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BPO's...who are these people?
"Broker Price Opinions", on the face of it they appear to be just an opinion or quasi CMA being put together by a licensed real estate agent. one would expect this agent to utilize the normal standards for assembling, analyzing the data and coming to a conclusion about a property's value. The same institutions, the Banks, that got us into the short sale and foreclosure crisis are again creating a problem.
Instead of utilizing a certified appraiser, that would cost several hundred dollars, they are pay a mere $50. a piece for a broker opinion. The old saying," You get what you pay for".
I don't care too much about this concept as much as I am concerned about who brokers are sending out to do the job.
Case in point. I had a routine call from someone that wanted to do a BPO. so far so good. she asked me for the lock box combo, which I informed her it was on an electronic Supra Lock box. She then proceed to tell me she did not have a key pad to open Supra lock boxes, Which puzzled me. something told me to begin to probe a little more. I asked her how does she expect to do real estate without having the tools for the ... more

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