Conrad Allen did a recent post about the poor quality in real estate appraisals. I wonder if the consumer really understands that the new regulations 'to save them' really ended up costing them more money?
Congress wants to cozy up to 'Joe Regular Consumer' but has it's hand in his wallet at every turn & opportunity it seems. That's just a regular pick pocket.
Which brings up what I wanted to discuss. Another homeowner in my area casually tells me that his daughter who is a rental agent 'supplements' her income by doing BPO's. She's been burning them out 
left & right in order to make extra money. Can't blame a girl for being an entrepreneur but what does a licensed rental agent know about my area subdivisions?
Just another example of lack of quality and knowledge doing BPO's for short sales. No wonder nothing ever appraises out when the people doing them don't even sell real estate or are appraisers.
From what I understand the bank now orders 3 in order to get some reasonable average or median price for a home. Just like appraisals, if you've never stepped foot into one of the homes in a neighborhood, how can you conscientiously give a price?
I keep coming back to this - If you've ordered 3 budget priced BPO's it would have equaled one 'good' appraisal.
I know that you have to sign off with your license number at the end of the BPO and I've recently noticed that they have stopped asking how far your office is from the subject property. They should also ask - when was the last time you sold something?
There ought to be some better standards!
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