inflate a BPO - lose your license

It doesn't surprise me at all what agents will do to get a listing.  Now, I don't believe it's all agents, but there will always be those who succumb to reaching for low hanging fruit -- I am certain that many others have not done the same.  For those of us who have never done it, we have nothing to worry about. ~ Evelyn

It's a shame there has to be such rules in place, but everyone is not ethical. 

I have lost a few short sale approvals due to the bpo coming in too high. I'm glad this is being enforced.

I had a short sale fall through because the agent that did the BPO used sold comps that were well over a year old.

I am glad to hear they are doing something about it.

Wow what a wake up call. As most in this area, I  have been dealing with a lot of Short Sales. The one I am currently trying to get trough had a BPO done in August, I do not know what the BPO was but I am betting it was higher than the offer I have submitted. Also since I took over the listing and have it PENDING, I have been harassed (phone calls why is this priced so low, I have a client interested in placing an offer, what does the interior look like, and reported violations on my MLS listings)  by another agent. I figured they may have done the BPO, and thought the REO listing was coming their way. With the passing of this new legislation I now see the writing on the wall. I was suspect but now I am sure that is what happened.

Why does this business attract such unethical people? The big bucks? More laws less freedom hello!

Wow, what kind of idiot would do something like price a BPO too high?  This is surprising to me. I guess it takes all kinds.

To promote independence, it seems to me that the BPO agent on a short sale should not have the opportunity to gain the REO listing. That would solve the problem

The fly by nighters will never totally leave the industry.  It is a part of the business and the work to weed them out is also.

This is a step in the right direction. Now if we could have something done to protect real consumers, and not just banks from those unprofessional agents among us.

Obviously, the industry needs to do a lot more about ethics and ttraining

We have lost many deals and the banks have lost tens of thousands of dollars on deals we have been involved in that were killed by ignorant agents performing sloppy BPO's.  If you don't want to do a good job and be accurate. don;t do BPO's.  There is simply to much at stake!!

There is a part in the bill that is more direct and includes not only Real estate agents

          prohibits an individual who provides an opinion on the 
          value of a residential property to a lien holder of the 
          property from selling, buying, renting, or offers to sell, 
          buy, or rent the property for 12 months following the 
          opinion,

Bettina