Two different BPO companies

By
Real Estate Agent with Transaction Realty 500 Reno, Nv.

I work for many different BPO companies.  I did a BPO for one company.  The sold comps were for $252,000, $260,000 and $265,000.  The listed comps were for $230,000, $235,000, and $239,000.   I said to list the home for $250,000 and expect to sell it for about $240,000 depending on the interior condition.  The company's quality control rejected the BPO, saying that my price was too low comparing it to the sold comps. 

Same situation, different company.  The company's quality control reject the BPO, saying that my price is too high comparing it to the listed comps.

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Anonymous
Carlos

Usually these companies already have a set price that they want, so when they order the bpo and it doesn't come in at what they thought they will reject it. This always happens to me too.

 

http://www.agentbrokerforum.com

Mar 08, 2008 02:27 PM #6
Rainer
39,799
Clark Garrison
Taylor 1 INC - Atlanta, GA
"Loan Modifications"
Matt it is amazing that These companies ask of your expert opinion then they reject it. Why don't they just make up their own decision and save money! 
Mar 08, 2008 03:04 PM #7
Anonymous
Anonymous
They are looking at it just on the numbers and if they need to move it fast. 
Mar 08, 2008 04:06 PM #8
Anonymous
maria
I used to do BPO's when the market was doing well in 2005 - 2006. I am now trying to get back into it but I'm finding it more difficult. In this declining market, I am finding the properties I want to use based on proximity and recently sold or listed but so many of them are in foreclosure or pre-foreclosure. Do the bpo's companies prefer using those comps or is it preferable to go to a nearby neighborhood to find normal comps. (meaning properties that are not in foreclosure). Any thoughts would be appreciated.
Mar 21, 2008 09:10 PM #9
Anonymous
Anonymous
Maria, it depends on the company, some companies insist you use REO listings, some companies insist that you use non-REO listings, some companies actually trust your judgement to pick the best comparables. 
Mar 21, 2008 09:59 PM #10
Rainer
51,194
Susan Manning
Realty Executives - Temecula, CA
 Sometimes the comps don't support a realistic price regardless.  There is one area here that is a house of cards ready to fall.  The taxes are super high (above 2%) and there are numerous short sales and REOs none of which have sold in the last six months.  Price is the only thing that will sell a house in this area regardless of amenities, lot size, etc.  If a bank really wants to get a property sold they need to reduce the price.  I did a BPO for a new REO listing and a model match has been sitting on the market for well under what a BPO would show.  I'm keeping my fingers crossed that the bank will list it at a decent price or else it is just going to sit there like the rest of the 40 listings in direct competition!! 
Mar 22, 2008 02:12 PM #11
Anonymous
sharon mcgee

 

 

hi,

IS it possible to get some names for companies that are doing business in south florida i have done BPOs before

 

thanks in advance

 

 

sharon

May 01, 2008 08:02 AM #12
Rainmaker
198,270
Mary Strang
Viroqua, WI
Real Estate

Most BPO's want it bracketed within the middle range of the high and low of the sold comps you picked. I have not seen this with the listing comps.

May 02, 2008 06:38 PM #13
Rainer
19,714
Stacie Cunningham
Altera Real Estate - San Clemente, CA
Don't you feel like you can't win!! I hate when they do that to me!! Anyways....I have learned to pick up the phone and see what they are actually looking for. They have no fear in telling you so might as well get the info from the horses mouth. I had the same thing on a REO listing which held it up from becoming active so I called them and the asset manager wanted me to lower my BPO price. I did and wouldn't you know it actually sold above the actually listing price for exactly what I said it was worth in my BPO. Can't win....
May 03, 2008 02:16 AM #14
Rainer
12,821
Pedro Gonzalez
REALTY EXECUTIVES - Chino, CA

Well different companies work in different ways just keep in mind who the professionals are and the fact that you are an area specialists. Just look for those properties to be in the market for a year or more. No wonder there are so many REOs overpriced out there!

Jun 19, 2008 11:27 PM #15
Rainmaker
162,129
Lorinda Ward
Keffer Realty - Norfolk, VA
Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach

It depends on who the AM person reviewing the bpo.  I know mine had came back as to low.  They need to look at the comps we send them a little closer.

 

Jun 20, 2008 11:58 PM #16
Rainer
13,099
DeVerie Riley
Associated Real Estate - Tehachapi, CA
Helping Buyers in Tehachapi & Bakersfield

This happens to me all the time...It's like thay are not looking at the whole BPO and putting all together at the end...sometimes I wonder why they are asking for my opinion when they always turn it down..I'm glad to hear I'm not the only one..

Thanks for sharing!

Jun 29, 2008 03:05 AM #17
Rainer
6,416
Nick Exarhos
National Realty Centers - Livonia, MI

ANY INFO FOR GETTING BPO BUISNESS IN MICHIGAN

Jun 29, 2008 12:30 PM #18
Rainer
48,713
Abacus Properties, Inc. DBA Apple Dream Homes
Abacus Properties Inc. - San Diego, CA

I think it is important to explain your findings in details, especially when it deviates from the norm. You are the eyes for the banks, they don't see the trash in the yard, or the other 10 REO listings in the block.

BTW, I am selling a list 70+ BPO/REO companies. It is in a pdf file and with direct links to sign up with these companies. If you are looking to safe time surfing the web, the list cost $29.99. Email me if you are interested.

Jun 29, 2008 07:46 PM #19
Anonymous
Anonymous

How is Erika going to handle everyone in every state......would seem like I don't hear about anyone in that accounting department! Still waiting on my April check but did talk to Erika once, surprise her voicemail box is full! Emailed her and someone will get back to me in 5-7 days great!
Slow pay is one thing. I never count on a PRTK check before 60 days but the back and forth stuff to see when you'll be paid is ridiculous!

They call me at least once a week and send a desperate email 2-3 times a week. Love the ignore button on my phone for that reason (I have their numbers programmed into my phone with the name, so I know what to do with the call) and the delete email option also, actually need to set them up for auto-trash bin.

EVALUATION SOLUTIONS has no solutions on how to pay their agents.

Sep 05, 2008 12:12 PM #20
Rainer
147,064
Freddy A. Saavedra
Essential Properties - Goodyear, AZ

Catch-22 if I ever saw one, price is a matter of opinion and if you have the facts to back you up along with the local market prices then you are right. They are not the local experts you are.

Sep 10, 2008 12:40 PM #21
Anonymous
Johnathan Worldwide Realty

I found a FREE list of BPO companies at www.bpoaccess.com and signed up with all the companies on there. Why are agents paying for a list when they can just google search "free list of bpo companies"

Nov 07, 2008 10:27 AM #23
Anonymous
Shawn

Please stop by my blog and give any information on free choices for BPO information. Another area that complements BPO's are field inspections. I don't have as much information on that yet but I'm still searching.

 

http://www.inexpensiveinvestinginflorida.com

 

Thanks

Mar 13, 2009 02:56 PM #24
Rainer
7,293
Eric Auger
prudential Americana Group, Realtors - Las Vegas, NV

Hey there,

Banks need Real Estate Agents to help list and sell $600 Billion worth of foreclosures.

Well I am getting my share of the pie! I just bought the BPO and REO Kit here:  http://tinyurl.com/d2tvnk

I thought you might want to give this a try too. Check It Out...

 

Best of luck ...

Mar 24, 2009 12:13 PM #25
Anonymous
Anonymous

Hey Eric,

Please stop advertising your thing BPO/REO kit whatever. It does not help anybody. You can get all the info here in Activerain for free. Why spend that money which is already equivalent to one interior BPO order. Stop plugging your ads Eric all over the place. You are not helping anyone but your own purpose of making money out of the Realtor's money. Do something better Eric. I don't even think you are a Realtor.

Mar 24, 2009 01:03 PM #26
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Matt Kofsky

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