Real Estate Blog - Are you inept or efficient?

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Are you inept or efficient?

Do you see BPO's as a grand production? Get as many as you can and handle them any way you can..even if it means to hire an unlicensed Agent to go and shoot the interior photos. Hmm, is that in the instructions from the Lender for the BPO? Some might argue that this is being quite efficient and some might argue this is being inept? What say you?

I received a call today for a BPO to be completed on one of my Short Sale Listings.

When I receive I call I always like to find out as much as I can about the Agent doing the BPO, don't you? Well, I come to find out that the Agent doing the photos for the BPO isn't even an Agent. She was hired by an Agent to go to the property and take photos for the Agent who lives an hour away from the subject property. Insane. This is one BPO that I"m sure I'll have to keep on top of and be prepared to unleash an assault if the value comes back totallly out of whack!

Why don't Lenders find out who are completing their BPO's? When do we say enough is enough? Why is so much of what we do surrounded by greed? Can we ever have too much?!

The more you know, the better prepared, the better the outcome.

I serve Coral Springs and the surrounding cities such as Coconut Creek, Parkland, Tamarac and Sunrise in Broward, Dade and Palm Beach Counties of South Florida as your dedicated Realtor, Short Sale Specialist and CDPE Certified Distressed Property Expert ready to work for you.

I'm looking forward to hearing from you soon. Please call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse and it would be my pleasure to help you!

Learn more about me and Coral Springs Real Estate as your Coral Springs Realtor

Posted by Lynn Pineda-Coral Springs REALTOR, Short Sale Specialist on 10/24/2009 07:54 PM

Comments (7)

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Originally posted at: Coral Springs Real Estate : Are you inept or efficient?

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7 Comments on Are you inept or efficient?

OCT

If the unlicensed agent is an astute photographer, then I'd say...efficient!! :) Hopefully, the pictures will show the property in its true form!! Good luck with it!

I am a little amazed that the lenders approve of this or even know about it. I have to take my own photos. How on earth can I give my considered opinion as to condition if all I can look at is a photo.

Lynn, I always do a CMA of properties that have sold in the area and offer it to the person doing the BPO because at least they will get a market value for the property. I have never heard of someone other than a real estate agent doing a BPO. You are right to question this.

There is a firm out on the East Coast that uses licensed agents to take the pictures, email them in and they fill out the BPO as if they had seen it. I understnad they do them all over the U.S.

Sonja, and if they could do the BPO even more so right? thanks for commenting

Corinne, I'm with you. Where is the professional opinion of value here? Non existent

Wanda, yes and I will be on top of this one!

Sandra, that's definitely a producction line - quallity production line is another story.????

OCT

Lynn - I had the exact same thing happen today on one of my short sale listings. Unlicensed photographer. Business is growing in many ways....

OCT

Wendy, this can't be good for value estimates. Where is the accuracy of such a value? A line has to be drawn somewhere....I'm so anxious to see how these values turn out.

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