Seem lately I have been getting nothing but difficult BPOs to the point where I look at the order for the one thing or things that are going to make it work instead of mowing down the comps. An A-Frame in the middle of nowhere. A house on 5 acres where in 20 miles there aren't any on 5 acres. A really small house on a really big parcel.. The list goes on. So my new pet theory is that banks are using automated valuation programs to do a good number of BPO's themselves and then kicking the ones that the computer spits out to the humans. Any insights welcome.Actually I just had an insight about this whole thing. The REO wave is moving away from the subdivisions that were built during the easy money days as most of those homes have already gone REO and been bought. Perhaps one reason for the BPO's getting harder is that the default wave which generates BPO's is passing through as predicted, the alt A and pick your pay loans. Many of those homes were bigger, fancier, more unique, not so much subdivision financing. I think this observation has some truth to it. I'm seeing a lot more distressed and/or vacant big, upgraded homes in my BPO journies of late.
Protk pays slightly better and people are very professional. Old Republic pays like 30 exterior and 45 for interior and their qa is tough, Mainstreet pays at par with Protk and is very difficult & time consuming. Infinity system is goofy to use and QA seems to count image of every room see if you miss a bath. I don't remember the pay and glad I got it done amen! Mark to Market pay is OK, I think the software checks it so QA is not an issue.
Yes, it is like real estate highly competitive. If one company does not receive the contract you find another company is asking you do the properties. To survive one needs to under cut others fee-wise.
Any thoughs on the software via Jesse's webinar? It is a $499 and $699 one time fee. As Jesse says the investment is steep. One needs to do ~30 bpos to break it even. For those on autoaccept like me the $499 will not help me. The autofill at $699 is a useful tool. However, I can create my own version of the macro into a speadsheet and cc to one or two forms with one or two strokes.
There are also those sites accept for you and split a 5% fee. 499/2.25=225 bpos....
so my trips to "the deliverance" (remember that movie??), burn-outs and areas where I feel like I've got a big bulls-eye painted on me is fairly common huh??
Actually comp selection has improved due to market activity, mostly REO and short sale of course, this is CA. Like today I got one from Protk, it was a 4563 SF house, I had to go out 36 miles to fill the form. And don't you know I'll hear from QC on Monday even though I explained everything. Earlier in same day I did a mfg'd home for Farvv, in an area where there are none, again had to blast out to 25 miles. I know I will be seeing the HELP HELP HELP email on that one and having a conversation with someone in India about it. Seems no matter how much I explain, they still bounce it for QC. Then when I explain it again over the phone they say they will put the notes of our conversation in the order and bill it, but but, the things I said on the phone are the same as I put on the form!? Dont you guys read? All for lower fees than ever before. Maybe my problem is I've been doing this so long I remember the good old days when they asked if you could pleez pleez do this order and you could name your price. Now when you ask for five bucks more you never hear from them again. Ah, well it feels good to share with others who understand, if it wasn't for sites like REOpro, it could get lonely out here trying to make my friends understand what I do and go through.
I agree with Michael. I think it is just a lack of comps that are making the BPOs harder. I am getting the same types of homes I have gotten in the past. I just think that due to the lower sales volume, finding comps has gooten harder. I find that I have to go out in distance much more than I ever did (especially in the suburbs that are sort of rural).
It is very difficult to find comps here in Maine many times. the last couple of bpo's have been easier. I thought maybe the market changing is helping. Who are some of the companies you do bpo's for?
What if you have done a BPO and the realtor who's property is on Short Sale is told by the bank it was never done. I did it through LAMCO and the bank said it was never done. I tried to contact the person it gave me the assignment but got no answer. What should I do?
I've been doing BPO's for most of these companies for over 4 years now. Maybe they give me the hard ones because they know I have the experience. I often get half done BPO's where the other guy obviously gave up.
Comments
Yes, it is like real estate highly competitive. If one company does not receive the contract you find another company is asking you do the properties. To survive one needs to under cut others fee-wise.
Thanks Tary
There are also those sites accept for you and split a 5% fee. 499/2.25=225 bpos....
so my trips to "the deliverance" (remember that movie??), burn-outs and areas where I feel like I've got a big bulls-eye painted on me is fairly common huh??
:)-
What if you have done a BPO and the realtor who's property is on Short Sale is told by the bank it was never done. I did it through LAMCO and the bank said it was never done. I tried to contact the person it gave me the assignment but got no answer. What should I do?
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