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Can you do BPO's in your state?

By
Real Estate Agent with Hawai'i Life Real Estate Brokers HRE# 58089 - RS

Maui HI fixer upper for sale

Doing a Broker Price Opinion in Hawaii

Can you do Broker Price Opinions in your state?  Do you get paid for it?  Is it legal?  Have you checked lately? 

With the recent spotlight on Appraisers and appraisals, a closer look has been taken at the rules.  The fact that Hawaii Realtors are prohibited from charging for this service surprised a lot of people.

Here in Hawaii we are governed by Hawaii Association of Realtors(HAR) rules.  HAR 16- 114- 74 specifically states that we must not recieve payment for doing a BPO.

Sure, we can still provide this service to banks or their asset managers in the case of foreclosures, but we are not to be paid.  So we do it in hopes of getting the listing, provided that:

  • The opinion as to the listing price or the purchase price shall not be referred to as an appraisal; or
  • No compensation, fee, or other consideration is charged for such an opinion other than the normal brokerage fee rendered in connection with the sale of the property; or
  • No representation is made that the real estate broker or salesperson is a certified or licensed real estate appraiser.

    • In any case, if you're a buyer or seller of a Maui home, I can still help you to make an educated decision about what a home might sell for, and what the real estate market is doing.  Don't hesitate to contact me and get my opinion if you need help buying or selling on Maui.

    eastmaui.com

    Georgina M. Hunter R(S) e-Pro ~ 808 283-0635 ~ EMAIL

    MAUI HOMES FOR SALE ~ MAUI REAL ESTATE MARKET STATISTICS

    Thanks for reading my blog!  Aloha from Maui... the Hunter

    Comments(8)

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    Mike Frazier
    Carousel Realty of Dyer County - Dyersburg, TN
    Northwest Tennessee Realtor

    I do BPO's here in Tennessee and it is legal and I get paid!

    May 01, 2009 09:51 AM
    Richard Iarossi
    Coldwell Banker Residential Brokerage - Crofton, MD
    Crofton MD Real Estate, Annapolis MD Real Estate

    Georgina, In Maryland we cannot perform BPO's. We can perform CMA's which contain specific legal wording. I'm not positive that this isn't just a distinction without real meaning. Rich

    May 01, 2009 09:53 AM
    Cherry Wings Realty
    Cherry Wings Realty - Traverse City, MI
    Your Traverse City Michigan Realtor

    When I was in Arizona we could do them but not get paid for doing them.  I am not sure what the regulations are here in MI.  They sure are a lot of work.

    May 01, 2009 10:27 AM
    Georgie Hunter R(S) 58089
    Hawai'i Life Real Estate Brokers - Haiku, HI
    Maui Real Estate sales and lifestyle info

    Mike - good for you, at least you can get paid for the work

    Richard - that sounds about right

    Christine - you might want to check on that, or just avoid them altogether

    Have a great weekend!

    May 01, 2009 03:44 PM
    Not a real person
    San Diego, CA

    I heard that the Appraisal Institute is being proactive in putting an end to BPOs because the Institute thinks it's just another form of an appraisal. I think they have a case. After all, a rose by any other name is still a rose.

    May 09, 2009 02:30 AM
    Ginger Moore
    Wilkinson & Associates Realty - Gastonia, NC

    Hi,

    Does anyone know if it is legal for us to do bpos, and get paid for them in North Carolina?  Any info would be appreciated.  I do not ever want to break the law, but if it is legal, I would like to do some.

    thanks in advance!

    May 22, 2009 01:45 PM
    Georgie Hunter R(S) 58089
    Hawai'i Life Real Estate Brokers - Haiku, HI
    Maui Real Estate sales and lifestyle info

    Russel I can see how licensed appraisers would be upset about it.  On the other hand, Realtors can do it as part of the listing package.

    Ginger I hope you can find out.  Have you asked your state association?

    May 23, 2009 07:10 AM
    Ginger Moore
    Wilkinson & Associates Realty - Gastonia, NC

    Hi everyone,

    I have not asked the state association; however I got an e-mail from my brokerage saying that it is not allowed at this time by realtors to do bpos for money in my area Charlotte/Gastonia NC.  This was apparently discussed in the Real Estate Bulletin, that I did not get.  Since my brokerage asked us not to do them, I will abide.    I had just done some, and was off to a great start, but will not do anymore, until they tell us we can.  I would not  jeopardize my licenses for this.  I really miss it already!    Apparently only appraisers can do them in my area, for money. thanks so much everyone, for your information!

    Ginger

    May 23, 2009 12:40 PM
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