"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 job. She then admitted she was not a real estate agent. At that point I politely informed her that I would not allow an unlicensed person into my customers home. When I asked her if she had ANY kind of professional license or if she was bonded, she replies "NO". Here is someone gathering data for a BPO that could result in a harmful outcome to a homeowner and is not even required to be minimally qualified for the task. The bottom line is, I did not let her have access to the home and her last words before slamming the phone down were. "I don't know what your problem is but, this has never happen to me before and I do this every day!"
Agents..... Be careful who you let into your clients home. You could be dragged into some serious litigation for an act committed by a drug user, sexual predator, or burglar all because a Broker is sending unlicensed people to do this work.
Has anyone had similar experinces?