I'm a Realtor in N Phoenix and (like many of you) and I am doing BPO's night and day and in between.
My question is this: I know that there are numerous reason lenders and others request BPO's.
But I have also recently had a few popped back to me for QC review because my "numbers" were apparently much higher then the expectations of whoever ordered the BPO.
It almost reminds me of the way lenders were goading appraisers in 2004-2005 into pushing the envelope - or coahing the appraisers into a pre-conceived price. Now that the market is dropping here in Phoenix by 2% a month, seems like lenders are trying to encourange us to push down rather than up.
The BPO I did was not specific in asking for a quick 30 day or less sale, which I have seen before. The QC email said that their client's price was $431,000 and mine was $550,000 - $600,000. My comps and sales prices w2ere all in line with my pricing recommendation.
This seems like BS, since I am confident I nailed the comps (two were recent REO) and spent an extra couple hours last night checking and rechecking the data I used until brain freeze.
What gives? Don't they want our straight & unfiltered opinion, or are we getting turning back the clock to coached data?
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