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Curious: What do banks pay companies like Clear Capital for BPO's?

Just a thought.

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I would have to disagree - been doing BPO's for them for over 5 years and no issues and very few sent back for clarifications and they pay like clock work.

Thanks for the reply! I agree Clear Capital is to me the best company to work for!! The staff is helpful, always there, and they pay timely. Heck, I send them Christmas cards every year. But in the back of my mind, I still have to work what is the total amount that banks pay to Valuation companies not just CC. From a previous response, $150-250 would be about right.

I did an appraisal for Clear Capitol of a higher end home that was assessed over $800,000.  It took me two days to do the 59 page report. My opinion of value was $880,000. I sent it in to CC and there reviewer felt I had over appraised the property and wanted me to use comparables that sold in the $400,000 to $500,000 price range.  I looked at what he sent me and it was quite obvious the comparables that he sent were significantly inferior to the subject in size, quality and amenities.  The subject was a two story with exposed back, all brick, two fireplaces, pillars, crown molding, arched door frames, finished basement, granite and wood floors etc.... basically an execute home.  He wanted me to use a typical ranch home with hardy board siding and nothing going on in the interior.  I refused to do it. So they cancelled the order and re-ordered the appraisal from a different appraiser.  The next appraiser had an opinion of value of $910,000.  Of course that did not fly with them either.  That appraiser was also turned into the state. Then they hired another appraiser who did not go into the house and his value came out to $457,000.  Yes they got a winner!!!!  Now how would you like to be the home owner who paid $875 for an appraisal report and got shit like this back. I was never paid a dime for my report and neither was the second appraiser.  From what I heard this lender does not do business with CC anymore, however I still do with other clients.  If you are looking for a good company to work with I recommend STARS, Solidifi, Streetlinks, and local banks.  As far as I am concerned CC, and  Rels suck. They take most of the a money and leave you with a small bone to chew on while they are all getting fat off your hard work. They treat people with no respect and demand fast turn times. But hey if you all like them go ahead and work for nothing.  All I am saying is there are better companies out there that really do respect your time and hard work. By the way I have been doing appraisal and BPO for 31 years.             

What did they turn you in for?  Did they turn in the other appraiser? 

They turned me in for sending the report to the lender.  I figured as long as they cancelled the report and did not pay for it the report belonged to me. So I sent it to the lender.  I don't know what they turned the other appraiser in for. I know the state found some errors in his report and he was given a fine and had to do some education.  The state found one error in my report (zoning) and I did not comment in my report for highest and best use and did not summarize my site value which is not even a Fannie Mae requirement.  That cost me almost $2,000 in fines. The highest and best use of the subject could not be anything other then residential due to deed restriction. So it all was just another way to steal some money out of my pocket in which I never even got paid for! I don't know how I could have missed the zoning.... I even put the zoning map in the report.  So basically it was just a mistake.  The property was still conforming.  Everyone make mistakes.... this one cost me a lot of money.    

Your mistake was sending it to the bank - how foolish - you apparently thought you were getting back at Clear Capitol, I would say that comes under unprofessional - sorry but that is how I look at it

Do you think Clear Capitol acted professional? Give me a break.  Don't you think the client had the right to know what was going on.  Like I said I still do work for this bank, however Clear Capitol does not.  So who do you think the Bank believes. Yes I took the spanking but so did they, they lost a major banks business. I would have never done business with them again after they placed undue influence on me. I cancelled them from my client list.     

Joan, if you talked to them like your post, I can see why they cancelled you, As for turning you into the state for coming in to high that is a joke the state would not even look at a complaint like that.  I think you were cancelled for attitude . 

No, the report was cancelled because I would not use there comparables!!!!  My attitude is just fine.  You tell me you would not be pissed off if you spent two days doing a 59 page report and don't get paid for it.  I guess the second appraiser has the same attitude as I do. The state did look at the complaint and I did get a fine and so did the second appraiser. Keep working for them you might be next.     

I agree Patti. Attitude and unprofessional actions to say the least. Does a 59 page report exist? I never got one of those, in 12 years, have you Patti? I doubt they lost the lenders business either. I really doubt any major lender is going to pull a bpo provider because they have an agent run wild. I guess Joan, all you can do is be satisfied that Clear Capitol no longer has the pleasure of having you on board.

Patti you do not have a clue!!!! I did an appraisal report not a BPO.  Real appraisal report are longer then your two page BPO you get $50 dollars for from CC. It clearly is Clear Capitol loss not mine... I still have plenty of lenders and clients that appreciate good appraisals.  I really think it is pathetic that you and Patti don't see the problem with CC and how they treat people and try to control values. Obviously I am not the only one that they have done this to.  I am glad they have people like you that are will to do BPO's for nothing.  I personally don't have time to do BPO's I am too busy doing appraisal and selling Real Estate.  I would rather have a large commission check then a bunch of little checks for BPO's.    

I have done ALOT of work for Clear Capital over the past decade. Ive always been happy with them. HOWEVER, this past month I noticed a new QC guy pushing me to write the report the way he wanted. I do MANY bpos for MANY companies and I realize how QC works. This was over the top pushing for me to not only change my value by ALOT but also use comps that were SO FAR off that theres NO WAY i would have ever used them. I explained many times WHY I could not use those comps. In the end I was basically told that if I did not do what he was telling me to do then they would reassign and I would not be paid. I refused and let him know that the order was for MY opinion and thats what I gave them. I also explained that I had completed a BPO on the same property through another company just a cple months before where my value was very close and that bpo was submitted and never questioned. I asked VERY NICELY if their client had even had a chance to review my report and the answer was NO because they had a prior from a year ago where the value was much lower and so they didnt want to submit mine because the value was higher. They wanted the 2 to stay "in line" with each other. Oh wait I forgot to mention that the prior had used a singlewide manufactured home with an addition as 1 of their comps for this stick built home that the report was issued for. This was the 2nd BPO that I had completed within that month where the same QC guy ( new by the way) had stood up and demanded I do as he told me to do. When I asked to speak to his super I was told there was no one there to talk to me (according to him). So I hung up and called back and requested his super. She was VERY VERY nasty and asked me "just what it was I wanted". I sent Clear Capital an email after speaking with her and removed myself from their list. I explained that this type of behavior is unethical and I didnt want my name NOR my company name associated with altered inaccurate reports where agents are forced to use comps and value properties as they are told by Clear Capital and that I refused to be on a list where the only interest appears to be for a Brokers name and License # as Clear Capital cannot LEGALLY complete bpos for their clients. Something has changed in a drastic way at Clear Capital and I honestly dont look for them to stand long that way. They never do once they drop ethical behavior. Oh and FYI I charge $150 for interiors and $125 for exteriors. I wouldnt walk out my door for the $50 or less that they offer Brokers. 

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