I am just curious how long it is taking for you to look up comps now? Between all the REO's, short sales and new construction (that the BPO/REO Co. say I cannot use) it is taking me 30-60 minutes to look up comps for each BPO. I'll pull 25-30 comps and have to "weed" thru all of them to find 3 reasonable comps to use (both sold and listed). Sometimes those comps are still not appropriate considering the REO's and short sales are dictating market value. (i.e. solds are much higher than current listings)I can understand why a short sale is inappropriate, but many of the REO's are 1-2 years old, in good condition, and reflecting current market value. Why can't I use REO's when appropriate????

No matter what their "requirements" are, if it is an REO driven market and the best and nearest comps are REO, I am using them. I make really good notes about the market. If solds sold for 370 and actives are at 240000. I use what there is and make notes about the adjustments for the current market conditions. Have not had one come back yet.
And yes it is taking me a long time to pull comps also.

If the client dictates the type of comps you use, they are manipulating the results of your report. If you have to ‘weed’ through most of the sales to find three “reasonable” comps, this tells me REO’s and/or short sales ARE the market. I might suggest reporting how many potential comps were available for review, and what percentage of those ‘potential’ comps were REO’s and/or short sales. When they call 90 days later to ask, “Why do you think it hasn’t sold?” you can refer them to the report.

Eldoradorealestate / James

I started using REO's on my valuations tonight for the first time. I believe they are relevant and are driving the market in this area. What I did was use two resales / listings and one foreclosure to show the relevance between the two on both sales and listings. I also demonstrated with a plethura of comments why this was apprioate. I'll let you know if they come back and why. Thanks for the tips!!!

So speaking of frustrated with comps, I just turned in an FARVV order.

My QC score was -7!?

It was a property on 1.7 acres in an area where other properties are .19ac and less. This home was built in 1930, all others in area have been built since 1995.

I searched out the measely 10 miles they gave for "similar" comps, but of course none existed.

It is kind of disheartening when your QC score is in the negatives!

^^bummer, that sucks

I talk alot about the shortsales and reo comps when it's time to comment on marketing strategy. The market is what it is and we are competing against ss's and reo's, like it or not.

Do you guys get the weird deal where you have good similar comps for this pile o' crap that suggest a higher price than better houses that are too big or too far away to put on the BPO but you know they're the real competition and the house will never sell for what your sold comps are (they're all old) or the listing comps (too high, people dreaming they're old too) because nothing has sold here in 6 months cause now you can buy up for cheaper...

I know that doesn't make sense when you say it that way, but it happens to me in one particular city, on the scummy side of the city, all the time. Comps come in around $460,000 with the old comps but now theres good houses listed for $440,000 5 miles away and they (the good ones) sell for more like $410,000

I understand exactly Gary!

I'm doing a BPO right now on a house in pre-list. It's comping out at $399,000 because all of the sales are from the end of December. NOTHING since then. The whopping 5 active listings in the area have been on the market for over 200 days each and of course are priced over $399,000.

These are oooooold, poorly maintained homes sitting almost directly on busy HWY 49. You can buy new construction for less in more desireable areas - but this company is so stuck on using comps of similar age that it is ruining things.

The appraisal isn't going to be any help either. I got a call last night from the appraiser - it turns out he's not even a member of the local MLS! (he's a member of MetroList, but this property is in Nevada County) I can't imagine what he is thinking. He asked if I could let him "borrow" my access. ha!

So this is going to be an appraiser using Placer County comps, which in turn is going to inflate the value even further. Humpff! I'm frustrated!

All you agents that provide BPO's for Owcen. I believe I read somewhere that you can get a rating. If so, can someeone direct me as to where to find such?

Thanks

Your Ocwen rating can be found on the site. Login to the site, choose "Admin" on the top toolbar, choose "Vendor Information" from the dropdown menu, at the very bottom of the page you will see a box called "score information".

I have heard that supposedly you need at least a 90 score in both quality and service to get listings but even though I've always had a score above 90 for quality I've never "broken" 78 for service, not sure why as we try to get all their orders in well before the due date, etc.

Even so, I still get regular listings from Ocwen. Go figure, maybe it's just a rumor about the 90 score minimum?

Thanks, I located my scoring "78" Not sure how that came about, when I have submitted all my BPO's on time, accept for the very 1st BPO, in which I had challenges with their website, and locating the next pages. That took some time to figure out the next page, but the challenges with their web, they had to send me a link to download, once that was done all have been well, Thereafter, I have been on time.

Can't figure that out. such as life, as long as they continue the orders.