Oregon says a real estate broker cant do a BPO on anything that is over $250,000 or it constitutes doing appraisal work without a license. This is strange to have a limit because the mechanics are the same regardless of size. They should allow it or not with no ifs, ands or buts.  Im hearing that some other states may limit BPO activity.

Ive completed many BPOs since my initial post on this, and can see why there is concern. Some of the sites have EXTENSIVE forms that require most of the same adjustments used by a licensed fee appraiser on a URAR form.

This week I learned more about what you get if you complete BPOs quickly. They look at your 'load ability'.

For example, if you took 5 from one company and turned them in at the last minute due, they rate you as not being able to take more than five next time! If you completed them the same day then they figure your 'load ability' is as high as 15---they usually have a three day requirement.

You can lock yourself out of receiving any more until you are finished with a group.This is important to consider when adding your zip codes to your profile. If you have to drive 30 miles for 45 bucks, it aint owrth it unless you can get more than one to be shot the same day.

 

 
Posted by Marvin Von Renchler on 07/20/2009 07:57 PM   Comments (2)   BPOs and REOs in the ActiveRain Channel  
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Working REOs / BPOs--The REAL STORY!!!
07/11/2009
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This is going to be long but there isnt any way around it. I could sell all this info with the contact info but love to share. Everyone and their brother daughter, cat, and parakeet are trying to get REO listings and do BPOs for side cash. Here… more
ALL REAL ESTATE PEOPLE--Government is trying to kill owner financing!…
06/11/2009
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This just sent to my mortgage office. It will harm consumers, mortgage brokers and many real estate broker. We need to STOP THIS GOVERNMENT NONSENSE! Pass this on to every person / organization Marvin, H. R. 1728 has recently passed the U. S… more
 
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Marvin Von Renchler

Tigard, OR

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Oregon Real Estate Broker

Address: 7475 SW Hermoso Way, Tigard, OR, 97223

Office Phone: (503) 968-2528

Cell Phone: (503) 504-7265

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