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#176938 - 10/23/07 05:36 AM E&O Insurance for BPOs?
kc in cali Offline
Member

Registered: 10/20/07
Posts: 21
Loc: CA, USA
Hi,

I'm new.. =) I've been reading a lot of stuff about BPOs ~ thanks everyone for sharing your knowledge.

I was curious, do you have a buy E&O Insurance in order to do BPOs?

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#176953 - 10/23/07 01:17 PM Re: E&O Insurance for BPOs? [Re: kc in cali]
OHAgent Offline
Major Contributor

Registered: 02/08/05
Posts: 2783
Loc: Ohio
Yes. Some companies will require it and some may not, but I wouldn't do a BPO without E&O.

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#176961 - 10/23/07 02:28 PM Re: E&O Insurance for BPOs? [Re: OHAgent]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 2264
Loc: US
Most companies require at least $1,000,000 of coverage.

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#176964 - 10/23/07 02:46 PM Re: E&O Insurance for BPOs? [Re: BpoBill]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
1.Make sure in your state you are allowed to perform BPO's.

2.Find out if bpo's are considered a real estate activity in your state and what the policy is if you can recieve the checks directly or they have to go through your principal broker.

3.You can check and possibly use your brokers e&o poilcy if it has the required limits and covers bpo's in the policy information-your broker should know.

The benefit to you is you do not have to get E&O and can use your broker's.The downside is it's usually better to have your own policy and numbers entered in to all the bpo companies that way if you change re companies you wouldn't have to reenter all new policy info.

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#176967 - 10/23/07 03:17 PM Re: E&O Insurance for BPOs? [Re: super realtor]
Analog Man Offline
Major Contributor

Registered: 07/22/07
Posts: 1926
Loc: In front of the turntable.
I have google searched trying to find a Realtor who was sued over inaccurate information given completing a BPO. I can't find one. While some compaines may request that you carry E&O, the bottom line is they get what they pay for. If they sue over a BPO, I think a judge would ask them, "Why did you order an appriasal?". Just my two cents.
_________________________
What's wrong with vinyl? I think it sounds great. LPs, 45s, 78s; but that's just the way I am. I'm a analog man. (Joe Walsh)

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#176973 - 10/23/07 03:56 PM Re: E&O Insurance for BPOs? [Re: Analog Man]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York
The only companies I have seen requiring E&O insurance are the ones that also have REO listings (there may be others that I haven't run into or have declined to work for based on other reasons).

Since I am a listing and selling broker I have E&O insurance anyway. In rating my policy for determining the premium I have never been asked if I do BPOs. They do ask about appraisals, which I don't do as that requires a different license in NY.

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#176975 - 10/23/07 04:25 PM Re: E&O Insurance for BPOs? [Re: Analog Man]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 2264
Loc: US
 Originally Posted By: brad34695
I have google searched trying to find a Realtor who was sued over inaccurate information given completing a BPO. I can't find one. While some compaines may request that you carry E&O, the bottom line is they get what they pay for. If they sue over a BPO, I think a judge would ask them, "Why did you order an appriasal?". Just my two cents.


E&O is there for a reason. Its why I have homeowners insurance, life insurance, disability insurance, health insurance, auto insurance. They are all there just in case. I would rather pay a small monthly charge, then to be sued for thousands of dollars.


Edited by BpoBill (10/23/07 04:25 PM)

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#176987 - 10/23/07 05:19 PM Re: E&O Insurance for BPOs? [Re: BpoBill]
Real Estate Punk Offline
Member

Registered: 07/27/07
Posts: 256
Go to your office manager and ask for the E&O policy.

When I was with Coldwell Banker they kept making excuses of them not knowing where to find it. They probably think if they say no they'll lose you so they keep prolonging it. Never go with Coldwell Banker by the way, but that is a different story.

Anyway....

I'm only signed up with like 2 or 3 companies that require it, and I've never had a case where I needed it yet.

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#177011 - 10/23/07 06:54 PM Re: E&O Insurance for BPOs? [Re: Real Estate Punk]
Arizona REO Offline
Member

Registered: 07/17/07
Posts: 69
Loc: Arizona
you don't need it till you need it

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#177012 - 10/23/07 07:00 PM Re: E&O Insurance for BPOs? [Re: Arizona REO]
Ellen45 Offline
Veteran Member

Registered: 06/13/07
Posts: 1006
Loc: USA
Yeah, you need it to do BPOs. I wouldn't lose any sleep over getting sued over one, though. I don't think it happens often and even if it did, it would probably be over someone trying to pull a fast one. If you're playing straight, I'd think the odds of getting sued over a BPO are close to your odds of being hit in the head by Halley's Comet.

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#177026 - 10/23/07 08:29 PM Re: E&O Insurance for BPOs? [Re: Ellen45]
JoeRealEstate Offline
Member

Registered: 07/20/07
Posts: 36
Loc: Fort Wayne, Indiana
How much E&O Insurance do you carry for REO's????

HSBC specifies in their listing agreement how much they want me to have and I thought it was obsurdly high
_________________________
Joe Leksich
Joe Real Estate Inc.
#1 Advantage Realtors
Fort Wayne Indiana
www.JoeRealEstateFW.com

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#177030 - 10/23/07 09:06 PM Re: E&O Insurance for BPOs? [Re: JoeRealEstate]
MN REO Offline
Member

Registered: 03/22/07
Posts: 208
Loc: MN
It's insurance, as with insurance your better off with it than without it. If your not playing by the rules you will probably need it sooner, and you may want to up it!

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#177040 - 10/23/07 09:53 PM Re: E&O Insurance for BPOs? [Re: MN REO]
Ellen45 Offline
Veteran Member

Registered: 06/13/07
Posts: 1006
Loc: USA
I don't carry a separate policy for BPOs but I do have a $2,000,000 E & O policy.

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#177114 - 10/24/07 04:20 AM Re: E&O Insurance for BPOs? [Re: Ellen45]
Delicious Cake Offline
Major Contributor

Registered: 12/10/05
Posts: 2702
Loc: CA
Mine is for $2,000,000 as well.

I have not been sued as a result of a BPO, but I have been asked to testify at a federal bankruptcy hearing as a result of one. They were not able to force me to testify thanks to that Graham Leachey Billey act thing..

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#178029 - 10/28/07 07:06 PM Re: E&O Insurance for BPOs? [Re: Delicious Cake]
UnderCoverBroker Offline
Veteran Member

Registered: 04/04/06
Posts: 500
Loc: The Old North State
In a related topic, our NC Real Estate Commission bulletin just came out. Here is one of the disciplinary actions noted:

"THERESE M. MOLONEY (Gastonia) - By Consent, the Commission reprimanded Ms. Moloney effective June 1, 2007. The Commission found that Ms. Moloney, in listing a foreclosure property for a lender which was identified to her by address, incorrectly assumed that two adjoining lots owned by the lender, rather than one of the lots, were to be offered for sale and thus prepared a broker price opinion based on the combined size of both lots, resulting in an inaccurate lot size being listed in the MLS."

I would think it possible that SOMEBODY will be paying SOMEBODY some money on this. Just FYI.

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