BPO's - How Are They Graded By Banks?

Just like Chevy Chase did in Caddyshack.  By height.

I'm not sure I believe it.  Plus I'm not sure how they can "grade" based on the BPO.  My BPO was done in August for this property and it had been on the market with numerous agents almost a year.  So when I did another BPO for it I actually gave the price recommendation of where we are now.  Just took talking to the right people in the Asset Management co. to get things moving. 

I do know however that they look at the BPO quality for giving agents additional business.  The listing that I do have was the 1st BPO that I did for this Asset Management co. and my 1st listing with them.  I have only done 2 other BPO's for them and that was afterward.

 

I just was givebn a BPO work order. They want interior and exterior pictures.,etc. To be completed like tomorrow. All for $150.00. Appraisers get $350.00, what's wrong with that picture?

 

 

I find banks do not follow the BPO very closely.  They have their own appraisal. 

Gee Nick I wish i was given $150 everytime I expressed my opinion  (:

Stacy you will be graded regardless of who listed the property before.

 

Wow- $150 a BPO - that is better then what they have offered me-  They only offered me between $40 - $85.  I will not do them for $40 anymore - but it did help me get my foot in the door for REO's.  I currently have 3 assignments. Not as many as some of the agents in my office - but it is a start!

Most BPO companies use turn around times and accuracy based on their requirements. From there the look at the amount of work you perform over time

Okay, first of all....YOU'RE GETTING $150 PER BPO???? All I'm getting is a lousy $45- Sixty if I stand on one foot and *BEG* "GAS IS $3.25 a GALLON, LADY!!*

Second-I have YET to get a REO from a BPO- but I'm thinking THOSE DAYS ARE GONE,BABY! *see my blog earlier Re: BPO into listings*

3rd: Different companies grade your form, some won't let you submit until 100%

Ocwen does grade BPO's when they are turned in to them.  I have access to the numeric grade I receive but they do not make it easy to find.  They grade on things like completeness, time turned in, accuracy (not sure how?), and other things.  The processor who is over the file does the grading I believe.  They also grade on how many you turn down or accept and what they pay for the BPO.

i have had some crazy experiences where the BPO reviewers look at the BPO's with a set criteria in mind and dont look at the whole picture ~  sold price per square foot is this there fore your suggested list price should be that times the sold per sf.

i wish i could get homes sold at what they sold 3-6 months ago, the market has declined but the reviewers just look at their predetermined outcome and want you to fit into that.

 

 

I'd love to get started and of course getting the highest grade.  I am just starting and I just want to get my foot in the door.  The rest is up to me to meet their expectations.  Thanks for the tips.

I know they "grade" you on your BPO for timeliness, accuracy, etc., but I can't imagine how they can "grade" you on your opinion verses what the property sells for???

I think the REO listings should be graded on accuracy in MLS - the majority of the REO listings I see in our MLS are missing even the most basic information such as rooms (dining room, living room, etc.) much less any remarks pointing out the house's attributes, etc.!

The process is so messed up, that this wouldn't surprise me.  If so, that is too bad.

That is a very interesting question.  I am not sure how the agent is graded because in my area no matter how close to the present market I list that property I always get an offer below that value.  It is the Murphy's law or something that you never offer what it is on the market for if you can get it cheaper.