Yes, there was a time when I was interested in doing BPOs', there was a process to be learned, a goal to be reached.
It was never about the money, I wanted to say that I was part of the process, that I had some input on the lender side of the Foreclosure Machinery.
I wanted t gain a greater knowlege of the appraisal process, I wanted to delve into an interspective train of thought that would require my knowlege of the area. WIth this in mind. I studied the MLS data, I studied Data Collection from other sources. I looked at Zillow, Bank Of America, and other evaluation sites.
If these sites have that much knowlege, why do the BPO companies utilize people to do this job. If you ever do the job, you will know. Homes in foreclosure tend to deteriate, and even experience vandalism. I did a report on one home that had a terrible experience 2 weeks before auction. Every wall in the home had been attacked with a tire iron and a hammer in an attack that must have taken an hour to complete.
What kind of anger is attatched to a house that makes the former owner go off like that. The home had been stripped as well, and what was left was terribly vandalized. I of course took pictures of the damage, and attempted to estimate the damage.
Doing BPO's was an interesting phase in my Real Estate Career.Thank God I did not do it for the money, The payment schedule varied by company, the worst was Evaluation Solutions. I got a check in this week for two "Emergency" BPOs' that I did in FEB, 2008. I know many Realtors are using BPOs' as a way to keep up thier local knowlege of their area, and to keep some gas money coming in. I believe that doing the BPOs' do assist in honing a necessary area of our Real Estate skills. I took my appraising duties very seriously, I realized that what was being done would actually affect peoples lives in a small way.
Plus, I used to see the the numbers produced by others and wondered what kind of criteria was used to make these determinations. Now I know. But waiting to get paid several months is not worth my time, I have learned enough to say that I have the experience.
Funny how something I really wanted to do for a while suddenly has no further interest to me..I now know how those BPO numbers are arrived at..by hiring crazy folks like me....NUff Said!!
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