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 Courts and BPO's

Created by:
Andi Durbin

Date: November 20, 2008, Number of Replies: 25


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Have any of you ever been called into Court to defend your BPO value? It happened to us today. Apparently the homeowners have filed bankruptcy and the value we indicated left some equity in the home. So there is a big fight between the homeowner and the lender (creditor)…

Not sure it's worth it for what we get paid to do these.

Andi

Mack and Andi Durbin, Brokers
Rooftop Realty
Serving Metro Denver since 1976
303-881-8844
www.rooftoprealty.com
Visit our blog at www.rooftopviews.com
30 years of doing whatever it takes

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jackiesamy

Date: November 21, 2008

To Andi:

But you just need to clarify and ratify the value given at that time, or is there any other situation that might affect you?, was that an old bpo?. I had not any issue at all, just one time an attorney called me to verify if a bpo that was presented to his client was accurate and if it was correct, he told me that he just needed to verify if it was the bpo I did, that there was a lawsuit against the lender because of fraud. I just review it and told him that at point in time the value was like that and the comparables sustain value.

jackie

j & S II

Samy Matat & Jackelyne Aguirre-Matat, CRS, E-pro, GRI

Brokers

Realty Executives Miami Homes

7755 sw 87 ave 130 MIami fl 33173

Office ( 305) 275-8888

www.buyhomesmiami.com

email: jackiesamy@earthlink.net

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Catherine Myers Licensed Real Estate Agent,  Walnut Creek,  CA

Date: November 21, 2008

Have any of you ever been called into Court to defend your BPO value? It happened to us today. Apparently the homeowners have filed bankruptcy and the value we indicated left some equity in the home. So there is a big fight between the homeowner and the lender (creditor)…

Not sure it's worth it for what we get paid to do these.>>>>

Andi, haven't heard of that happening, a bit frightening. What is worse , is that in some cases those BPO companies really want to bully us into get a particular value. Sometimes I just ask them why they are hiring agents to do these if they already have in mind other comps to use , or the value they want. Maybe some BPO companies will be under fire for being TOO involved in the values that are obtained on the BPOs.

Catherine Myers, REALTOR

GRI, CRS, ABR, SRES

Alain Pinel Realtors

1646 No. California Blvd., Suite 101

Walnut Creek, CA 94596

925-683-2125 cell

925-465-1593 fax

www.DiabloValley.net

www.CCShortSales.com

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Parker Quigley Licensed Real Estate Agent

Date: November 21, 2008

Catherine, maybe you can answer this question for me. Would a BPO be ordered on a home for any reason other than impending foreclosure (if you know that the owner is struggling financially)? I have not been involved in foreclosure sales before so I really don't know much about them. My Step Daughter lives in Dublin, Ca near where you are in Walnut Creek. Are there foreclosures everywhere out there? Just curious...
Parker
PARKER QUIGLEY, Realtor
ABR (Accredited Buyer Representative), E-Pro
Re/Max Foothills Realty
Lake Hartwell & Keowee Specialist
Toll Free: 877-314-1058
Fax: 864-287-0858
www.Hartwell-Keowee.com
www.LakeHartwellKeoweeRealEstate.com
www.ParkerQuigley.com




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Glory bee Costa Licensed Real Estate Agent,  St. Michaels,  MD

Date: November 21, 2008

Andi, haven't heard of that happening, a bit frightening. What is worse , is that in some cases those BPO companies really want to bully us into get a particular value. Sometimes I just ask them why they are hiring agents to do these if they already have in mind other comps to use , or the value they want. Maybe some BPO companies will be under fire for being TOO involved in the values that are obtained on the BPOs.Catherine Myers, REALTOR

Boy did you hit that on the head. They gave me 6 waterfronts in one day to do BPO on and have done in 72 hours. We are rural and I had a hard time back and forth, too many days on the market. I said they over priced and they set there. Too far from subject, no sales with in 6 miles to compare. I finally e mailed there every sold and active for 1 year. And said that is the best I can do, here is your comps, and give it the price your want, I just want paid. They cooled down.

Glory Bee Costa ABR, CRS, GRI, E-PRO, SRES 410-310-9081-Cell 410-763-6001 EXT 107  Gen. Office 

Maryland-WaterFront-Homes.com     Glory@GloryBeeCosta.com     Re/Max Gold Realty, LLC- Easton, MD  

 

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Sarah & john Rummage Licensed Real Estate Broker,  Nashville,  TN

Date: November 21, 2008

I believer, when times were better, that buyers of mortgages in bulk sometimes wanted to see the total value of their package and thus would get a BPO on each property, so the property you did a BPO on wasn't necessarily a foreclosure.

Sarah

Sarah Rummage, e-PRO, Broker
American Realty Resources
Nashville, TN 37205
www.Nashville-Homebuyer.com



From: Parker [mailto:RealTalk@RealTown.com]
Sent: Friday, November 21, 2008 4:32 PM
To: Sarah & John Rummage
Subject: RealTalk: RE: Courts and BPO's ID00DD01

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Financing - Lending
RE: Courts and BPO's
Parker Licensed Real Estate Agent
Nov 21, 2008
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Catherine, maybe you can answer this question for me. Would a BPO be ordered on a home for any reason other than impending foreclosure (if you know that the owner is struggling financially)? I have not been involved in foreclosure sales before so I really don't know much about them. My Step Daughter lives in Dublin, Ca near where you are in Walnut Creek. Are there foreclosures everywhere out there? Just curious...
Parker
PARKER QUIGLEY, Realtor
ABR (Accredited Buyer Representative), E-Pro
Re/Max Foothills Realty
Lake Hartwell & Keowee Specialist
Toll Free: 877-314-1058
Fax: 864-287-0858
www.Hartwell-Keowee.com
www.LakeHartwellKeoweeRealEstate.com
www.ParkerQuigley.com




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Neal Adler, gri,abr, e-Pro Licensed Real Estate Agent,  Studio City,  CA

Date: November 21, 2008

RE: BPOs. I have been a real estate professional for over 15 years and have been doing BPOs for nearly 2 years. I have completed nearly 900 BPOs. There are several reasons why a BPO would be ordered. When I first started doing BPOs the majority of them were ordered by 3rd party companies that were hired by lenders. Most of them were for HELOCs. As the market started to turn I would get many of them for properties that were short sale listings. I would call the listing agent and I might have been the second, third, or fourth BPO. Sometimes I would do them that were being ready to be listed as a foreclosure or a foreclosure already on the market. Some companies I would do BPOs for were asset companies that might eventually give me a listing. There were times I would ask my contact what is the BPO for and they would not know or not tell me.
As far as being 'forced' to come up with a value, I can't recall this ever happening to me. All BPOs go through a quality control/quality assurance check. About 95% of my BPOs would clear the QC process without revisions. Occasionally, I would have to make revisions. More often than not when I was asked to make a correction a clarification would suffice. Sometimes I would have have to revise the value or change comps. I have had reviewers ask me about how or why I came up with the value I did. In almost every case my value would stand. I'm in the field, they are paying for my opinion. In the final analysis I can't recall being coerced into making a predetermined value.
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Kathleen Garrison Licensed Real Estate Agent,  People's Choice Brokers,  CA

Date: November 22, 2008

"Courts and BPOs" and why ordered.
 
I've been performing BPOs for over a year and I get them for: Short Sales, pricing prior to listing the property as an REO, Client weighing options to determine the most appropriate action (restructure loan, accept short sale, foreclose on the property, etc.), Equity Lines of Credit, one bank buying a portfolio of loans from another bank, and after offers are accepted and they need the valuation. There have been many times when the homeower walked outside as I was taking photos and had no clue a BPO was being performed. I was at a loss for words until one of the companies who supplies the orders told me they had received a package of 2000 properties to assign because one bank was buying from another bank and they needed to confirm property values. Now, when I encounter a homeowner, unless there's a sign out front, this is the reason I tell them as it's a non-threatening reason and then they allow the photos.
 
Hope this helps.

Warm Regards,

Kathy

Kathleen Garrison, REALTOR(R), e-PRO, SRES
Short Sale Specialist, Accredited Staging Professional� (ASP�)
People's Choice Brokers
Cell: 530-219-5232 Fax: 530-309-0303
Kathleen@KathleenGarrison.com
www.KathyGarrison.com

Your real estate consultant for life.
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Steele Propp Licensed Real Estate Agent,  Minneapolis,  MN

Date: November 22, 2008

I believe, when times were better, that buyers of mortgages in bulk sometimes wanted to see the total value of their package and thus would get a BPO on each property, so the property you did a BPO on wasn't necessarily a foreclosure.
 
Four to five years ago a full third of the BPOs we did were for equity credit lines. If the bank knew the owners already had plenty of equity they felt a BPO was good enough and saved the borrower the cost of an appraisal. And occasionally we did do them for bulk mortgage purchases, just not often.
 
Steele

Steele V. Propp
Foreclosure Specialist/ Loss Mitigator
Bank Owned Property Division
Schatz Real Estate Group
1009 Mainstreet
Minneapolis, MN 55343
(612) 325-6764 Direct Line/Cell
(952) 938-2593 Office
(952) 938-3831 Fax mailto:SteeleP@aol.com

Access Hundreds of Twin City Bank Owned Homes http://www.MinnesotaForeclosureNetwork.com

Foreclosure, Short Sale Training and more. Start with Free Video Training. http://www.automateyourwebsite.com/app/?af=380101
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Glory bee Costa Licensed Real Estate Agent,  St. Michaels,  MD

Date: November 22, 2008

I have done BPO's for re-fi's as well as foreclosures

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