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

10 posts by 6 users

Medium 1399407559 avatar cashboy2010 Michael G.
Investor from Bay Shore, NY
330 Posts
112 Votes
4 Awards

Michael G.

Investor from Bay Shore, New York

Apr 02 '11, 02:29 PM


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?



Medium 1399313897 avatar realtyman Dale Osborn
Mobile Home Investor from Spanaway, WA
1924 Posts
446 Votes
12 Awards

Dale Osborn

Mobile Home Investor from Spanaway, Washington

Apr 02 '11, 02:55 PM


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



Michael G.

Investor from Bay Shore, New York

Apr 02 '11, 03:22 PM


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



Medium 1400879112 avatar realestatestan Stan Jackson
Real Estate Broker from Fort Pierce, FL
221 Posts
90 Votes
4 Awards

Stan Jackson

Real Estate Broker from Fort Pierce, Florida

Apr 02 '11, 10:52 PM
1 vote


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.



Medium 1448323426 avatar jasonscott J Scott
Investor / Business Guy from Ellicott City, MD
15813 Posts
12292 Votes
15 Awards

J Scott Verified Moderator Donor

Investor / Business Guy from Ellicott City, Maryland

Apr 02 '11, 11:11 PM


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... :)



Medium lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Website: http://www.123flip.com


Medium 1399425050 avatar billpatterson Bill Patterson
Real Estate Investor from Portage, MI
470 Posts
312 Votes
5 Awards

Bill Patterson

Real Estate Investor from Portage, Michigan

Apr 03 '11, 03:45 AM


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



Stan Jackson

Real Estate Broker from Fort Pierce, Florida

Apr 03 '11, 04:22 AM


Originally posted by Stan Jackson:
CB,

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



Medium 1399519705 avatar zsikes Zach Sikes
Residential Real Estate Agent from Edmond, OK
313 Posts
81 Votes
5 Awards

Zach Sikes Verified

Residential Real Estate Agent from Edmond, Oklahoma

Apr 11 '11, 05:35 AM


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



Medium imageZach Sikes, The Sikes Real Estate Team
E-Mail: [email protected]
Telephone: 405-509-0541
Website: http://www.edmondandokc.com
OK Agent # 157234


Michael G.

Investor from Bay Shore, New York

Apr 11 '11, 06:12 AM


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.



Bill Patterson

Real Estate Investor from Portage, Michigan

Apr 11 '11, 09:12 AM
2 votes


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



Manage Keyword Alerts

View All Forums