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NCAR clarifies the rule on Broker Price Opinions in North Carolina. Are you breaking the law?

Real Estate Broker/Owner with Jonathan and Associates, Inc

The North Carolina Real Estate Commission has set out its guidelines on who is violating the rules when it comes to broker price opinions.  While this guy is as exciting as watching paint dry in a dark room, it is important to point out that there needs to be a reasonable expection that the agent would receive the listing for performing the BPO.  

Reasonable expectation?  What exactly does that mean?  

On 70% of the BPO's received on our short sale listings, the agents are new or not MLS members, have not sold a home in a number of years, or have never even sold a bank owned property.  Now, some are on teams and their teams list REO's but most are not.  Instead, they are assigning values to property as their sold source of income.

What kind of job does that sound like?  


Comments (2)

Angry Agent

I think this is complete rubbish. A Broker Price Opinion is just that, a BROKER PRICE OPINION! Not an appraisal. In this economy, we need all the help we can get. I am a 9 year veteran of this crazy business we call real estate, and over the past 2 years, I have been providing quality BPO's for the SC area. I do know what I am doing, have sold many bank owned homes and short sales as well, and I resent your comment. I think the law needs to stay out of our money, the appraisers need to get over it and do their job, and allow us to do ours. I lost more than half my business last year when this law was made known. Our families have to eat and we have a right to earn the money with our skills.

Apr 18, 2011 11:14 AM
Jonathan Osman
Jonathan and Associates, Inc - Charlotte, NC
Charlotte House Hunter Group

Dear Angry Agent;

Yes there are a bunch of great BPO agents out there who do a great job, sell REO and/or short sale...no one has a problem with that.  The ones that are taking assignments out of their area, aren't paying attention to market trends and are simply collecting their fee...those guys I take issue with.  The only time I have a short sale fall apart, I can tie it back to a bad BPO.  Thankfully, I have learned how to overcome them so even that's not as much as an issue any longer.  

But I agree, this is the lamest rule on the planet.  

Apr 18, 2011 02:20 PM