Is it the Agents or the Banks? I hold the most awesome designation in Real Estate the SFR (Short Sale and Foreclosure Resource). You heard me right, I am an expert in short sales and foreclosures! Insert the chuckle chuckle anywhere you like.
I am doing more and more BPO's everyday. The third party companies that the banks hire are sending them to me several times a week. Some of them are way too far from my locationa dn it is not possible to get to them, but I do as many as I can. I believe that it gives me a leg up on my market and certainly lets me know which homes and areas are in trouble. With this chance to get the upper hand also comes the painful process of dealing with the third party companies and the banks that hire them.
Banks have no idea wha they are doing and the third party companies have to take direction from them. This is like the blind leading the blind. Banks have no idea what a comp is and they will not take time to hear the explanation. Banks seem to think that there are 3 listings and 3 sales with two blocks of every subject property in the country. They also think they all sold with in the last 90 days. If there are not any then they want you to find them no matter how far you have to go. A sold comp 5 miles away is NOT A COMP! A beach front house can't be compared to an inland home 3 miles away. The bank thinks that it is a comp. When they don't like the valuation price then they ask me to change it. WHAT?
They also send me comps that they find and like. WHAT? Let me get this straight..you have your own comps and your own idea of the price. Then why in the ^%$#& did you hire me? I will tell you why because I am the expert and know what I am doing. The definition of BPO is Broker Price Opinion. It is my opinion wha the house will sell for. I know my market not you. The suit and tie at the bank sitting in a desk five states away has no idea what my market is doing.
Short Sales and Foreclosures are the future and I want to continue my relationship with the banks but I must stand firm and let the banks know that they are not the experts we are. If I do a BPO then I want it to be right on the money not a guess and certainly not a value that the bank wants to satisfy there numbers. Values are what they are we can't change them. I take my pricing seriously and I wish the banks took us more serious. Am I wrong?
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