An e-mail from PT is out showing how the appraisal industry is in Washington to lobby for the elimination of BPOs throughout the country. Below is the pasted e-mail with links they included showing their intentions.

Brad


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BPOs, the role they play in the valuation industry and their legality are being called into question. We at Pro-Teck know that BPOs are a tremendous resource in conjunction with other valuation methods and want to make sure that they continue to be an option.



The industry needs choice as banks, servicers and investors determine what mix of valuation methods are best for their needs. Unfortunately during these rapidly changing times lawmakers are hearing that BPOs should not be part of the solution.



What can you do to change this perception? We ask that you get involved on the local, state and/or federal level. Take the time to write your local board of realtors, state boards and the NAR reinforcing BPOs place in the valuation process.



Time is of the essence as things are moving fast in state and federal legislatures. You are a real estate expert, your knowledge is valuable and we would hate to see that knowledge silenced.



Click on the links below for a sample of how others are characterizing your efforts. Please help provide a fair counterpoint by writing your local, state and federal officials today.



Thank You,



Pro-Teck Services


advocacy@protk.com



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Jim Amorin, President of the Appraisal Institute testifying before the House Financial Services Committee on April 23, 2009.

http://www.house.gov/apps/list/hearing/financialsvcs_dem/ai-asa-asfmra-naifa_-_amorin.pdf



An open memo from Appraisal Groups to all State Appraiser Board Chairs & Lead Staff Contacts about BPOs and questioning their legality. http://www.appraisalinstitute.org/newsadvocacy/downloads/ltrs_tstmny/2009/BPO_Letter to_State_Boards.pdf

This is all bs and they should quit crying about it and start shifting. That's what I had to do.

With Pro tek on our side, how can we go wrong

Are you sure that's from an appraiser? cuz all the appraisers I know write in ALL CAPS....

OK, I have 2 thoughts here:

Thought #1: I'm in favor of banning bpos. I don't really like doing them, but they're the way I broke into the REO business. If they get banned, it will saw the legs off the ladder that I climbed up to get into this business. It will eliminate competition and be better for me.

Thought #2: Dadgummit, I really like thought #1

My reo lstings that get appraisals done to determine list price are always overpriced. The appraisers who support this are morons. Bpos serve a purpose and theres alot of good agents who do them. There are some bad agents who shouldnt be doing them, but the same can be said for appraisers.

LOL Rocky. I like your thought process. Statistically though, only 1 in 8 realtors who try to break in to REO will ever make it past the bpo process. It's just too much work.

I think the Appraisers are going to win. I think the NAR has been to slow to react nationally and won't spend the money to defend then. Statewide (at least in my state)banning of BPOs is not a priority. Locally the legislative team has no idea what a BPO means, even agents that do them has no idea what it means (except a quick 35 dollars).

$35 ??????

Must be RRR

Realtors have been doing bpo's under the name of CMA forever. We never had to call an appraiser on a listing appointment or prior to making an offer for a buyer, that was part of our job description/duties and those of us that have been in the business for any length of time ( 24 yrs here )have done thousands of them . Amazingly these appraisers more often than not in my area would appraise them to the dime of the sale price on the contract and now they are needed for bpo's? I don't mean to go off topic but Realtors are doing more and more for less and less and know if they dont', there is someone right behind them that will. Free bpo's are an example as well as what is happening with commissions and the attitude that goes along with it. Sorry for the rant but eventually this market will change- everything does- and some of these banks and other companies will realize they were short sighted < sigh> ..but until then.

If the appraisers do manage to ban bpo's (a long shot, IMO), and then actually manage to get it enforced (an even longer shot, IMO), it will just mean that we will be doing BPO's for free. And there is nothing they can do about that.

..it just keeps getting better..lol

I think they BELIEVE we do bpo's for loan origination. If they are going for that, more power to them. We shouldn't be doing bpo's where loan value for a purchase is concerned. To blanket ban them though, I think that's a long shot and just them whining because they have lost work. They won't do loss mitigation bpo, short sale bpo's or drive-by's for the non-performing loans. I'll still be in business, I'm sure.

How many people who are completing BPO's have a copy of a contract in there hand showing the target price. Versus, appraisors who generally have that information.

Hmmm - thinking - thinking - 2 alternatives may be:

1. We become part time employees of the asset management companies.

2. We provide them with all the information, do the inspection, tell them where we would suggest pricing to list the subject - and let them put it together.