I finally finished my 2nd BPO after 3 rejections and it took a week doing the comps on the subject property in a subdivision with a lot of REO's, foreclosures, and new notices to be foreclosed on.  My hat is off to Pro-teck for being patient and communicating with me to arrive at a good solide opinion.  And I with them:   3 major emails, 12 comparables, several phone calls.  But when finished, I and them believe that Pro-tecks client has a very good idea of the value of their subject property.  The economic situation didn't help, and with the large number of foreclosures, using foreclosures for comps made my opinion and Pro-tecks' job much more difficult.

All in all, the opinion is done and so far both Pro-teck and I are happy with the conclusion.  Hopefully Pro-teck's client will understand.  From the perspective of a broker/agent - remember to just keep at until completed.  There's not much monetary reward for a BPO that takes a week, but a job well done is priceless.

 
This post has been included in Texas Information Tarrant County, TX Information
Post is included in group: Addicted to Active Rain
Post is included in group: BPO agents
Post is included in group: LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Post is included in group: Texas Real Estate
Post is included in group: The Lounge at Active Rain

5 Comments on BPO! Update. Problem BPO but stay with it!

DEC
12
2008

A WEEK! OMG- I hope you got more than the standard 50-65 bucks. I knock these things out in about an hour or so. Even if I get a clarification request, those only take maybe 15-30 more minutes of searching for a better comp. Geeeeeezzzzz. You're a trooper!

7:14pm • #1
123,616 Points 1 Featured Post Hit Router

It's amazing how they can insist that they know better than you do on a price evaluation that they hired YOU to do.  Love it when they come back with "either raise the suggested sales price or lower the comps".  BPOs are a crazy business sometimes!

7:34pm • #2

A week is so long.  I was getting frustrated when it took me two days to search for comps for one.

You are definitely a trooper.  But a job well-done is most rewarding.

8:01pm • #3
DEC
18

Had one where they insisted the property was a condo (it was a townhouse). Took several phone calls and a few email to finally find out they were using Zillow as their info source. I suggested they may want to use city tax dtabases instead.

10:33am • #4
JAN
02

Leave a response…



(optional)
What does the graphic say?
 
Rainmaker_large

Robert OHaugherty, REALTOR, ABR

Southlake, TX

More about me…

Rutherford Realty, L.L.C.

Address: 1200 S White Chapel, Ste B, Southlake, TX, 76092

Office Phone: (817) 310-6289

Cell Phone: (817) 366-7911

Email Me

Furthering the real estate industry through communicating ideas and experience, and to eliminate any misconceptions, misrepresentations, expose scams that seems to proliferate in the real estate industry.


Links

Archives

RSS 2.0 Feed for this blog

Find TX real estate agents and Southlake real estate on ActiveRain.