Who was that from?

SS

The secret service is doing BPO's now? WOW!

I just got one Qc'd because the bank states the property is located in an urban area where as I stated its in an rural area. Maybe Im wrong but I assume there aren't many properties with 12.5 acres in an urban setting. Who knows?

No, actually it's the Schutzstaffen, if QC is asking questions like that!

Does anyone have any insight has to why banks would be so insistant on a certain value?

I understand QC requests from the BPO company when there is a discrepancy between my BPO and a prior BPO.

What I do not understand, is when the BPO gets sent to the bank client, and they kick it back. I had one that was located on the most prestigious, parkway street in the area. The bank wanted a much lower value, and wanted me to use comps from a different area(highest REO area in the metro area). They rejected it multiple times, finally wanting me to use a comp from the same street, but it was a tear down at the end of the street, so had a freeway ramp view, instead of a parkway view. The bank was determined that I should price it much lower than it was worth.

Now I have the opposite situation. Sales within 6 months and subject area were $50, $61, $63, $126, $128, $136, and $139. The bank has kicked it back 3 times because they want a value of $180. They want me to use river front properties and remodeled 8-12 month old sales(BPO requests 3 months) to get that price.

Again, I understand when the BPO company kicks it back-they don't want to look stupid to their client by supplying a wide range of prices.

What I don't get, is why the bank has to have a certain price.

And I thought only appraisers were playing that game...no wonder our economy and our government finances are such a mess now.

What's that one word that just comes to mind for me all the time, is it 'fraud'? Over-valuing and under-valuing...isn't that fraud?

Is everyone being a partner to this behavior for a few bucks?

Banks ignore appraising 101, which states that a predetermined value should never be placed on the property being evaluated. I truly believe it some cases that the property being evaluated has next than zero chance of being sold in the next six months. Therefore the lender wants the greatest value possible not to market it, but to show the highest equity possible of their potential asset on the "books". It's all a game and you either play along (unfortunately) or get left behind.

Therefore when in doubt, value high without compromising your integrity. That's my $0.02 which the bank would want me to value as a nickel.

If comps older than 3 months must be used please explain why in the comments section why the comps chosen are more appropriate than more recent comp sales.

DUH, Ok, there were no comps available from the last 3 months.

Asked big bird for tax data on subject - could not find any. Email response was to estimate, but NOT MENTION on the report that I estimated. Told them to re-assign the order because I refuse to do that.

A client of mainstreet recently returned an order requesting I consider REO comps they sent over. Subject was in a higher demand area; in good condition and there were no REO properties in the complex in over 3 years. The comps they suggested were 50-60% less the assessed value of subject, and in different cities and zip codes. In this particular area REO properties do not sell for 50-60% off retail; maybe 10-20% and up to 40% in very outlying areas. I made remarks to that effect and resubmitted.

They sent it back again. I made changes replacing with REO comps from the same city and zip code; not changing the pricing. Received an email 3 days later indicting that the order had been reassigned and I would not be paid for my work.

Obviously the client had a previously determined price and apparently I would only be paid if I agreed to support the client request. Watching to see what the property is listed at...

Any wonder we are not out of this mess yet? Frankly I don't even care that much about not being paid, we do enough business and this is the first time this happened. What totally annoys me is that this creep for a client offers mainstreet about $125 to conspire to commit fraud and will get away with violating the hvcc and mainstreet does not have the integrity kahooties to not play the pricing conspiracy game. No big surprise though.

I completed a BPO this past weekend and took my pictures bright & early on a cold Fall Sunday morning. I got this QC on it today:

"The subject pictures attached to the BPO seems to be similar to prior BPO as submitted 6-28-2011. Kindly provide the recent front view picture for the subject."

Geez ya think, maybe because they are the same house.

Obviously they did not look at the trees that lack leaves or other vegetation growth since June. There are noticeable seasonal differences in the pictures, like clouds in the sky in November and blues sky in June.

Perhaps they do not have 4 seasons in India. I resubmit and hope for a different QC person this time.

The latest from FARVV...built-in "fair housing" wording requirements. Dead stop: "Family". I guess there's no such thing as a family room any more. Perhaps one may have a recreation room or a den. Warnings: "Police" "Commercial." Even if a house is located on the same street with commercial businesses and a police department. Also warnings: "Repair."

How about zoning i.e. single family, etc? Since when does fair housing place the age of a structure in a protected class? I understand the intention however and if in a hurry I simply place an asterisk in between the letters (re*pair) and let her fly...other than that substitutions such as year or year built for age seem to be acceptable.

Agree. I comment in Comment about the word proof each time.
If we do it en mass, they will have better filter. Keep in mind it is a FHA requirement to do so on fair housing, redline issues...

The wording does not like repair! Ha!