Clarification Requests From Clear Capital

By
Real Estate Broker/Owner with DDR Realty

I have been performing BPOs for Clear Capital for about six months or so and I recently encountered my first negative experience with them. At the beginning of this month, I received a Drive-by BPO request which was due in 2 days. Visual inspection of the exterior of the property indicated that the building was a 3 family dwelling and the county tax records confirmed that. The records also indicated that the dwelling consisted of over 7,000 square feet. 

I completed the BPO and submitted it on time. Within a few hours after it was submitted, I received a clarification request from Clear Capital for the BPO. Apparently, another Realtor conducted a BPO for the same property but reported the subject property to be a townhouse consisting of 1300 square feet.

Clear Capital instructed me to verify that I went to the right address, that I am stating an opinion on the right property and to be sure I uploaded pictures of the right property. I did more than that, I contacted the assessor's office and had a printout of the subject property faxed to me. I then faxed the same to Clear Capital.  

The BPO was then accepted by the Q&A team. This however did take me back a bit. I went the extra mile and I was not offered any additional compensation for my efforts. I also wonder what instructions did Clear Capital give or what was said to the other agent.

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Rainer
212,819
Tony Anderson
Century 21 Community Realty - Habersham, GA
Realtor - Serving Habersham Banks, White & Hall Co

That depends on the area you live in and how many zip codes you want to cover.  The more zip codes you cover you will probably get more emails for a BPO.   With Clear Capital it is first person who responds to email to accept BPO is who will get the job. I live in a rural area, so I do not get as many as a metropolitan area.  Hope this helps.

Jul 14, 2009 05:33 AM #17
Anonymous
Nancy Allin-Robertson

I started a BPO for Clear Capital after having done one a year ago.  It looked like a full-blown appraisal with every single line requiring an adjustement to the subject; both on the comparables For Sale and the Sold comps.  I did some reasonable adjustements for repairs, took many photos, and had really good comparables.  I adjusted for condition,etc. but did not fill in all of the little check boxes.  They rejected the BPO and requested 159 more items be completed.  This is for an $80 Interior BPO!

I thanked them, declined to complete the BPO after having already spend close to 5 hours on it, and asked them to remove me from the list.

These BPOs are unofficial appraisals and I just decided not to play anymore.

 

Aug 05, 2009 10:45 AM #18
Anonymous
Ben Benita

Having done short sales for more than 4 years, SHOCKER.....Clear Capital taking advantage of BPO persons.  LOTS of reasons they need details, always depends on who the investor is on the loan.  My 2 cents, if you need the extra cash, keep doing the BPO's.  If not, ramp up for clients and sell some houses.  Ask yourself:  How many BPO's do I need to do to average just one sales commission.....

Sincerely, Ben Benita,

Professional short sale negotiator and owner, www.United-IG.com, the leading short sale and loan modification company.

 

Aug 05, 2009 11:02 AM #19
Anonymous
Angela Light

I have been working on and off with Clear Capital for many years.  Lately I think they have changes their staff and hired real morons, I wonder where they find people who have no idea about real estate in general and valuating real estate in particular.  The questions they ask make you wanna puke and NEVER accept another BPO from them.  Now they came up with new product - MTR reports.  You have to spend 40 minutes and reply to 3 clarification requests from morons to earn $20.  No way!  I wish there were good BPO companies out there - sadly I do not know any.  Do you?

May 09, 2011 12:56 PM #20
Rainer
143,033
Ben Benita
Ben Benita - Gainesville, VA
Speaker, Author, Game Changer, Coach

see my previous post...if you spent the same amount of time diong BPO's that you did finding new clients, you would be MUCH MUCH happier!!!

May 09, 2011 01:35 PM #21
Anonymous
MTR... More Time Reaped.....

MTR's are just a way for banks to re-evaluate and re-negotiate their previous financial agreements for an extemely cheap price, based on what I've heard.  I hope that more real estate agents looking for work check out this site becuase Clear Capital's demands for the amount they pay is absolutely ridiculous.   This company says that they are the best in the industry, the most reliable and the "clearest" choice.  However, this company is an absolute sham and the few lucky ones that got to take advantage before the fall should consider themselves lucky.  It used to be a pleasure to work for them, however, their requests are obsurd and I just hope that a better option comes along soon!!!!  Clear Capital went from humanistic to unrealistic in T-Minus 6 months.  Way to go from small, original and personable to a sweat-shop, NEVER WORK FOR THIS COMPANY!

May 31, 2011 04:51 PM #22
Rainer
143,033
Ben Benita
Ben Benita - Gainesville, VA
Speaker, Author, Game Changer, Coach

banks being a pain regarding ANYTHING related to BPO's or short sales....why does that not surprise me!!!!

;-)

Jun 01, 2011 12:37 AM #23
Rainer
212,819
Tony Anderson
Century 21 Community Realty - Habersham, GA
Realtor - Serving Habersham Banks, White & Hall Co

Not doing many BPO now a days.  Busy selling real estate.

Jul 22, 2011 05:20 PM #24
Anonymous
Nick J

I used to work BPOs with Clear Capital from 2006 - 2009 and they used to be one of the best BPO companies I have worked for. Their online platform is great to work with, not too long, not too short and fast and reliable comparing with other BPO companies. They paid $50/prop for exterior and $100/prop for interior. That's great at that time comparing other paid $40 or $80 respectively.  Their QC dept was great to work with. In fact, I have done almost 2,000 BPOs with them. Seriously, can you belive that? 

But in the end, I didn't have any REO listings at all and then I asked them why and they told me that they have another sister company REONetwork and suggested me to join with $900/year and then I decided to try 1 year and then nothing at all for listing. So, I said goodbye to them. And now I heard the posts that you guys put online with Clear Capital are different experiences I had with them... THANKS GOD I QUIT THIS COMPANY BEFORE IT QUIT ME. Now, I just doing selling and listing and not BPOs!

Feb 13, 2012 10:06 AM #25
Anonymous
steven

I dont understand what everyone is complaining about with clear capital... this is the problem with the real estate worlsd, absolute laziness and greed. I have been doing bpo's with clear capital for 2 years now, i am at about 30 bpo's a month, and i still sold 32 homes last year. if it really takes you 5 hours of work then i have to laugh. and an mtr should take no longer than 10 minutes max. i dont mind making $20 in 10 minutes. you guys are ridiculously lazy... thank god my competition is like this, makes my life easier, hah. hahah

Mar 13, 2012 12:56 AM #26
Rainer
212,819
Tony Anderson
Century 21 Community Realty - Habersham, GA
Realtor - Serving Habersham Banks, White & Hall Co

Clear Capital is a good company.  I just do not do BPO's for $40- $55 dollars any more.  It does not lead to you getting to list any of the properties.  If anyone is doing a BPO in 10 minutes, then they are not do a good job.  They are lazy & want be doing them for long.

Apr 03, 2012 10:59 AM #27
Anonymous
Mr Bob C

There have been major changes at Clear Capital. None of which were for the good of the CUSTOMER or those of us that do BPOs.  Idiots there quote Deming and have no real understanding what Deming really meant or how that relates to our industry. They implemented a CME program in most areas saying this will improve quality and response time.  How is reducing the pay for BPOs then assigning 20% more orders to a person coing to IMPROVE anything except their bottom line.  The CMEs that I know will have done about 120 a month in the past and now have to pump out 150 to make the same.  They call these guys the "most ecpert".  Now they don't have to do everything that comes their way so they get to chose but are required to do 90% of those offered.  It doesn't6 take a rocket scientist to figure out they will pick the easiset and pass on as many of the more difficult as they can.  The end result, which Clear Capital does not acknowledge happens, is by their very own admissions the CME "expet", the best of the best, the most competent agents they have, ARE NOT DOING THE MOST CHALLENGING ASSIGNMENTS!  The really sad part is if thier clients don't have a clue as to what is going on. 

I have done 1000's of BPOs for Clear Capital in the past. and Have received countless request where they say someone else used certain comparables and wanted me to explain why I didn't use them.  I am good at what I do and could defend every BPO and comparable choice in a court of law if I had to.  I would welcome the opportunity to take the other agents on.  Sadly nothing is ever done.  And some times they insist certain verbage is used which isn't mine and even lower a valuation "because the numbers don't fit" Things have changed at Clear Capital but not for the better.

Actually I used to be involved in employee relations and what little I do know makes me wonder if Clear Capital isn't in violation of the fair labor law by the CME program and the demands and restrictions.  Sooner or later someone will file a complaint.

 

 

Sep 13, 2012 03:47 PM #28
Anonymous
Mr Bob C

I did 1000s for Clear Capital and always took that extra step.  I had less then 1 clarification request a month and of those 90% did not result in ANY changes as their request was already covered, they just didn't read the entire report before they asked for the request.  Bottom line is after 5 years of lovalty I've seen my Clear Capital Income go from over $60000 a year down to below $4000.  This is the real reward for going that extra mile.  We're numbers and nothing but numbers to the new attitude at Clear Capital.

Sep 13, 2012 03:52 PM #29
Rainer
212,819
Tony Anderson
Century 21 Community Realty - Habersham, GA
Realtor - Serving Habersham Banks, White & Hall Co

I have not done a BPO in 2 years.  I would have thought that the price for doing BPO's would have went up over the years.  I will not do one for any company unless they pay me $90.  I usually do not hear back from company when I quote my price.  They go find some other agent to do it for $40 to $55.  Doing BPO's will not lead to getting foreclosure listings regardless for what they tell you.    I am busier now selling properties than I ever was.

Sep 13, 2012 09:38 PM #30
Anonymous
Robert C
i have been doing bpos for Clear Capital for the past 5 years. So if you do not join the CME Program, your volume will go down drastically. So much for being loyal, on time and accurate.
Mar 13, 2014 12:28 AM #31
Anonymous
John Johnson

I have worked with Clear Capital for about 4 years, at the beginning of our relationship they were a pleasure to work with. Things have drastically changed over the past year.

Jul 03, 2014 01:09 PM #32
Rainer
212,819
Tony Anderson
Century 21 Community Realty - Habersham, GA
Realtor - Serving Habersham Banks, White & Hall Co

**Update** I have Realtor friend's in my area that are still doing BPO's. Usually from $75-$100 for drive-by.  It still has not gotten them any listings for foreclosures.

Aug 18, 2014 10:53 PM #33
Anonymous
Jeanne Dieteren

Did either of you pay for a background check. I am signed up but found the additional request for $44 after I was accepted.

Feb 27, 2015 02:50 AM #34
Anonymous
Larry J

A agree with previous agents about if the numbers don't fit within their box, then your report is rejected. And then they send you comps to consider that are not close to the subject's criteria. They are the only company that I have work with that insist on their way or no way. And when they rejects a report they expect you to drop everything and respond back within 4 hours regardless of the time zone difference. They just cannot think outside the box and I don't believe their staff of reviewers know the first thing about selling and buying real estate.

May 22, 2015 10:03 AM #35
Anonymous
Jeff

I just spent 14 hours along with 3 clarification requests and 2 one hour road trips on one assignment over a period of 3 weeks. They continued to want more and more and more...after telling me that if I just add more commentary, then just add another CMA, then just bracket the subject's site size even if the sale was more than 10 years ago, on and on and on......After I told them that I was done working on this project, they decided to re-assign the project and will not pay me the $300 owed for a 2055. They also do not hesitate to violate the Fannie Mae appraiser independence requirements as they are driving the appraisers and influencing the development, reporting,results of the appraisal process.

Dec 14, 2015 10:23 AM #36
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Rainmaker
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DDR Realty

Orange County NY
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