BPO's - How Are They Graded By Banks?

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Real Estate Agent with Long & Foster Real Estate Companies- Fredericksburg/Spotsylvania

In a sales meeting today I heard a comment that I am still trying to get my mind around. I heard that banks will grade agents on BPO's. Basically - if you do a BPO and get the listing, you are graded on the percentage that it sells for in reference to your BPO price.

But if the market is in a free fall, and the banks are dumping (see Stacy Magids very interesting blog from earlier this evening) then how can they grade the agent?

Does anybody have any experience with this?

Thanks

 

The Wallace & McGrath Team

Kevin McGrath

Coldwell Banker Elite

"Selling Homes In The Fredericksburg Virginia Area"

www.fredva.com

 

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Location:
Virginia Spotsylvania County Fredericksburg Historic Fredericksbug
Groups:
REO REALTORS
Tags:
fredvacom
fredericksburg virginia
wallace mcgrath
real estate
bpos
foreclosures

Comments 14 New Comment

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Rainmaker
326,697
Andrew Monaghan
CRS, GRI, EPro Associate Broker
Your Phoenix Home Source

i have had some crazy experiences where the BPO reviewers look at the BPO's with a set criteria in mind and dont look at the whole picture ~  sold price per square foot is this there fore your suggested list price should be that times the sold per sf.

i wish i could get homes sold at what they sold 3-6 months ago, the market has declined but the reviewers just look at their predetermined outcome and want you to fit into that.

 

 

December 16, 2007 11:22 AM
Anonymous #11
Anonymous
Anonymous
I'd love to get started and of course getting the highest grade.  I am just starting and I just want to get my foot in the door.  The rest is up to me to meet their expectations.  Thanks for the tips.
December 25, 2007 04:44 PM
Rainmaker
157,985
Rita Gibbons
The Gibbons Group
MacDoc Realty LLC

I know they "grade" you on your BPO for timeliness, accuracy, etc., but I can't imagine how they can "grade" you on your opinion verses what the property sells for???

I think the REO listings should be graded on accuracy in MLS - the majority of the REO listings I see in our MLS are missing even the most basic information such as rooms (dining room, living room, etc.) much less any remarks pointing out the house's attributes, etc.!

December 26, 2007 06:43 PM
Rainmaker
168,948
Heather Fitzgerald
REALTOR Greenwood Indiana Real Estate
REALTY WORLD-Harbert Company, Inc.
The process is so messed up, that this wouldn't surprise me.  If so, that is too bad.
January 10, 2008 07:57 PM
Rainer
39,082
Serena Brown
Taylor-Brown Real Estate
That is a very interesting question.  I am not sure how the agent is graded because in my area no matter how close to the present market I list that property I always get an offer below that value.  It is the Murphy's law or something that you never offer what it is on the market for if you can get it cheaper.
January 18, 2008 11:20 PM
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Rainmaker
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Kevin McGrath

Long & Foster Real Estate Companies
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Homes, Real Estate, & Foreclosures For Sale In Fredericksburg Virginia & Surrounding Areas