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Forums » Real Estate Agents » Why did my agent show up to a BPO with no sold comps, no documentation, no nothing?

Why did my agent show up to a BPO with no sold comps, no documentation, no nothing?

10 posts by 6 users

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Wholesaler · Bay Shore, New York


I am fit to be tied. My agent tells me a BPO is scheduled for last Thurs. I ask her if she has the comps I sent her showing the exact same type of house on the next block sold for 13K less that what we listed. She said the appraisers got all the comps they need already and that they know the area. What! I always thought when agents meet the BPO agent at the property they bring something, anything that would help bring the price in where it should be. I talked to another agent who said they ALWAYS go to a BPO with comps. WTF? Am I missing something?



Mobile Home Investor · Spanaway, Washington


Yime to shop for a new agent! Finding one that can do what you want will be hard to do. Good Luck!



Wholesaler · Bay Shore, New York


What about you Realtyman? What do you do when you go to a BPO. Do you show up with empty hands?



Residential Real Estate Broker · Fort Pierce, Florida


CB,

Ask your realtor if they know the rules of Home Valuation Code of Conduct (HVCC). This may be where the problem is.

Some agent either don't know the rules or do not clearly understand what is and what isn't permissible under the HVCC rule.

The one rule of coercion is the one that some agents do not have a clear understanding. Basically, an agent cannot provide specific comps for an appraiser to use in the report. However, an agent can provide multiple comps to bring to the appraisers' attention of their availability.

It is no more than saying to the appraiser, " I know you may find other comps, but I want you to be aware that these comps are available".

Often, appraisers and realtors ( when asked to complete an appraisal or bpo) are selected from other parts of the state and may not know the particulars that make up a neighborhood.

Suggesting other comps for the appraiser to choose from does conflict with HVCC.



Real Estate Investor · Ellicott City, Maryland


I assume when you say BPO you mean appraisal in this context? If so, then yes, you and/or your agent should show up with comps, and if you're the seller, probably a whole lot more.

This is another reason to get your own license... :)


Small_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Telephone: 770-906-6358
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CHECK OUT MY BIGGERPOCKETS BOOKS: http://www.biggerpockets.com/flippingbook


Real Estate Investor · Portage, Michigan


We also have our agents provide the BPO agent with comps that support our listing and offer price as well as needed repairs with written estimates of cost. If there is anything else (such as a large employer closing a manufacturing plant) that may make a difference in value for the subject property verses the other comps, they provide that information, too. Realtyman and Stan are correct.....get a new agent that understands what can be done without violating HVCC and that wants to earn their keep!
Bill



Residential Real Estate Broker · Fort Pierce, Florida


Originally posted by Stan Jackson:
CB,

Suggesting other comps for the appraiser to choose from does NOT conflict with HVCC.



Real Estate Agent · Edmond, Oklahoma


It shouldn't be that hard to bring comps. Your agent should have them already because you used them to price your home!


Small_imageZach Sikes, The Sikes Real Estate Team
E-Mail: [email protected]
Telephone: 405-509-0541
Website: http://www.edmondandokc.com
We don't list homes, we SELL homes. The Sikes Team at Keller Williams www.edmondandokc.com


Wholesaler · Bay Shore, New York


Duhhh - Ya think! I'm trying to find a nice way to tell her to bring comps and a repair estimate next time.

She's got one more of my deals that will need a BPO performed.



Real Estate Investor · Portage, Michigan


Originally posted by cashboy2010:
Duhhh - Ya think! I'm trying to find a nice way to tell her to bring comps and a repair estimate next time.

She's got one more of my deals that will need a BPO performed.

I wouldn't worry too much about being "nice". She is working for you and if your requirements are that she bring comps supporting your offer and repair estimates to the BPO agent she should do it. If not, I'd find a new agent.
Bill





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