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#58612 - 08/21/06 11:17 AM Need input on completed bpo
DelCidsRealty Offline
Veteran Member

Registered: 02/04/05
Posts: 688
Loc: CA
This is pretty much what I wrote the rep.
...............................
On July, 2006 I submitted a bpo number #######. About a month later
I receive a request for a bpo on the same property. I did not realize at
first that it was the same property. I rushed to turn it in because it was
already past due and I did not want to be too late. So the comps that were
used were not the same as in the report I did a month ago. I later took my
time to do a search on past completed bpos and there it was. I know an
agent is not supposed to do the same bpo on the same property. So will this
current bpo be returned because I already did one on the same property?
Please advise.
........................
Any way this was on a weekend and their office was closed. They e-mailed me back today saying that I would get paid because it was turned in. Shouldn't they have checked first? I tried calling their office in the morning hoping I could catch them and have then not submitt it, but I guess they approved the bpo before they finally read the e-mail???? They now say it will be up to the requestor who ordered the bpo what they want to do. I am just worried that they may try to sue me or something. The bpo I did this time was a little lower in price then the one I did about a month ago. This was as a result of the comps I used. Also the repair value was the worst. It was for a roof. Last time I gave a 1500 dollar repair value based on what a similar property had cost someone I knew. This time I went onto a website and checked prices for sq/ft labor , and material. Let's just say the repair cost was at least more then 5000 dollars difference. WOuld it help that I put a disclaimer both times about the repairs appearing to need so and so work and for a final accurate estimate to consult a licensed contractor??

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#58613 - 08/21/06 11:26 AM Re: Need input on completed bpo
Steele in Minnesota Offline
Member

Registered: 03/01/06
Posts: 142
Loc: Minneapolis, Minnesota
This time I went onto a website and checked prices for sq/ft labor , and material. Let's just say the repair cost was at least more then 5000 dollars difference. WOuld it help that I put a disclaimer both times about the repairs appearing to need so and so work and for a final accurate estimate to consult a licensed contractor??
****************************

Just curious but what website did you go to?

Steele
_________________________
Steele V. Propp
REO/Foreclosure Specialist, Loss Mitigator
Schatz Group GMAC Real Estate
Minneapolis, MN
steelep@aol.com

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#58614 - 08/21/06 11:36 AM Re: Need input on completed bpo
DelCidsRealty Offline
Veteran Member

Registered: 02/04/05
Posts: 688
Loc: CA
I did a goggle search and checked out a website that had some tools to use to give you a quote for certain criteria that was entered. Like sq.ft of roof, material wanted to and then it would give you an estimate for the area and state you lived in. I will try to look for the site and post it later. Thanks

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#58615 - 08/23/06 12:09 PM Re: Need input on completed bpo
eldoradosrealestate.com Offline
Veteran Member

Registered: 10/22/05
Posts: 937
Loc: Placerville Ca
I am not really sure why you are concerned. In my market prices can and are dropping substantially within a month. You are not expected to use the same comps every month. That would not be an accurate portrayal of the current market.
As far as repairs go. I have been giving rough guestimates and stating in all reports they are rough. Can you truly tell by a driveby how much a property needs in repair?
If they did not want to accept your report because you had done it before they would not have accepted. Some companies only have a month waiting period. Some 6.
Good luck
_________________________
Margaret Holland
Heritage Realty http://www.eldoradosrealestate.com

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