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#336118 - 04/27/10 07:08 PM Re: Stupid QC comments and BPO requirements. [Re: OverTheEdge]
Greg Masson Offline
Member

Registered: 08/27/08
Posts: 160
Loc: Oregon
When the subject is listed occasionally they will ask, how many showings, How many offers

Really, how many agents will give that info out?

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#336224 - 04/28/10 10:26 AM Re: Stupid QC comments and BPO requirements. [Re: Greg Masson]
....J~ Offline
Veteran Member

Registered: 07/13/09
Posts: 800
Loc: USA
In my experience, clients don't usually ask for why something hasn't sold that is listed unless their bpo comes back at a higher price point. Usually it's pretty easy to figure out why then. A. It's a short sale which may indicate the bank hasn't approved any offer they have been given or B. The current listing agent hasn't done their duty in marketing the property. I had one come over that had been on the market for 387 days with no sale. Looked at the MLS comments and it read 'Not currently showing property until June 11th 2010.' Enough said there.

J~
_________________________
"Competition brings out the best in products and the worst in people."

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#336240 - 04/28/10 12:52 PM Re: Stupid QC comments and BPO requirements. [Re: ....J~]
Grampa Offline
Major Contributor

Registered: 06/30/09
Posts: 2276
Loc: Margaritaville
My standby for REO BPOs for the "why has it not sold" is very simple, "Property is grossly overpriced". Other than something unusual like J~ indicated above, If it does not sell in our market in 30 days there is one reason. Price.
_________________________
"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind."
Dr. Seuss

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#336271 - 04/28/10 04:31 PM Re: Stupid QC comments and BPO requirements. [Re: Grampa]
OverTheEdge Offline
Veteran Member

Registered: 08/24/08
Posts: 1013
Loc: Middle of Ohio
Yes I agree Grampa - price compensates for everything - even dog poo - Oh and cat wee
_________________________
"No cause is lost as long as there is one fool left to pursue it". Wil Turner

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#336825 - 05/03/10 08:46 PM Re: Stupid QC comments and BPO requirements. [Re: OverTheEdge]
MassBPOer Offline
Veteran Member

Registered: 10/13/08
Posts: 816
Loc: Mass
For a subject property that just sold in good condition.
Planned Marketing Actions in addition to cleaning, repairing, signage, MLS and lock box (be specific)(300 Chars)

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#336970 - 05/05/10 05:20 AM Re: Stupid QC comments and BPO requirements. [Re: MassBPOer]
PA Roadkill Offline
Major Contributor

Registered: 11/15/06
Posts: 2179
Loc: The Middle of the Interstate
I won't name the mill here, because they usually are pretty good to work with, but the first week in Aoril we get a drive by order for a property in a nearby town. It's a little rural, so I'm driving up and down looking for a number on a mailbox and can't find it. I call the office, have my wife pull up the plat map and we determine that it's at an intersection. I drive to the intersection and there is a mobile home facing the street. I even drove up the intersecting street to see if the number was on that street, but it wasn't. Still on the phone, she looks up the "floor plan outline" we have available and it's 12 by 60, so we do the order on the mobile.

Monday, I get a call from the mill about this, they say client has an appraisal showing a cape cod. After 30 minutes on the phone, where the QC guy has to provide the owner name, we figured out it was actually 2 houses up the side street and I provided him with the parcel number, etc.

Then yesterday, he calls about noon and wants to know if I can redo it by 10AM today. I tell him I can guarantee it for Thursday, probably get it done by the end of the day Wednesday. He says he'll send it over. Then calls back 15 minutes later and says he found someone who'll do it "same day" and assigned it to them "in the interest of customer service".

So they provided incomplete information, we completed the order based on the information provided and get penalized because of it (we were never paid for the first order).

What a crock!!!!!!!!!!!!!!!!!!!
_________________________
Broker-Owner Thirteen Years REO Experience
GRI,CRS,CRB,e-Pro

Some days I feel like the bug, other days I feel like the windshield



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#337015 - 05/05/10 11:41 AM Re: Stupid QC comments and BPO requirements. [Re: PA Roadkill]
OverTheEdge Offline
Veteran Member

Registered: 08/24/08
Posts: 1013
Loc: Middle of Ohio
PA - very nice of you to put effort into that situation. I can not image trying to do BPOs in rural little towns - addresses are not on any of the mailboxes and the road signs don't exists. Here's why - I grew up in just such a place here in Ohio - very small tiny town - we stole half the road signs and went mailbox bashing often. We even stole real estate signs out of people's yards for a month solid so that the night before graduation we could put them in the principal's front yard. We had over 50. Now that I am an agent, I am discussed-ed with my behavior - but as a teenager - it was a blast.


Edited by OverTheEdge (05/05/10 11:52 AM)
_________________________
"No cause is lost as long as there is one fool left to pursue it". Wil Turner

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#337018 - 05/05/10 11:49 AM Re: Stupid QC comments and BPO requirements. [Re: OverTheEdge]
PA Roadkill Offline
Major Contributor

Registered: 11/15/06
Posts: 2179
Loc: The Middle of the Interstate
This morning I get a call "Can you do a BPO in XXXX" so I asked if this was on So and So Road (different guy called). That was it.
The agent that promised same day turn around time disagreed with something they wanted and refused to do the order.

After a few minutes of convulsive laughter, I said sure, but I can't promise it before the end of the day tomorrow. So instead of just sending it, they are back on the phone trying to find someone who will do it today.

At least they are amusing if nothing else. I'll probably end up doing this one next week.
_________________________
Broker-Owner Thirteen Years REO Experience
GRI,CRS,CRB,e-Pro

Some days I feel like the bug, other days I feel like the windshield



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#337469 - 05/10/10 05:51 AM Re: Stupid QC comments and BPO requirements. [Re: PA Roadkill]
Ryan Offline
Veteran Member

Registered: 09/21/07
Posts: 727
Loc: NY
Quote:
Please explain in detail as why you feel these are the best comps in Comp Quality Remarks or Quality Review Remarks section.

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#337470 - 05/10/10 06:12 AM Re: Stupid QC comments and BPO requirements. [Re: Ryan]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7719
Loc: Vermont's North-East Kingdom
Originally Posted By: Ryan
Please explain in detail as why you feel these are the best comps in Comp Quality Remarks or Quality Review Remarks section.

Yes, and you must comment in great detail; but limit your comments to 168 characters!

(We may allow you to expound and write a tome of 500 or 600 characters in the space we provide . . . . but then you you'll have to go back and edit it down to just the important 168 characters.)

Once I spawn a batch of those catchy words, they become my children. I can't just wipe them out. It's tortuous and it takes me longer to do the editing, deciding on who should go and who can stay, than it took to write the those comments in the first place.

Hey . . . . I have an idea! Just provide sufficient space for what you'll actually accept? But this technique is intended to manipulate the author into sorting through all the words somewhat ruthlessly, like the Grim Reaper, and eliminate all but the most salient meaningful issues and refine what is left. Perhaps it works?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#337487 - 05/10/10 11:29 AM Re: Stupid QC comments and BPO requirements. [Re: Ryan]
MassBPOer Offline
Veteran Member

Registered: 10/13/08
Posts: 816
Loc: Mass
Originally Posted By: Ryan
Quote:
Please explain in detail as why you feel these are the best comps in Comp Quality Remarks or Quality Review Remarks section.


I can answer that in 4 words. No better comps exist.

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#337488 - 05/10/10 11:31 AM Re: Stupid QC comments and BPO requirements. [Re: Rocky]
MassBPOer Offline
Veteran Member

Registered: 10/13/08
Posts: 816
Loc: Mass
canned comments are unacceptable

Yes, but canned requirements are OK.

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#337492 - 05/10/10 11:47 AM Re: Stupid QC comments and BPO requirements. [Re: MassBPOer]
NextStep Offline
Member

Registered: 03/13/09
Posts: 128
Loc: MN
"Please explain why you used REO comps. Are there no fair market value comps available? You stated in the BPO that this is a low REO area."

Uhhhh, because the stated purpose of the BPO was to determine a distressed value. Because the BPO instructions state to use REO comps.

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#337655 - 05/11/10 07:15 PM Re: Stupid QC comments and BPO requirements. [Re: NextStep]
MassBPOer Offline
Veteran Member

Registered: 10/13/08
Posts: 816
Loc: Mass
Joke-Teck keeps asking for the neighborhood median value for sales and listing. I don't think they know what median means. It is the middle number, not the average. So if there are 7 sales of 75k, 80k, 95k, 100k, 190k, 220k, 230k, The median is 100k. Quite different than the average of 141k.

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#337660 - 05/11/10 07:41 PM Re: Stupid QC comments and BPO requirements. [Re: MassBPOer]
Analog Man Offline
Major Contributor

Registered: 07/22/07
Posts: 2063
Loc: Tampa Bay
Not to hijack the thread, but I was taught that the way to calculate the median sales price was to average the range used and ignore the highest and lowest sales within that range.

So in your example, it would be the average of 80,000, 95,000, 100,000, 190,000 and 220,000 for a median sales price of $137,000. I'm not saying I am right, just saying that is what I was taught years ago when I took my appraisers license in 2004. Can anyone verify that?


Edited by Brad - W4BJM (05/11/10 08:14 PM)
_________________________
Music is the only sensual pleasure without vice. (Samuel Johnson, English Poet 1709-1784)

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