My wife does BPO's and I ran across this blog post. Thought the board might find it interesting, claims to tell investors how to get a BPO to come in low.

Blog Post

This just reiterates why I can't stand for another agent to meet me at a property. The only thing worse, is the homeowner.

If anyone wants to try influencing my BPOs, I listen politely if I haven't a choice...then promptly ignore them. My values are based on my expertise and supported by facts, stats, and numbers, not someone else's wishes.

I've posted this before, but thought I post it again for fun.

Here's what I would really like to fax over to these investors and/or short sale agents (this of course is in jest):

1. Every time you mention the offer price on the house, I will up my value by $5000.
2. Every time you bring me comps or send me the appraisal, I will up the value by $10,000 (I belong to the MLS and know how to pull comps and the appraisal means nothing to me).
3. Every time you start telling me the seller's sad story, I will up my value by $5000, if the story goes beyond 1 minute, I will add $1000 per minute.
4. If you follow up with me in a week to find out the value, the next BPO I do for you will automatically have a value increase of $10,000.
5. If you bring a list of bogus, inflated repair costs, I will double it and add it my final value.
#6. My value increases by $1000 per hr, for every hr I have to wait for you to call me back regarding access info! After 24 hrs, if no response, my value increases by $2000 per hour!(contributed by PacificBreeze)

I was offered I bribe by a homeowner last week. He whispered and said "what do I have to do to get this thing to come in Low?" I felt dirty.

I was wondering - perhaps I will start including a note about the listing company or company that the agent belongs to, so the AMC can check to see if that company has agents working for them - and send that company a warning that if any of their agents are found to be trying to influence the outcome of any bpo, that all their agents would be removed from their list.

Might do a thing - but it worth a try

Agents are one thing especially if they are REALTORS and abide by the ETHICS but investors are a whole other animal.

To investors it is a numbers game.If they put 100 properties under contract out over a year and get just 3 to close and come in low and make 40k a pop they just grossed 120k.

So in there mind if they have 20 agents tell them they are dirt on 19 deals but get lucky on deal number 20 that's all that matters to them. You can't expect investors to have the same mindset as a homebuyer. It won't influence my values at all but I understand why they do it. Get 1 bpo to squeak by low and then the investor purchaser hit s a homerun.

Five days ago I had an agent set up an appointment for an interior on a short sale. He then informs me that 80% of his SS close escrow........hmmmmmmmmmmm....national average is 20%. The day of my inspection he sends me an email and states he needs a value of $430k. I thought that was pretty nice of him...lol. Subject sits on nearly 6 acres, 2,500 GLA, 20 years old. Land value alone will average $33k per acre. The cheapest comp I could locate was $479k on 2 acres. All of the other comps were a high $500k to a high $600k. With all the (legal) adjustments I could make, the best I could do was $565k. I think I missed his $430k mark....lol. I assume I'll be getting a phone call in the next few days, and it won't be from the BPO company.

I read the post hmmm... If some Realtor ever tried that on me, I would politely call the AM and decline to complete the order and inform them of the unethical behavior that had just occurred.

I have only had 1 agent try to meet me at the property and I told them that I do not meet agents of vacant homes that I am doing a BPO for a 3rd party that does not require their opinion of anything.

I have closed about 75% of my short sales though so the 80% does not seem out of line to me with a little luck or inside help. He may be getting lender direct referrals to convince the borrower to list verses foreclosure.

I did one last year. I called the investor, we agreed on a time to meet. I got there, he was not there, his wife came instead. It was a chilly day, she was not dressed for the occasion (and in my opinion a bra should always be worn when going out in public and conducting business).

She walked through the property with me, kept telling me how much it had to come in at or they were screwed. Told me how good looking I was, and did I notice the new light cover. Do you always dress this sexy for work, did you see the new faucet we installed.

Then the moment came when I had to go. She twirlled her hair and pulled out of her shirt a folded up piece of paper. She said they were "comped" for my use, I think she winked at me? I left and wrote my report.

1 week later an angrty email came from the Investor that my value was low. I wanted to (but resisted) giving him the following advise:

It does not influnce my value when you send a woman to try and suduce me into a value that does not exist. In the future though, if you continue this practice take note:

1. She aint attractive.
2. Some women look alot better with more clothes unless completly dark.
3. As a smoker and a coffee drinker, I don't claim to have perfect white teeth. Her teeth were in your face yellow with a WOW factor! It was like staring at corn on the cob.
4. Buy her a bra, those things are out of control, and real. Gravity has taken its toll.

Instead I told him if he was unhappy and felt I did anything improper he should contact the BPO Co, he could file a complaint with my Broker, The local Board, The State of Ohio RE Commission. I stand by my report.

Never heard from him again.

Good times in this business!

I have had had agents on a couple of occasions meet me at the property. I am fine if I need the agent to get into the property(usually though that is not the case, depending what kind of lockbox it is or if there is one), and I may enjoy talking with them. However, nothing annoys me more than getting there and getting lied to about how much damage will cost and getting handed a list of comps already pulled.

But what especially annoys me is when an agent says they have to let me into the property, so I set up an appointment with them, and get there to find out its vacant and on a combo lockbox. They just wanted to make sure they were there briefly to try and influence my value, giving no consideration that my knowing there was a combo box on there would help me plan my schedule better...

When they insist on meeting, I give them a firm time, tell them that's not the only thing I have to do that day, and ask for a cell number in case I get tied up and will be late. If they don't like my choice of time, TOUGH
I did one a couple of weeks ago. I called the "primary lister" who told me it was on Supra. Then the secondary lister calls and wants to meet. I told her I would be there sometime between 9 AM and Noon, and if she wanted to camp out there, she was welcome to do it.
Needless to say, she wasn't there.

That blog post made me laugh. I would not accept the file. I would likely tell the person interfering with my work to move along because I cannot, will not, and do not need to accept their "help".

The blogger who is an investor states that Realtors in his area typically get $40 for an interior BPO. So right away you know this is written by someone who is misinformed.

That's one problem I have with online blogs. People read them and often believe everything that is said, especially in the political arena.

the blog was tongue in cheek, right?