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Frank when I read your post about Broker Price Opinion I thought I was reading about myself. I just put them in collection with the Buzek Law firm in Westminister, Co where their office is located. (303) 953-5344. All agents interested in joining with me please contact them.
I am interested in complying a list of people who have been cheated by Broker Price Opinion. Please e-mail to email@example.com I intend to contact a collection agency in their main office area and put them in collection, also if we could determine their client list...include their clients in the action? Please advise. Michael Jones Responsible Broker for Cinema Real Estate
there are some ways we could do it, also a mass email to major banks that they do business with, they are not the only ones who have done this, like IAS and Coast to Coast.
Here's some interesting info regarding old republic. I received this email today, along with a rather nasty message about how I had to have the corrections completed within the next hour. and my response back to them.
Please be advised that we have not received the corrections that were requested and this order is now past due to our client
Hi James, Thank you for the work on the above mentioned BPO. As I stated in my voice message, we need a sale of similar acreage in order to support your final value conclusion. Listing #2 of similar acreage supports a higher value range 69,9K and I located a sale and additional listings with acreage supporting higher values? Please review the attachments and let me know what you think Thank you
Left voice message with agent regarding a sale of similar acreage. L2 supports 69,9K. Additional sales and listings of similar acreage support 70-85K?
Failure to respond to our request for corrections within the next hour may result in reassignment, no compensation and will affect future assignments!
( Persons name here ) a couple of things you need to be made aware of. First and foremost had you not left the order in review status for over a week it would not be late to the client. Secondly, my time is as valuable as yours, my agenda is full today, and I have plans with the family this evening. I will never change those plans never. Just because my opinion has been rejected, doesn't make that an emergency to me. I will not cancel my plans with family or clients. Keep in mind (Persons name here) I'm not your employee, I'm a business owner and expect reciprocating respect. I've always gone out of my way in assisting the reviewers with questions and in a timely manor, but I refuse to accept this type of attitude. I'll address the concerns of this report in the morning and not any sooner. If you feel this is unacceptable please feel free to reassign the order. Oh active listing do not necessarily reflect higher values ( those are speculative values ) a true or truer value should be based on the sold comps in the area. (persons name here) found A sale and additional listings to support a higher value. Not even sure what that means.
I get this type of response from these companies all the time, no wonder people do not want to do bpos for them any more. I kicked them to the curb awhile back. They are awful to deal with.
I agree and they pay so lousy too.
I agree with that, the pay is terrible. I loved Secured Lending, They paid very well and the form was pretty easy.... unfortunately they went out of business this year, Ironically, they paid most of what was owed me the month that they closed down. maybe one or two.........
Yes Old republic was great to work for 6/7 years as they were doing a lot of Fannie Mae listings at that time...but now.....next!
I love when these people attempt to provide comps to replace comps that were used for the report. In some ways is seems as if they are trying to influence our value determination. Also, if I am not mistaken they are called BPO's which stand for Broker's Price Opinion. Opinion being the operative word. The value I place on subject properties is my opinion there shouldn't really be much of an argument at that point as I have completed the assignment as labeled and given my opinion of the price. I supplied my value of opinion based on available comps.
I have had these people try to replace comps with out dated or to far in distance comps because someone used them on a report 6 to 12 months prior.
It really is annoying when someone that is hundreds of miles away tells you there are better comps available and they disagree with the value placed on the subject. Like they would know values better than the professionals who live and work in the markets they serve. That is just a crazy notion if you think about it.
I get the same thing from LSI, they send me over comps that have sold that are out of the distance parameters or were not in the MLS. It is hard enough finding comps in the MLS I do not have time to search the tax records in the area for comparables. And I agree with you John it is an opinion, why is it that when we give our opinion they always want us to change it.? I am so weary of doing them it is not funny. I find very few companies that are a pleasure to deal with anymore, pay well, are respectful of our time or respectful to us as a person. I also find it interesting that they send us orders after 5 pm want them done by 12 pm the next day. You need to drive 30 miles there 30 miles back, pull comps and do data entry and if you (as I do) adhere to their standards and do everything yourself, there is not enought time to get it all done on time. They do not think we should eat, sleep or have time with our families. Then they e-mail you or call you a few days later and tell you that ye need to make corrections/additions/replacements of comps in an hour. Do they not realize that they may have given us other bpos or that we work for other companies and may be on the road taking photos. I once had anAM call me while on the road with such a request and wheb I told her that it was impossible for me to get it done in an hour that I was takig photos and it would be 3 hours before I was back to the office, and she said that they did not have any other bpos in my que and I said they were not for them when she said "Oh, you work for other companies". I chuckled when she said that because I thought to myself do you think I can make a living on what I makefor a week doing bpos for you when I do not get paid for 3-6 months.
When I pull the tax records on our mls, there is a button I can hit that will bring up all the sales in the radius that i choose. Check and see if you have that option, it really saves a lot of time in the search for comps that are in close proximitiy to the subject.
I don't accept ANY orders that are more than 15/20 miles. It is not cost effective and I only deal with companies that pay within 30/45 days like clockwork. I've been doing the BPOS for a long, long time and have close to 10,000 done......If the comps that YOU choose are the best that are available, you have to stand your ground and say that you can't pull properties out of thin air.....
I never change mine, never. normally they back down.