BPO and Appraisal Blog

REO Listings
September 29th, 2008 6:58 AM

Agents who do BPOs on a regular basis eventually are asked to list properties that have gone into foreclosure (REO); this is what increases agents annual earnings substantially. We at Valuations Today have recently learned that some BPO vendors are removing your name and number from the BPO and putting in its place, “Available Upon Request.” They are doing this because if the REO manager in charge of the property needs a local agent to list the property they would normally just call you directly however the vendor wants to get the call first so they can get a referral fee from you.

We at Valuations Today say, “give me a break.” We would never ask for a referral fee and always insist that your name, phone and email are on the report. It’s important that the REO and Asset Managers get used to seeing your name. You getting listings is part of your business plan not ours.


Posted by Valuations Today on September 29th, 2008 6:58 AMPost a Comment (1)

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Take The Extra Minute
September 1st, 2008 8:48 PM

Stating the correct sales price of the subject and how long it’s been on the market is vitally important. Why, you ask, here is a typical example:

You estimate the subject’s market value at $100,000 and provide supporting sales and listings however you neglect to note the house has been for sale for over six months at $85,000, this makes you look at the very least, careless.

If however after careful analysis you feel confident in your value then the below market sales price could be a red flag that there is something wrong with the property such as, poor condition or bad location.

Vendors and institutions often complain that agents will many times put that the subject is not for sale when there is a huge FOR SALE sign in the front yard. Attention to detail is what makes you a professional.


Posted by Valuations Today on September 1st, 2008 8:48 PMPost a Comment (0)

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BPO Certifications
August 24th, 2008 8:17 AM
We’ve noticed some companies advertising that they offer BPO certifications. While this might sound official, it’s not. The Broker Price Opinion industry is completely unregulated which is why lenders would not use a BPO for loan origination, this is covered extensively in our training package. Agents are many times confused regarding the purpose of a BPO. Asset and REO managers don’t ask for BPO certifications, please be wary of companies selling any type of certifications. Classes taken in the area of valuation from institutions such as the Appraisal Institute, CCIM, BOMA have more credibility on your resume. Appraisal and real estate classes from accredited universities and licensed real estate companies also carry credibility. All lenders and private banks have appraisers and analysts of all types reviewing your work since they are aware the industry is unregulated, plus a secondary review from an analyst provides a second line of defense. Adding credentials to your resume is always a good thing but please spend your money wisely.

Posted by Valuations Today on August 24th, 2008 8:17 AMPost a Comment (0)

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Agents/Appraisers are getting in trouble
June 20th, 2008 11:38 PM

When agents or appraisers doing BPOs get in a hurry they typically cut corners. One common thing we and lenders have noticed is, the distances from the subject to the comparables is sometimes guessed or made up. Instead of me going on and on about how unethical this is let’s focus on the positive solutions. When inputting the distances use: http://maps.google.com/, http://maps.live.com/, or http://www.mapquest.com/.

It makes us all look bad when the lender or investment company catches it.

These are all free web sites that we use regularly.


Posted by Valuations Today on June 20th, 2008 11:38 PMPost a Comment (1)

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Derivatives are Important
June 12th, 2008 10:15 PM
Derivatives in any business are important in having any type of longevity. What are derivatives? They are the other things that happen from doing your core business. For example, agents who do BPOs for a living typically get asked to take listings which are easy since they’re typically hands off and are shown via a lock box. Another spin-off or derivative is property management which is a growing business especially in today’s market. Agents that have good relationships with handyman, contractors, locksmiths and other tradesman usually excel in this. Local real estate schools have classes on property management which entails rent collection, landlord tenant laws and financial statements. These classes look great on a resume. Agents who can stay diversified in these areas can weather any storm. Companies like Google and Microsoft know this business concept probably better than anyone.

Posted by Valuations Today on June 12th, 2008 10:15 PMPost a Comment (0)

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For Beginners
May 27th, 2008 10:14 PM
For beginners I think it's vitally important to subscribe to at least one other source for closed sales other than your local MLS. RealQuest and Win2Data are great examples. Next purchasing a short training course and getting your hands on a good list is equally important. It takes a while but eventually you'll be getting a steady stream of work. Some BPO companies are harder to deal with than others when it comes to submitting reports and most important getting paid. Our course and list at Valuations Today handles all of these issues and is a great start to your business.

Posted by Valuations Today on May 27th, 2008 10:14 PMPost a Comment (2)

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BPO outlook in 2008
May 22nd, 2008 8:00 AM
The securitization market has slowed down considerably. However the BPO and IMA orders have remained steady. This is due to the enormous amounts of Asset Management. What is Asset Management? These are properties where the borrower is behind on the mortgage payments and forecloure is getting closer, the lenders are trying to assess the present value of the property. Agents can expect a higher number of REO listings in the coming months. My estimates are after 2008 things will begin to normalize.

Posted by Valuations Today on May 22nd, 2008 8:00 AMPost a Comment (4)

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