,000 range. These are the best comps, so I priced the home in that range.
Then quality … (9 comments)
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bpos: What should I do? - 07/27/10 11:15 PM
I was given an interior BPO assignment today. The property is an REO listing with an agent who is 400 miles away. The company only deals with one agent for the entire state.
The house is 4679 sq ft on 1 acre with a 5 car garage in an exclusive neighborhood. The lawns are so green, it hurts your eyes. The subject is at the end of a cul-de-sac on a little hill. The first thing I notice is that there is no for sale sign, the lawn is dead and there are lots of weeds. I go to the front door and … (9 comments)
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bpos: Somewhere, there is an agent mad at me. - 06/05/10 11:04 AM
I just valued a home listed at $150,000 for $180,000.
I just did a drive by BPO. The home is listed for $150,000 as a short sale. It is 1500 sq ft. It is tenant occupied. It took 2 months to go pending.
I put in a sq ft range of 1200-1800 sq ft. I went back 6 months in time. I went out 3 miles trying to justify the listing price. The lowest price sale comp was $180,000. One of the rules for this BPO was that the price must be bracketed by the sold comps. I followed the rules.
The … (7 comments)
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bpos: BPO rules - 06/04/10 01:02 PM
I am surprised by how many people do not understand the bpo process. You are assigned a bpo. There are rules to follow with the bpo. I have received the following rules for different bpos and many others.
Use only REO comps. Do not use REO comps. The distance must be within .5 mile from the subject. The distance must be within 1 mile of the subject. The square footage must be within 12% of the subject. The square footage must be within 15% of the subject. The square footage must be within 20% of the comps. The sq footage must … (7 comments)
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bpos: Is anybody helping these people? - 04/28/10 09:01 PM
It just happened again. I called a home owner to schedule an interior BPO. They had no idea what was going on. They did not know what a bpo was. They did not know that anybody would be contacting them. They did not understand the process. They did not know anything. Is anybody helping these people?
… (3 comments)
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bpos: Doing the other agents job. - 03/31/10 10:29 AM
I am doing an interior bpo on a house. I called the listing agent and left a voicemail. The listing says vacant, go direct, on lockbox. I go to the house. There is no lockbox. I called the listing agent, leave voicemail again. I get a phone call back a few hours later. The owner put the lockbox into the garage. She will call him and make sure that he leaves it outside for me to do the bpo the next day. She also gives me the owners phone number in case there is a problem. The next day I call the owner. … (4 comments)
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bpos: Arguing with the computer - 03/04/10 08:48 AM
Working on a BPO. The companies keep on adding more "intelligence" to their error checking. Unfortunately it is not that intelligent. The BPO is for a condo. There has been 5 sales in the past 6 months. There are 12 condos currently listed. That is an oversupply. Prices are stable. They have not dropped. The prices are the same as 6 months ago. The computer will not allow oversupply and stable.
The computer has also been programmed by zip code to determine urban, suburban, and rural. This zip code covers a wide area. These condos are in the city. The same zip … (5 comments)
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bpos: I wonder how many showings this house will have. - 01/17/10 09:20 PM
I came across this in the private remarks of a listing: "No lockbox, keys available at listing office for $2.00"
… (5 comments)
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bpos: BPO rules and flipping houses - 01/02/10 03:48 PM
There have been many articles recently about people flipping foreclosed houses making hundreds of thousands of dollars. I have been wondering about this. Each foreclosed house has had many bpos done. Could all of those bpos been wrong? I do a lot of bpos. I think I do a good job. The banks think I do a good job, they keep sending me more bpos. Then it most be those other agents who do bpos. But the people I know who do bpos do a good job. How can we be so far wrong on our valuations?
I did a bpo today. … (6 comments)
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bpos: BPO values and the agent who gets the listing. - 12/13/09 11:25 AM
I do a lot of BPOs. I have noticed that certain agents sell on price only. The range of prices in the neighborhood is $100,000 - $120,000. One agent has a REO sale at $80,000. It is always the same few agents with that sale. They do no marketing, advertising, etc. They put it up in the mls and let the bidding war begin.
Today I did a BPO. I really wanted to say if you give it to an agent who works the listing it will sell $110,000. If you give it to one of these agents, it will sell … (7 comments)
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bpos: I just set a new record. - 10/13/09 07:37 AM
I just received 3 BPOs on the same street, 9130, 9175 and 9315. This is an established neighborhood, not a new home development. It definitely cuts down on the driving time. Oh, the things we do to entertain our self while we do BPOs. Can anybody out there beat my record?
… (10 comments)
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bpos: Warning: Taking this BPO might be hazardous to your rating. - 10/08/09 11:08 AM
I finished a BPO today. It is for a rural area near here. It is within the city limits but is 50 miles away from where I live. In the area, there are 20 properties currently listed for sale. There has been 1 sale in 2009. There was 1 sale in 2008. There were 5 sales in 2007. My comps were 15 miles away and more than 6 months old. I explained everything in the comments and expect it to pass quality control.
The problem is the computer rates you. The computer cannot read the comments, it reads numbers. I exceeded … (6 comments)
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bpos: Shooting yourself in the foot. - 10/05/09 11:31 AM
I was recently assigned an interior BPO. I called the homeowner to make an appointment. She told me it was a loan modification. We agreed to meet at 4:30. About 3:00 I received a phone call from her lender. She was not comfortable having someone come into her house and take pictures. The appointment was canceled. I emailed the story and said that access was denied.
Somewhere, there is an assistant with 5,000 loan modifications on his desk. His job is to make sure that each package is complete. If it is, he forwards it to his boss, who reviews it. … (2 comments)
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bpos: Different BPO forms - 10/03/09 03:00 PM
Different BPO companies use different forms with different fields on them. Sometimes 1 company has multiple forms. Did you ever notice that they always give you the wrong form for the property? One company has a form with questions about a guest house. I have always answered no guest house. I finally get a BPO with a guest house. Guess what, they used a different form that did not ask about a guest house. You know a lot about a property or the area that it is in. You could write a book about it. You get the form that allows … (0 comments)
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bpos: Different BPO forms - 10/03/09 02:57 PM
Different BPO companies use different forms with different fields on them. Sometimes 1 company has multiple forms. Did you ever notice that they always give you the wrong form for the property? One company has a form with questions about a guest house. I have always answered no guest house. I finally get a BPO with a guest house. Guess what, they used a different form that did not ask about a guest house. You know a lot about a property or the area that it is in. You could write a book about it. You get the form that allows … (2 comments)
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bpos: BPO telephone calls - 10/02/09 02:15 PM
I have 6 bpos due today. I will get them in on time. I have 4 bpos due tomorrow. I will get them in on time. I have never been late without contacting the company and explaining the problem. Why then do I get 5-10 phone calls a day asking me if my BPOs will be in on time? I really do not need more distractions in my day.
… (4 comments)
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bpos: BPOs and the 5 Star Conference - 09/27/09 12:44 PM
I went to the "Advanced BPO" class at the 5 star conference. These are some random notes.
1. Get your BPOs in on time. I have a BPO that was due yesterday (Saturday). There is a problem. I called and emailed. Oops, the company closed 4pm Friday for the weekend. There is nobody there to solve the problem.
2. One panelist said that 45% of his BPOs get rejected by QC. For his company, it is a race to get the bpos. Maybe speed does not equal quality.
3. One panelist described this scenerio. The subject is a 2000 sq ft … (3 comments)
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bpos: Doing BPO valuations. - 10/29/08 07:01 PM
Before I started doing BPOS, I had the time to visit new home developments. I remember going to one which had a nice 1600 sq ft home for about $200,000. Across the street was another new home development. It was much nicer. There was no comparison in the quality of the homes. They had a 1600 sq ft home for about $250,000.
Now I'm doing lots of BPOs. These 2 homes are the same sq footage, they are across the street from each other, they were built in the same year, therefore they are the same. Is there something wrong here?
… (3 comments)
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