I wandered into the BPO arena recently and found out that they are a lot of work for not a lot of compensation, but my question does not relate to that.
The BPO was turned in on time, but this weekend I received an email stating that I needed to revisit the property as the listing agent stated to someone -- I don't know who -- that the property has pest infestation and mold issues.
I spoke with the listing agent today, and he/she said that he/she only said there "might" be these existing problems and that he/she didn't have the expertise to say whether these conditions existed or not. I asked if there had been any inspections, reports or repair estimates performed on behalf of the agent or seller and was told no.
Now, I am not a pest inspector or a mold inspector, so how can a BPO company expect me to identify these problems and estimate repairs and costs? I feel these are issues that should be identified by professionals.
What say you? Have you had a BPO company require you to perform inspections and repair estimates for pest and mold problems?
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Sherry~
Hi, I perform BPO's in my area. BPO's are normally returned to the agent who performed the BPO if it is questionable. The BPO may have some discrepacies that they want you to either fix or give a second look before they turn it in to their client.
Is the home currently on the market as a short sale? If so, maybe the LA sent in a list of damages to the lender w/pictures. If that is the case, you are required to verify that the issue exist, take pictures and provide them with an estimate of the damages. Remember, they want us to give them detailed information. If I have an assigned BPO and I see another agent has the home listed, they are usually expecting a BPO to be performed on the house. Sometimes I call the agent to meet me at the house because they will usually point out certain things that need to be reported and may be overlooked. If the agent cannot meet me at the house, I will usually ask them what type of value they are looking for or if there is anything out of the ordinary that I need to pay special attention to. Now, just because you ask them these questions, it does not mean they will get what they want, especially when it comes to value. Some agents value the properties very low...too low. I just like to know what I am about to get into. If the BPO comes in higher than what the agent expect, then I will usually expect a call afterwards.
No. We are not professionals when it come to mold, pest infestation etc. but we are the eyes and ears to the BPO companies and they expect us to point out these items to either get the issue fixed or reduced from the price of the home.