Received this in an email yesterday.

http://www.bridgesit.com/wilkinson/newsletters/Broker-Price-Opinion.pdf

Absolutely speechless.

With respect, the title of this thread is incorrect.

NC has limited the scope of for-fee BPOs (CMAs) to only those the broker can be reasonably assured that a listing will result. What they're saying is that there must be a "relationship" or potential "brokerage agreement" in the offing similar to those for which brokers provide CMAs for potential listing clients.

So, apparently doing BPOs for the "mills" will not be possible in NC because there is no relationship with a potential listing client.

There also appears to be some state enforcement arm if BPOs are performed in violation of the guidelines.

That is horrible, Dont recall anyone pointing fingers at Realtors and BPO agents, sure do remember alot of finger pointing at appraisers and have personally had people at my office investigating previous appraisers who used fake comps. Maybe next Obama will stop REO's and just let the defaulters have there house free and clear...... Sorry had to vent..... There is good appraisers as well....... Just saying thoe....

How is this Obama's fault? It seems clear that its Bush's fault. Bush was the President. He ended as an unpopular President. Some how the dots can be connected.

I totally agree, how is this political? Now, back to topic.......

With all the restrictions of BPOs occurring recently in various states, I have a feeling there will come a day where we will give the mills all the information they want and we leave the value figure blank. In a well explained and commented "report", they can derive the concluding figure themselves.

No determined value given by an agent, no "crime" committed.

PS. I searched Chapter 93 of the NCGS, and nothing is mentioned of this. Is this a proposal by the North Carolina Appraisal Board?? See link below and correct me if I missed something.

http://www.ncga.state.nc.us/gascripts/Statutes/StatutesTOC.pl?Chapter=0093E

I don't care WHO the president is just give me my house for free and all will be forgiven..................

Brad, I did what you did and couldn't find it either. But I read a bulletin by the NC real estate commission, an.d the big issue is the word "value". In NC, licensed appraisers are the only ones who are allowed to compare recently sold properties to give a "value". Licensed brokers are only allowed to offer a suggested "price"

Apparently this is a law. Google the NC Appraisers Act. D--- NC appraisers are giddy as hell.

This has been the case for many years, as I understand it.

We need Big Toe or Pine to chime in on this one.

Brad, I never thought of that as a possiblity, but it seems like a good idea. The banks can just have their analysts review the BPO's and make the call.

Right--there will always be ways around any law restricting BPOs. Can't give a value? Fine, here's a suggested price. Can't do that? Well, here's the data and you can decide. BPOs/CMAs can never be completely abolished because they're needed for our job. Banks, lenders, whoever will always try to get around BPO laws. The reason is simple--pricing. Appraisers are simply too expensive to use all of the time. Also, good luck defining "reasonable expectations" in terms of the expectation of a listing.

The BPO industry is washed up and has seen better days. It is over saturated and little or no work to go around. A few may make a living at it, but steady pay and the flow has been waning for a couple years now. Once you start seeing companies asking for money to register, join, sign up, get more work, become preferred etc, that is a sign that the ride is over. And now the laws are taking effect. If other states follow suit en mass, its all over.

This is the case in PA - has been for several years to my knowledge. Of course some agents were doing them but my broker and several brokers I know do not allow their agents to do them except for in the case of getting a listing.

I fail to see how it's any President's fault -I'd look more to the state real estate commission first.

I respectfully disagree.........On just about any given month, I can complete 100 orders. It has always been my option. If I want to complete 20, I do 20.....If I want a 100, I just pull myself off of vacation, and here they come. I don't need to work for "the pay to play" companies. And, to top it off, there are new companies starting up just about every month....it's doubtful if they'll make as they're late getting into the game. The "discount dogs" I believe are on their way out. The banks were slow to learn the lesson of "you get what you pay for".

As for any new laws, it's not that hard to legally circumvent them. Change a few words, use the term suggested price and not final value.......

I have to be honest and say it's easy for me to make these statements, as my service area is in the "hotbed of foreclosures". Something else to consider is when the market returns to norm. I predict that at least 80% of those that are currently completing orders will return to "traditional sales"........there goes your competition. And with no competition, you should see an increase in fees for orders.....just basic math.

As for new business, we're just starting to see the "walkaways". More and more owners are beginning to realize that they're so far under water, it's going to take at least 10 to 12 years just to break even.....and they'll just walk away.

Just me two cents, but I'm at the other end of the table on this issue. I only have one competitor in this business, and that's myself. As the market changes, you change with it.

I have to agree with Candyman. I've only been doing this exclusively for five years, but I'm making a steady living at it. The only thing I've paid for, was to become a NABPOP member. I'm not in what is considered a "hotbed of foreclosures", but there seems to be plenty of work to go around. I doubt I'm the only agent in Houston who is busy.

I do see the industry changing, but I also foresee the mills changing with it. I can't see them just tucking their tails in between their legs and slinking away.