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#382476 - 07/10/11 09:47 AM
Do you need to have a Real Estate License to do BPO's?
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Member
Registered: 02/19/08
Posts: 20
Loc: Miami Florida
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I was contacted by a company Pacific Star Financial, they wanted to do an interior at one of my short sale listings in Miami. I received a business card from the person who came out, I looked the name up on the Florida Real Estate Commission, no person with that name has a Real Estate Licesnse. When I called the company they said they are in Riverside CA. even though the phone number has a local area code. What doesn't surprise me is that the BPO was being done for Evaluation Solutions! I cannot seem to find any ruling if the person coming to the property has to have a Real Estate License, or only the person doing it. And then what about the company, can they a Real Estate License in California and do BPO's in Florida?
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#382477 - 07/10/11 09:52 AM
Re: Do you need to have a Real Estate License to do BPO's?
[Re: Nealkl]
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Veteran Member
Registered: 01/18/11
Posts: 868
Loc: FL
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I was contacted by a company Pacific Star Financial, they wanted to do an interior at one of my short sale listings in Miami. I received a business card from the person who came out, I looked the name up on the Florida Real Estate Commission, no person with that name has a Real Estate Licesnse. When I called the company they said they are in Riverside CA. even though the phone number has a local area code. What doesn't surprise me is that the BPO was being done for Evaluation Solutions! I cannot seem to find any ruling if the person coming to the property has to have a Real Estate License, or only the person doing it. And then what about the company, can they a Real Estate License in California and do BPO's in Florida? That's why I use online show assist and Supras
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#382482 - 07/10/11 10:15 AM
Re: Do you need to have a Real Estate License to do BPOs?
[Re: Nealkl]
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Major Contributor
Registered: 04/12/08
Posts: 4726
Loc: Vermont's North-East Kingdom
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". . . What doesn't surprise me is that the BPO was being done for Evaluation Solutions!" Makes me feel sad . . . . that must be one desperate Puppy !
_________________________
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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#382488 - 07/10/11 11:26 AM
Re: Do you need to have a Real Estate License to do BPOs?
[Re: Nealkl]
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Veteran Member
Registered: 07/31/08
Posts: 944
Loc: SW Okla
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It depends on your state law. We had a thread on here, awhile back, that contained a link to where you could look up your state's law regarding doing BPOs.
(And, of course, because I wanted to find that thread, I couldn't.)
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005. Addicted to REOs, BPOs, and working to expand.
LIMITATIONS: Until You Spread Your Wings, You'll Have No Idea How Far You Can Walk. - despair.com
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#382491 - 07/10/11 12:08 PM
Re: Do you need to have a Real Estate License to do BPOs?
[Re: barb43]
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Major Contributor
Registered: 04/12/08
Posts: 4726
Loc: Vermont's North-East Kingdom
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It depends on your state law. I think most State Laws are pretty silent on this subject. They have enough on their plates to keep them busy just trying to protect the interest of the General Public. Why should the money of our Taxpayers get bogged down in worrying about BPOs when it doesn't involve the Public's buying or selling of Real Estate ? It's probably incumbent upon the so-called Clients to insure that the BPO Mills are verifying that the BPO Providers or Vendors have some form of credential . . . . after all they're paying for a "Broker" Price Opinion so somebody ought have some kind of Real Estate or Appraiser's License someplace, somehow. Most Mills ask for a PDF copy of a License to be uploaded; but most don't even check to verify that it is legitimate. You could upload a Certified Tattooist's License and if the dates checked out . . . . you'd be good to go.
_________________________
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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#382494 - 07/10/11 01:21 PM
Re: Do you need to have a Real Estate License to do BPO's?
[Re: Nealkl]
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Major Contributor
Registered: 01/18/05
Posts: 1525
Loc: Ohio
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Can't speak for FLA, but as the RE licensing laws there and in OH are somewhat similar, and why the states have reciprocity... Here's the story here.
You do not have to be licensed to do BPOs in Ohio. You do not even have to be licensed for appraisals (appraisal laws are changing, however) as long as they're not being done for guarenting a new loan. For example, an agent, loan officer, or a lawyer can do a BPO or appraisal (as long as they can show proof they have experience/knowledge/background) for an estate, a RELO, REO, short sale, or sheriff sale.
But check your own state laws to see what they say.
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#382508 - 07/10/11 04:29 PM
Re: Do you need to have a Real Estate License to do BPO's?
[Re: barb43]
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Major Contributor
Registered: 04/12/08
Posts: 4726
Loc: Vermont's North-East Kingdom
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That's an interesting website; however their issue there (the Appraisers') pertains to whether Licensed Real Estate Brokers and Sales People are prohibited from producing BPOs in certain jurisdictions.
But the OP is suggesting that he encountered someone WITH NO LICENSE whatsoever being engaged in producing a BPO on one of his listings.
That's different.
_________________________
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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#382526 - 07/10/11 09:55 PM
Re: Do you need to have a Real Estate License to do BPO's?
[Re: Nealkl]
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Veteran Member
Registered: 10/13/08
Posts: 618
Loc: Mass
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Most QCers do not have a license either. I asked for a copy from one once, they said they didn't have one.
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#382539 - 07/11/11 05:30 AM
Re: Do you need to have a Real Estate License to do BPO's?
[Re: Nealkl]
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Major Contributor
Registered: 11/15/06
Posts: 2050
Loc: The Middle of the Interstate
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I know that FL has a specific list of what a non-licensed person can do and not do. Just go to the FREC website and search for non-licensed assistants.
_________________________
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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#382643 - 07/12/11 12:46 AM
Re: Do you need to have a Real Estate License to do BPO's?
[Re: Nealkl]
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Member
Registered: 06/29/11
Posts: 35
Loc: South East
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You ABSOLUTLY have to be licensed in Fl to do a BPO. Also, the person taking the photos MUST be the person that does the reports.
Unfortunately, there are many companies in Fl that have photo people taking the photos (many times unlicensed) and a separate person that does the actual BPO. Most of the time, the person doing the BPO isn't even familiar with the area.
I would contact the bank and let them know the BPO may have been done by an unlicensed person. These BPO mills must be shut down. They are ruining it for those of us that are doing things the correct and legal way!
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#382658 - 07/12/11 08:05 AM
Re: Do you need to have a Real Estate License to do BPO's?
[Re: HousegirlSOFL]
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Major Contributor
Registered: 01/31/07
Posts: 1808
Loc: Midwest
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Also, the person taking the photos MUST be the person that does the reports. Not necessarily true.
_________________________
BPO's since 2001, REO since 2006. Equal opportunity lover since 1977.
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#382660 - 07/12/11 08:07 AM
Re: Do you need to have a Real Estate License to do BPO's?
[Re: HousegirlSOFL]
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Veteran Member
Registered: 09/02/08
Posts: 761
Loc: Massachusetts
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A part of the answer here may lie in how one defines "Doing a BPO". There are so very many steps to the process. Photos, pulling comps, data entry, final submission, etc. I read many comments here that indicate the poster believes "Only I am capable of preparing a quality BPO". To that I would inquire, if you went to work for another poster here, did you suddenly become stupid? Of course not. It follows that there are many parties qualified to properly prepare a quality product. That changes if the requester specifically requires the assigned agent to handle it from cradel to grave. (load the paper in the printer?). Taking that to the next level, consider this; Many of us function under a broker owner. As such the broker/owner actually owns the assignment. Does it follow that the BO is handling the process? I've posted elsewhere that I have staff and my clients know I utilize them, even to the point that the client will contact my staffers directly. Further, most of my staff are more qualified then I in their specific area of expertise. Perhaps I have a greater sphere of expertise in the overall process, but a closer that handles hundreds of closings certainly understands the nuances of the process better then I. A BPO person with a construction and appraisal background may also be more attuned to discovering and valuing a property deficiency then I. In my opinion, delegating the responsibility is not a sign of weakness or indifference. Rather it's a sign of strong management skills, proper training and accepting responsibility for the actions of those we supervise. Regarding a RE license as somehow indicating an increased level of expertise...There have been questions posted here by licensed parties such as "do you include bathrooms in room count". They may have a license, but they certainly don't have a clue. I fully accept responsibility for the actions of those I hire, but I'm not a typist(kind of obvious) and have no fear of delegating.
Edited by JackREO (07/12/11 08:11 AM)
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#382661 - 07/12/11 08:08 AM
Re: Do you need to have a Real Estate License to do BPO's?
[Re: King of Internet]
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Veteran Member
Registered: 01/18/11
Posts: 868
Loc: FL
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Also, the person taking the photos MUST be the person that does the reports. Not necessarily true. You can have someone enter info into the forms under your direction. This would be covered under the disability act for those who can't or need assistance as well. The end result if your name is on the report and you are responsible to the entries of another.
Edited by BPOmaster (07/12/11 08:09 AM)
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This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
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Registered: 02/16/11
Posts: 28
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