Stupid QC comments and BPO requirements.

Posted by: MassBPOer

Stupid QC comments and BPO requirements. - 04/14/10 02:50 PM

Since the Stupid MLS comments topic is so amusing, I thought that this could be fun too. I'll go first.

Please provide detailed comments directly into the report regarding the age of the comps as this client is extremely sensitive to comparables which are more than 10 years newer than the subject property.

Poor client is so sensitive, I might start crying too.

Oh yeah, the subject was built in 1860.


Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 04/14/10 07:03 PM

These instuctions came for an Interior with the homeowner as the contact person.

Do not approach or disturb owner/occupants.

OK, I will break in when they leave.

LOL
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 04/16/10 09:08 AM

To the best of your knowledge, why did it not sell?
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 04/16/10 10:05 AM

Originally Posted By: MassBPOer
To the best of your knowledge, why did it not sell?

Let me quess . . . . Because no one wanted to buy it!
Posted by: TB in TX

Re: Stupid QC comments and BPO requirements. - 04/16/10 10:35 AM

Originally Posted By: MassBPOer
To the best of your knowledge, why did it not sell?



That's not stupid - isn't it our job, especially people who deal with expireds, to figure that out? I personally love this question and have probably answered it with 100 different things over the years. And if they don't ask, I tell 'em in the comments.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 04/16/10 02:03 PM

Unless we call the listing agent, even they might not know why it did not sell, we have no way of knowing the real answer.
Maybe the seller decided not to sell.
Maybe the seller could not find a new house to fit their needs.
Maybe the seller of the house they wanted to buy could not find a new house to buy.
etc, etc, etc.
Posted by: PhoenixRE

Re: Stupid QC comments and BPO requirements. - 04/16/10 02:15 PM

"Picture of 3rd bedroom is missing, please submit"

Ummmh, it is because the property only has 2 bedrooms.
Posted by: Bobbing4REOs

Re: Stupid QC comments and BPO requirements. - 04/19/10 08:06 AM

Ran into this one just last week:

Interior BPO requires 5 interior pics in addition to pics of the master bedroom, bath, living room and kitchen.

Problem: The subject is a 1 bedroom 1 bath, 880 sqft condo. Once the required pics are taken there's nothing left to photograph!

Solution: Go back to the property and take pictures of the same rooms from different angles...
Posted by: ColoBroker

Re: Stupid QC comments and BPO requirements. - 04/19/10 09:02 AM

I had that bedroom is missing issue with Landam a couple of years ago. They were so sure it was there they took away the order and said I couldn't do more orders for them. I didn't miss them at all.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 04/19/10 09:15 AM

Originally Posted By: dab4real

Problem: The subject is a 1 bedroom 1 bath, 880 sqft condo. Once the required pics are taken there's nothing left to photograph!

Solution: Go back to the property and take pictures of the same rooms from different angles...



Ummm, I don't think so. I submitted an interior BPO on time w/ all rooms photographed. It's your problem your form does not conform to a one bedroom property. I would not go back out there, period!
Posted by: Mike Hagen

Re: Stupid QC comments and BPO requirements. - 04/19/10 01:07 PM

I like the why did it not sell?

1) I felt that the Muave wall paper clashed with the blush carpet

2) The chalk body outline and the bullet holes around the door

3) The foul stench of death hung upon the property, like the grim mist about a freshly dug grave in a cold dark cemetary
Posted by: Bobbing4REOs

Re: Stupid QC comments and BPO requirements. - 04/19/10 02:29 PM

LOLOL...Mike, I needed that! smile
Posted by: Jeff Adams

Re: Stupid QC comments and BPO requirements. - 04/19/10 02:34 PM

Originally Posted By: PhoenixRE
"Picture of 3rd bedroom is missing, please submit"

Ummmh, it is because the property only has 2 bedrooms.


Next time take a picture of the interior of your dog house. See if they have a sense of humor.....
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 04/19/10 04:09 PM

Originally Posted By: Brad - W4BJM
Ummm, I don't think so. I submitted an interior BPO on time w/ all rooms photographed. It's your problem your form does not conform to a one bedroom property. I would not go back out there, period!

Your comment reminds me of an Interior I did last year. It was supposed to be a simple SFR, and it turned out to be Two (2) Duplexes on One (1) Parcel of land (3 Acres) with a Zoning infraction which also happened to be LakeFront.

I took 73 Photos: including one of each room and each bath and each kitchen, and each side of each of the structures . . . . and eighteen (18) pictures of various items of damage or deferred maintenance (But 18 Subject Pictures and 18 Damage Pictures was all that this particular Platform could hold).

I ran out of space for all the room pictures, and sent them a separate email with the pictures attached as BOTH JPEGs AND as IMAGESs with descriptive labels. The QC at this particular Firm then responded with the request that to make their report look nicer for the Client . . . .Would I please replace all of the the damage photos and exchange them with the additional room pictures because the Client placed more importance on seeing the additional Rooms than on seeing the Damage.

I guess I could not contain myself; because it looks like I responded with "NO . . . . you already snookered me into providing the equivalent of TWO (2) Interiors under the guise of One Order; you have all 73 Photos that I took . . . . all properly labeled. The inadequacies of your BPO Platform are not my problem! YOU should find a way to present the data to your Client that properly reflects the condition and composition of these dwellings . . . . I finished my part! These proceedings are concluded."

Email is good to the extent that it allows you to temper your response and not just react with some kind of spontaneous angry quip (as I might be prone to do on the phone) . . . . plus it's documented.
Posted by: Rocky

Re: Stupid QC comments and BPO requirements. - 04/20/10 12:14 AM

QC: "Kindly change the proximity of active comp 1 to 3.05 miles and active comp 2 to 4.69 miles."

Me: "Umm... the proximity of active comp 1 is already 3.05 miles and comp 2, 4.69 miles"

No Kidding.
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 04/20/10 05:25 AM

"It would appear that you have chosen to value the subject at the lower end of the spectrum. Please go back and re-examine your comparables and adjust the price of the subject." Sold comps were $58,000, $61,000 and $69,000 - all the same style, all the same features - exterior BPO - I said the subject was worth $63,000. Most recent sales - in the last 2 weeks were the lowest priced ones - so - I told them the market prices were declining - and kept my price.
Posted by: alice

Re: Stupid QC comments and BPO requirements. - 04/20/10 06:58 AM

I had that happen lately with EML. I got blackballed for one disagreement after hundreds of accepted reports. Not fair. It was a huge chunk of my business.
Posted by: BMoran

Re: Stupid QC comments and BPO requirements. - 04/20/10 12:04 PM

Originally Posted By: alice
I had that happen lately with EML. I got blackballed for one disagreement after hundreds of accepted reports. Not fair. It was a huge chunk of my business.


That stinks, I learned to just give them what they want rather then argue its not worth my time, at the prices most companies offer its already a loss doing orders these days
Posted by: ColoBroker

Re: Stupid QC comments and BPO requirements. - 04/20/10 12:30 PM

It's hard to give them what they want when what they want doesn't exist.
Posted by: BMoran

Re: Stupid QC comments and BPO requirements. - 04/20/10 12:39 PM

Originally Posted By: ColoBroker
It's hard to give them what they want when what they want doesn't exist.


Thats true, I guess I havent had that problem yet. If they ask for something that doesnt exist we solve it another way I havent had the be a real problem yet. I have had issues with disagreement with value conclusions and I used to argue and make my case.
Yesterday I had someone tell me i was on the low and end of market and asked me to "re-visit" the order and re evaluate comps. LOL

I called them and said "what value do you want" he told me and i said fine
then he said i can make the adjustment for you, I was like great thanks. At $45.00 I am not going to kill myself
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 04/20/10 12:52 PM

Originally Posted By: alice
I had that happen lately with EML. I got blackballed for one disagreement after hundreds of accepted reports. Not fair. It was a huge chunk of my business.


Unless you were having a screamin' match with them, I'd suggest calling management.

Yesterday, I had a QC issue with them.......was told "your comps don't justify your final value". I did a fast review.....my numbers were right on target. In the comment section, I always include the values I use for GLA, bath, pool, and lot adjustments. I'm not sure whether QC didn't read it or just not understand it. At that point, I just added the final values for each comp in the comment section.........5 minutes later, it cleared QC......

I've never had an issue with eML that we couldn't work through....If I don't reoognize the name of the QC person, I just assume they're new and still working off a "cheat sheet".

Again, I would suggest you call or email management.......This issue may be a simple fix.
Posted by: Gary Boren

Re: Stupid QC comments and BPO requirements. - 04/20/10 06:21 PM

Not trying to start a flame here because I realize that every situation is different but.......I am not sure I would change my value just because QC does not like it. I have lost a major client because of it but did not lose any sleep over it. At the time, I just did not feel good about doing it. I went to a CE class on Appraisal Fraud today and found out that it may have kept me out of jail! One of the case studies had to do on a property that was under contract for 1.4 million. The appraisor said that his appraisal came in at 750k. He was asked to get it up to at least 1.2 million. He agreed. Of course he did not know that this conversation was being taped by the FBI. He ended up being sentenced to 2 years probation and can not longer work in the appraisal/real estate business.
Posted by: MiamiRealEstate

Re: Stupid QC comments and BPO requirements. - 04/20/10 08:35 PM

Uncle Salty,
In the case of a full Appraisal, I can imagine the illegality of agreeing to change your figures over the phone.
However, in the case of a BPO, I really wonder if they'd be that harsh. We (who do BPO's) are not giving "values", we are giving our opinion of what we think the property should "list" and/or "sell" for based on our experience in the "neighborhood".
If anyone would ever ask me to fudge my figures, I'd ask for time to reevaluate the whole BPO. In my forms, we don't have the requirement for adjustments, so I tell anyone asking for a specific price (usually brokers in the middle of a "short sale") "Hey, I can't adjust, therefore, if my comps don't show your value, I can't help you. I have to go with what I see on the comps."
Lately I've been amazed at List Prices (for short sales) way below recent market values. I'm actually starting to see "flips" again, where the low price was a short sale, and the next sale (within a few weeks - [maybe they did fix it up?]) was at market.
Anyways, I've never been asked to change any of my figures after submitting. And hope I never am. It's been over 10 years now, and I love this better than "selling" real estate. Got it as automated as I can, and am heading to 150/month without killing myself.
Good luck to all of us!
Posted by: barb43

Re: Stupid QC comments and BPO requirements. - 04/20/10 09:01 PM

I just did a duplex that the QC person insisted was an SFR. I sent her the county assessor card and she still insisted I "correct" my comps to represent a single family residence. (Something about that word "correct" rubbed me the wrong way. What am I, an unruly child while she's the schoolmarm?)

I told her in an email that the place "is a duplex unless someone has been inside of it and knows it isn't." After all, I'm just doing a drive-by BPO for $45! And there are clearly 2 front doors and 2-driveways to this place. I'm waiting to hear back as to whether she wants me to re-do it as an SFR or if she's going to tell me to do an interior BPO on it. Maybe they're just going to tell me to go away, I don't know at this point.
Posted by: Gary Boren

Re: Stupid QC comments and BPO requirements. - 04/20/10 09:02 PM

Miami,
Good response. I don't know if it would be as harsh but still would worry about changing my opinion of the property value to meet what the seller/owners wanted it to come in at. I did actually have one that I reevaluted after being asked to and said "dang" they were right. I was lowballing it. But that was the only time I changed one.
While most of my BPOs do not allow for adjustmants (I wish all did), I do keep the adjustments in mind while coming up with a value.
I too see a lot of short sale List Prices that are way too low. I hate to not be able to help the List Agent out but such is life!
Not ten years here yet but been at it for over eight. I wouldn't have to take my shoes off to count the number of times I have been asked to change my figures, but it has happened. Also not anywhere near 150 BPOs a month but I concentrate more on listing REOs.
I love the "Good luck to all of us!
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 04/24/10 06:05 AM

OK - I have one on hold - for a listing - because someone loaned money on it as a duplex - listed in tax records as a single family - one electric meter - one water meter - one gas meter and no second door on either unit. "not currently zoned as a two family" and a copy of the tax record - didn't seem to be enough documentation to back me up. Geez - I am always surprised. Does current use comform to zoing - as a two family no - its a frickin' single family with a peice of drywall dividing the first floor. Dorks.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 04/24/10 08:06 AM

I just completed an assignment that came to me as an interior BPO. Just a couple problems with it.
1. Point of contact is realtor in Florida (this is Upstate New York). POC didn't know anything about the place.
2. It's a vacant lot.

After a couple days convincing the assigning company that there is no building on the property, so it's pretty difficult to do an "interior" even if the POC DID know something about the property, they changed the order to land only.

So, in this inner city neighborhood, of course there are no sold comps in the MLS (managed to find 3 sales in public records). Active MLS comps have no photos.

Photos of all comps are required, plus an "interior" photo.

So yesterday, I drove around taking pictures of vacant lots. And their "interior" photo is a picture of a homeowner For Sale sign.

Sure hope I never see that one again!
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 04/24/10 11:56 AM

I had one assigned twice by 2 separate BPO mills 3 or 4 weeks apart. At one time there was a house there, but the county tax records show that it was sold to a milk processing company in 2006 and when I drove by (for the first order), all of the houses on the block had been demolished and the milk company was storing tractor trailers there. The company had bought out all of the houses on the block in 2006-2007.

Both wanted a land BPO on commercial. The lot is 1/20th of an acre. It has no commercial value. Took over a week, both times, to get the mills to remove the order.
Posted by: Ellen45

Re: Stupid QC comments and BPO requirements. - 04/24/10 02:52 PM

Originally Posted By: MassBPOer
To the best of your knowledge, why did it not sell?



That's a trickier question than it might appear when it had been previously listed as a short sale and now it's a bank owned.

I mean....I don't want to come right out and say the bank really screwed up by rejecting the six offers that were on it at more than the comps showed it was worth.
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 04/26/10 08:07 AM

OMG - the bank screwed up seems like the perfect answer to that question.
Posted by: Greg Masson

Re: Stupid QC comments and BPO requirements. - 04/27/10 07:08 PM

When the subject is listed occasionally they will ask, how many showings, How many offers

Really, how many agents will give that info out?
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 04/28/10 10:26 AM

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~
Posted by: Grampa

Re: Stupid QC comments and BPO requirements. - 04/28/10 12:52 PM

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.
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 04/28/10 04:31 PM

Yes I agree Grampa - price compensates for everything - even dog poo - Oh and cat wee
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/03/10 08:46 PM

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)
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 05/05/10 05:20 AM

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!!!!!!!!!!!!!!!!!!!
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 05/05/10 11:41 AM

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.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 05/05/10 11:49 AM

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.
Posted by: Ryan

Re: Stupid QC comments and BPO requirements. - 05/10/10 05:51 AM

Quote:
Please explain in detail as why you feel these are the best comps in Comp Quality Remarks or Quality Review Remarks section.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 05/10/10 06:12 AM

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?
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/10/10 11:29 AM

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.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/10/10 11:31 AM

canned comments are unacceptable

Yes, but canned requirements are OK.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 05/10/10 11:47 AM

"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.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/11/10 07:15 PM

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.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 05/11/10 07:41 PM

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?
Posted by: MHT

Re: Stupid QC comments and BPO requirements. - 05/11/10 08:12 PM

Mean is the average.
Median is the middle number in a set of numbers (as massPBOer pointed out).
Mode is the number which appears most often in a set of numbers.
Posted by: 50bpo

Re: Stupid QC comments and BPO requirements. - 05/11/10 10:04 PM

photo requirements
Both sides of house and front, street view both directions. Simple enough. QC sent back and asked why photos were not taken at same time. some photos show sunshine and some dark clouds.

My answer was “it’s Hawaii, photos taken in the afternoon, rain on the mountain and sun over the ocean" QC still didn't understand how it could be raining and sunny at the same time. Guess in India this does not happen.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 05/12/10 04:35 AM

Must be confused with terminology, from Statistics 101

Median - The mid point in the range (add the high and low and divide by two)
Mean - The average of the numbers in the range (add all of the numbers together then divide by the number of points)
Mode - The most frequent number in the range given.

Not from a text but from memory
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 05/12/10 05:53 AM

Here's a first for me.

Monday night, I worked on an exterior due yesterday.

I struggled to find Solds within the past 6 months.

Prior to Midnight Monday, a 11/10/09 was good; but at 12:25 AM Tuesday, just a few minutes later, it was not.

I commented my way out, knowing there wasn't anything better (nothing over the winter); but I was really in no mood to fiddle around finding a more geographically distant replacement for this prize in the middle of the night. I was actually tempted to modify the sale day; but didn't have to (so I escaped with my integrity intact!)
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 05/12/10 07:09 AM

[quote=50bpo]photo requirements
Both sides of house and front, street view both directions. Simple enough. QC sent back and asked why photos were not taken at same time. some photos show sunshine and some dark clouds.

My answer was “it’s Hawaii, photos taken in the afternoon, rain on the mountain and sun over the ocean" QC still didn't understand how it could be raining and sunny at the same time. Guess in India this does not happen.
[/quote]

I find it amazing that they even care. Although you took your pictures all at the same time, why would it matter if you had not? When I started, I often forgot the street shot, or the rear for interiors, and had to go back the next day. So, they want all photos taken in one trip, what else are they requiring? Do I have to input all the data in one sitting? Just plain silly.
Posted by: REal Guy

Re: Stupid QC comments and BPO requirements. - 05/12/10 01:46 PM

Just got this QC, and this is after having a long day:

"Please go back and take a street scene on a sunny day. The rain appears to be coming down to hard for the client to see the surroundings"

WTF
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 05/12/10 01:53 PM

No Way!! Tell them rain is forcast for the next week. There is no way I would hop back in my truck because of rain. Maybe you could just describe the surroundings in vivid detail .....
Posted by: MountainBPO

Re: Stupid QC comments and BPO requirements. - 05/12/10 02:12 PM

wow... rain is now unacceptable, what happens if you are in Washington or Oregon where it rains 345 days a year...

The craziest requirement I heard was that no comp photos could have snow in the pictures... it snowed today here, and we get snow from mid september to early june.... July and August are the only month without snow.... so there is an 83% chance that there will be snow on a comp photo here....
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/12/10 07:40 PM

Why are these mill being such expletives. This is getting ridiculous. Just tell them that you need a trip fee. And while you are talking to them, ask them if it is raining during your next order how many days they want you to wait to take the photos.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/12/10 07:49 PM

While I am here, I just noticed my favorite, CC, just changed their requirements. They are now exactly the same as PCV. Every day it seems like the mills are making it more and more difficult to complete these orders. I guess what worked 2,3,5,10 years ago won't work today. But we all know the real reason for all this BS is they need to do something, make form changes, stupid QC crap, etc. just to keep their jobs.
It's always about the money.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 05/13/10 08:50 AM

I don't want to make a mistake. I don't want to get QC'd.

Is this a Garage . . . . some kind of CarPort . . . . or


Is it a Lean Too ?
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/13/10 09:28 AM

Please go back and take a new photo. There is something in the bottom right hand corner that is not part of the subject. Our client is very sensitive to this. And please, no photo cropping.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/13/10 03:30 PM

It never ends. Just got this from EP.
NEW PHOTO REQUIREMENTS - PLEASE READ:
Submit only clear, daytime photos.(crap, I usually take them at night)
We recommend using photos that are 480 X 640 pixels. Upload required subject photos where indicated on the BPO form (each photo field allows for multiple uploads, if needed):
Subject Front
one current, original photo of the front of the subject property
Address Verification
must be clear, close-up of number on house, mailbox or curb
street signs are acceptable only if house number isn't visible and comments are required as to how you verified the correct property
Left & Right Side of Subject
photos of the sides of the property itself - not photos of the neighboring properties
Street Scene
view down the street, both ways (I don't go both ways, I only drive one way)
do not include photos of what the subject faces (across the street) - there has been confusion as to which property is subject, so we no longer require this view
Subject Rear (if accessible)
Subject Yard (no problem, I'll drive around back, morons)
Subject Repairs
upload photos of any damage(s) to the subject property
INTERIOR ORDERS Must include a photo of EACH interior room
Sold and Listed Comps
photos ARE required, do not check 'no photo available'
comp photos may be from MLS; if photo is not available on MLS or photo is not clear, please drive to the comparable and take a photo
Unacceptable Photos (BPO will be rejected)
Posted by: Don Price (Pine)

Re: Stupid QC comments and BPO requirements. - 05/13/10 03:39 PM

Originally Posted By: Vermont
I don't want to make a mistake. I don't want to get QC'd.

Is this a Garage . . . . some kind of CarPort . . . . or


Is it a Lean Too ?


Obviously, it's a lean-to smile
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 05/13/10 03:58 PM

Poor photo or no photo in MLS?......wanna guess which ones aren't used?.......lol....I got a new QC'r driving me crazy today....He just can't seem to figure out how I arrived at final values......said they make no sense........hmmmmmmmm...monthly depreciation factor 1%...GLA adjustment $30 s.f. .....what's there to figure?.........lol
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 05/13/10 05:29 PM

Originally Posted By: CandyMan
I got a new QC'r driving me crazy today....He just can't seem to figure our how I arrived at final values......said they make no sense........hmmmmmmmm...monthly depreciatioon factor 1%...GLA adjustment $30 s.f. .....what's there to figure?.........lol


It makes you wonder Candy what these people were doing in life before reviewing BPOs? As you said yourself, its not rocket science.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 05/13/10 05:44 PM

I'm just going to take him as new......if he can't figure out my last email with a break down of adjustments, we've got a problem.

I had one earlier today,,,,same company.......said values didn't justify suggeested price.......I suggersted they read the commment section.....was a major adjustment for pool, spa, and large enclosed patio........that was an easy fix.....she admitted she just glossed over the comment section....she's a great QC'r.....just got in a hurry.......like we don't?.....lol
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 05/14/10 04:32 AM

Got one yesterday with the typical "Prior order has different value, please research the comps used ..."

We checked our records, we also did 3 prior orders in the past year or so, all around the value we submitted this time. I felt like sending it back with "We have 3 prior orders all in the general dollar area we submitted this time. Please go back to the other submitter and ask them to defend their comps used" but I didn't
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 05/14/10 05:12 AM

Originally Posted By: Brad - W4BJM
It makes you wonder Candy what these people were doing in life before reviewing BPOs?

From the time they were in the Womb, their Life's Purpose was to grow up and govern the quality of these BPOs . . . . and so they have.

Without us, they'd have no Purpose. They need us to achieve their own fulfillment. We are participants in a symbiotic relationship with them.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 05/14/10 08:57 AM

I just had one for a lake community address, close to waterfront but about a block away. All my comps were similar location, but they were not necessarily within 1 mile or 6 months. Got a HELP HELP HELP, requesting replace the comps not within 1 mile or 6 months. Don't you think I would have used that type of comp if they existed? I kind of stewed about it until this morning (and they wanted the changes by yesterday). Checking the site, my order has disappeared. It's in my completed work however. I guess someone overruled the QC objection and passed the order along.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 05/16/10 06:41 PM

Originally Posted By: Vermont
Originally Posted By: Brad - W4BJM
It makes you wonder Candy what these people were doing in life before reviewing BPOs?

From the time they were in the Womb, their Life's Purpose was to grow up and govern the quality of these BPOs . . . . and so they have.

Without us, they'd have no Purpose. They need us to achieve their own fulfillment. We are participants in a symbiotic relationship with them.
Now Vermont that makes me sad as a QC'r. I've spent years getting yelled at by clients to earn the right to send an email back to an agent that says 'Help me understand this so I can explain it to the client'. Now I'll give you credit in that I've met a lot of bad QC'rs...but there are some decent ones out there who actually know what they are talking about...(maybe?)

J~
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 05/17/10 12:46 AM

J~

I've gone with the concept that, together, QC and myself, are working as a team. I'll always take into consideration that the person on the other end is new. What can be frustrating is when they ask questions that are already addressed in the report. They fail to understand that when we have to respond to their email, it takes away time from other orders that are in process. I used to dread Mondays after completing a ton of orders over the weekend. As stated before in this forum, I created a file on each company. I know what each is looking for in their order. I had one run with Big Bird with just a shade over 100 orders without a QC issue. To me, that says my system works, at least for me.

I look at the people on the other end that are kind of like some of us.....just tryin' to squeak out a livin'. If I feel they're on a power trip, I'll just shoot a quick email to management. Actually, I'll name drop first. I will usually state in an email, "is so and so working today?". You'd be surprised how fast that will clear an order.....lol.

The one thing I refuse to do is to "hit a target number". So far, I'm winning that battle.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/17/10 07:50 PM

What is average price of crack in neighborhood?
Has it increased, decreased or remained stable.
Please explain market forces minimum 50 words.

Only kidding,
Seriously
Posted by: Jayesnoop

Re: Stupid QC comments and BPO requirements. - 05/18/10 10:38 AM

Originally Posted By: MassBPOer
What is average price of crack in neighborhood?
Has it increased, decreased or remained stable.
Please explain market forces minimum 50 words.

Only kidding,
Seriously


There is a depreciation of 1% monthly due to the meth lab next door.
Posted by: LND

Re: Stupid QC comments and BPO requirements. - 05/19/10 05:18 PM

How about this?.........FARVV sends my report back because I said the subject was a rowhouse and they say it's a SFD. They want me to upload tax records. Tax records don't show anything other than "1 Dwelling Unit".

I say to them that you can clearly see that the house IS NOT DETACHED. Yes, it is a single family, but it has a house attached to each side, with an enire rown of them down the block (look at the picture). That is a ROWHOUSE. I must have gotten 10 HELP!HELP!HELP! emails basically asking me to just change it.

I told them twice that was illegal and that I would not do it simply because they want me to before they finally approved it. The order sat in my que for 10 days, and I'm sure my score was damaged b/c I wouldn't just change it.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/20/10 12:53 PM

I just had a similar situation. QC says subject is a condo. I had it as SF attached. He sends me a list of condos to use for comps and insists it's a condo. I say that I am not redoing it and attached listings of similar housing on same street saying SF attached on listings. I also said. There is no condo association. There are no condo fees, There are no condo benefits, such as landscaping, plowing etc. It is not a condo. It is a single family attached home. I am not changing anything.
We'll see what happens. I had the same situation a few months ago with a different mill and they finally agreed with me. Problem is stupid assessors have them as condos because they do not know what to call them.
Posted by: Sahara

Re: Stupid QC comments and BPO requirements. - 05/21/10 07:35 PM

FARVV IS SENDING OUT ORDERS, I JUST GOT 7
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/24/10 10:09 AM

"Please take sale 2 more into consideration when valuing the subject."

I am sick of this crap. Just tell me the value you want up front. This idiot also sent me 6 new comps to use before this last comment. I used a couple, but not all 6 comps. He is trying to influence the value. Kiss my IAS. That's a hint.
Posted by: Ashok Reddy

Re: Stupid QC comments and BPO requirements. - 05/24/10 12:38 PM

This kind of a situation happens only when there are prior BPO's done on the property. The prior Field Associate would have used SFD in his/her BPO's hence FARVV is asking for a proof.

The longer the orders is in your queue your score will go down.
What I would suggest you to do is:
1. Search for any prior listings for the subject and send them the same. Or Searchin Realtor.com, trulia.com which FARVV should accept.
2. Make detail comments on the type issue and why you are correct and then give a call to the QC Dept and explain them, this should clear out the issue.

Thanks,
Ashok Reddy
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/25/10 08:58 AM

This kind of a situation happens only when there are prior BPO's done on the property.

Problem is I am paid to give my opinion not someone elses.
And I don't think it's only when there are prior BPO's done on the property. They are trying to dictate my value.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/25/10 09:03 AM

Just got an email for another order I recently completed suggesting 3 sale comps to use. Problem is the QC moron's comps are SFD. Subject is a condo. I hope McDonalds and Burger King start hiring again so these people can do what they do best. Clean public restrooms.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 05/25/10 09:53 AM

Originally Posted By: MassBPOer
Just got an email for another order I recently completed suggesting 3 sale comps to use. Problem is the QC moron's comps are SFD. Subject is a condo. I hope McDonalds and Burger King start hiring again so these people can do what they do best. Clean public restrooms.


Maybe if I explain why a QC'r has no choice but to send them back it will help.

So agent from prior sent in his report stating they were all Condo's previously. The client got that report already. If the client orders it from the company again, they want eyes on the scene information as to why those comps are not accurate. A QC'r cannot just send the notice to the client and state 'I've reviewed the prior and these are not good comps' They want it from an agent in the area. Not all of us are only qualified to flip burgers Mass.... We have to go by policies and procedures the client sets even if we can explain to the client without your assistance, a lot of times they won't take it for what it is.

Make sense?

J~
Posted by: Doin' bpose

Re: Stupid QC comments and BPO requirements. - 05/25/10 10:17 AM

J, so if one ding dong agent has done a report, all subsequent agents doing an order will very likely get a kick back from QC? This will provide credible refutable evidence to support the value and discount the ding dong report.

Sounds about right.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/25/10 11:44 AM

Originally Posted By: ....J~
Originally Posted By: MassBPOer
Just got an email for another order I recently completed suggesting 3 sale comps to use. Problem is the QC moron's comps are SFD. Subject is a condo. I hope McDonalds and Burger King start hiring again so these people can do what they do best. Clean public restrooms.


Maybe if I explain why a QC'r has no choice but to send them back it will help.

So agent from prior sent in his report stating they were all Condo's previously. The client got that report already. If the client orders it from the company again, they want eyes on the scene information as to why those comps are not accurate. A QC'r cannot just send the notice to the client and state 'I've reviewed the prior and these are not good comps' They want it from an agent in the area. Not all of us are only qualified to flip burgers Mass.... We have to go by policies and procedures the client sets even if we can explain to the client without your assistance, a lot of times they won't take it for what it is.

Make sense?

J~


I figured not all are qualified to flip burgers. That is why I said clean the restrooms.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 05/25/10 08:13 PM

Oh thanks Mass.... I make a terrible cleaner so I guess it's off to flip burgers for me then.

J~
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 05/25/10 08:44 PM

Originally Posted By: ....J~
Oh thanks Mass.... I make a terrible cleaner so I guess it's off to flip burgers for me then.

J~


If you can flip burgers, input data, and qc at the same time, I've got a job for you. We don't need a cleaner.......we just dig another hole and move the outhouse......simple enough.....one of the perks of working for a large team..........lol.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 05/25/10 08:52 PM

I'm a woman... We're born multi-tasking. Do you make jalapeno burgers with pepper jack cheese? Those are the best. I make a killer one.

J~
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 05/25/10 08:57 PM

Originally Posted By: ....J~
I'm a woman... We're born multi-tasking. Do you make jalapeno burgers with pepper jack cheese? Those are the best. I make a killer one.

J~


Yes, I do........that's the main reason when we have the hole dug, they dig it deep....lol.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 05/25/10 09:08 PM

Well sign me up then... Cali would be a good vacation, been a long time since I've been out to visit the beaches on that side of the states.

J~
Posted by: super realtor

Re: Stupid QC comments and BPO requirements. - 05/26/10 12:48 AM

The problem is mills EXPECT the good brokers and agents to clean up the previous s*it for free and pay the same crap fee.

That's like saying you have a bad employee and he or she is not here anymore so we are going to dump all of this on you while they go scott free.

I really hope they change the bpo system because the way some mills run it now is crap. I really wonder what Washington would think of changing brokers/agents values without permission and trying to insert comps and influence values?
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 05/26/10 08:12 AM

Originally Posted By: super realtor
The problem is mills EXPECT the good brokers and agents to clean up the previous s*it for free and pay the same crap fee.

That's like saying you have a bad employee and he or she is not here anymore so we are going to dump all of this on you while they go scott free.


Excellent point Super. Your reply is one of the best posts I have read here recently.
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 05/26/10 08:27 AM

I will review my BPO - I will only change my value if I was having a bad day and screwed it up - if I was awake, and paying attention - no value change. You know - I got a call the other day from a woman that I had just recently done an interior BPO on her house. She asked me what value I had put on the house - they had denied her loan mod. I told her I didn't remember however I did remember that the builder was still in her subdivision - only 20% built in the first phase of a 4 phase subdivision - and that the builder was now building her house for less then what she paid. It got me to thinking about this thread. If you change your value - someone gets a loan mod. If you said the house was worth more just to shut up QC, haven't we just participated in the inflation of value so that the mortgage company can re-write the mortgage - and won't we stay in the same mortgage mess we are swimming in for longer? Because at some point - most loan mods default - and if they wrote the loan mod based on our BPO - and the house isn't even worth that - messy messy messy - so - nope - not changing my value.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 05/26/10 09:15 AM

I've been a QC'r long enough to know the prior agent isn't always the one wrong and as a QC'r if you have two reports infront of you and they both have comps with in the thresholds but one is half the value of the other.... you have to ask someone in the area. If you remember what I said in previous threads about agents that do bad priors... We find them, we remove them. So you're helping remove your competion who are not giving as accurate reports as you are. It's in the agents interest to help the mills with this. Do you really want to have QC always have your BPO flag and sit in QC for days on end waiting for a manual Value Variance Check because XXX is also still doing orders since we can't tell he's lowballing properties without your assistance?

J~
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 05/26/10 10:01 AM

It does my heart good to think that agents who do bad reports may actually be removed from the pool of available agents.

Still, I can understand why a QC'er would have to follow up on reports.

I did a valuation a few weeks ago where the variance was so extreme, it was bound to be questioned.

On a property I valued at about 280K, there were two other valuations also performed within about a 2-week period to mine. One order came in at 218K; and the other was close to 400K.

How the QC'er ever put that all together is a mystery to me. I explained how I got my value and that was the best I could do.
Posted by: Rennie

Re: Stupid QC comments and BPO requirements. - 05/26/10 01:11 PM

The above BPO requires revisions or additional information and can not be sent to the client for the following reason(s):

 The order says that the comp#1 and 2 are 6327.53 Miles away from the subject please make necessary changes.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 05/26/10 01:19 PM

HELP!HELP!HELP! Please include damage photos for repair issues mentioned in your report.

The house has no siding. The entire frontal view of the house is the "damage" photo.
Posted by: Rennie

Re: Stupid QC comments and BPO requirements. - 05/26/10 01:20 PM

sorry - didn't make that clear - I entered as within 4 blocks - their mapping software behind the scenes maps it at 6000 miles - I Google mapped it - within 1/2 mile.. I told them there must be something wrong with their software and try a different mapping tool, but they insisted I needed to fix or replace my comps.
Posted by: PMR

Re: Stupid QC comments and BPO requirements. - 05/26/10 01:35 PM

[quote=Rennie]sorry - didn't make that clear - I entered as within 4 blocks - their mapping software behind the scenes maps it at 6000 miles - I Google mapped it - within 1/2 mile.. I told them there must be something wrong with their software and try a different mapping tool, but they insisted I needed to fix or replace my comps. [/quote]

Just explain to them that was the closest comparable available. If they're going to be that dense with understanding your explanation regarding the mapping software, then they would probably be dense enough to accept your explanation that it was the closest comparable available. Yes, you did in fact review the 10 million or so other listings, and none of them are as comparable as the listing 6,000 miles away.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/28/10 02:24 PM

SSDD
The client is asking why we didn't use a recent comp that closed 4/16 at ....

This on an order I did 2 weeks ago.

Who is we? I did the order. And they want an answer today. Sorry, maybe Tuesday QC Moron.
Posted by: Highest&Best

Re: Stupid QC comments and BPO requirements. - 06/02/10 06:42 PM

"As per the map we have the mileage information for sold comp #2 as 0.06, please make the changes as per the map."

Umm, the system automatically calculated the distance shown in sold comp 2 and placed a value in that field of .1, probably a rounding of .06. The auto-calculation feature in this field will not let me override it, so if you want that level of granularity you will have to do it yourself.
Posted by: Ellen45

Re: Stupid QC comments and BPO requirements. - 06/03/10 02:30 PM

My pet peeve with QC is when they keep raising the bar. For intsance, I do a lot of business in a rural area where hardly any homes have addresses on them. So I always add a comment saying how I determined it was the right property. No problem. Until today. Suddenly "the client requires blah blah blah this that and the other". It's the same client I've been doing work for for months. They haven't changed their requirements, I would be willing to bet. The QCer just thought it would be fun to start adding on new "requirements".

I swear, some of these people just get off on QCing for the fun of it.
Posted by: Ellen45

Re: Stupid QC comments and BPO requirements. - 06/03/10 02:35 PM

Originally Posted By: ....J~
Originally Posted By: MassBPOer
Just got an email for another order I recently completed suggesting 3 sale comps to use. Problem is the QC moron's comps are SFD. Subject is a condo. I hope McDonalds and Burger King start hiring again so these people can do what they do best. Clean public restrooms.


Maybe if I explain why a QC'r has no choice but to send them back it will help.

So agent from prior sent in his report stating they were all Condo's previously. The client got that report already. If the client orders it from the company again, they want eyes on the scene information as to why those comps are not accurate. A QC'r cannot just send the notice to the client and state 'I've reviewed the prior and these are not good comps' They want it from an agent in the area. Not all of us are only qualified to flip burgers Mass.... We have to go by policies and procedures the client sets even if we can explain to the client without your assistance, a lot of times they won't take it for what it is.

Make sense?

J~


Yeah, it makes sense but I wonder why it is sometimes that I am asked to not only do extra work for no pay because some other agent is a moron but I get dinged on having "too many" QC when a good third of them are like that.
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 06/03/10 02:43 PM

OK - can I throw an reo listing requirement in here? I did an exterior BPO for one of my listings at the end of April. Property is now vacant and re-keyed with a lockbox. Got another exterior BPO request - I e-mailed the AM and said I now have interior access do you want to change it to an interior - to which he responded "The Drive By BPO is just to make sure the property is secured and safe. That's it. Thanks." So why am I getting a BPO request instead of a lockbox conformation request? A three page BPO with 6 comps for what???? I'm telling you right now - not doing the BPO - just putting in the comments section that per the AM's request - property is secure. Think I'll get it back - I figure its a 50/50 shot.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 06/03/10 04:10 PM

I think you'll get it back. Just copy all the data from the prior and resubmit it with the "property is now secured" info.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 06/04/10 10:14 PM

What a friggin' QC day.......and just when I thought I had them beat at their game......lol

My day starts off.....QC emails me....."please change all your comps to Fair Market Value as you indicated subject wasn't in an REO driven market". I replied, " Subject is in a Short Sale driven market, not REO". QC replies, "Please change all your comps to Fair Market Value" (when cows fly, I thought...lol)....Ya think I was falling on deaf ears? So, I try again....."There are only a total of 2 FMV's available...
you are requesting the impossible". He replies, "Our client considers Short sales and REO's equal and should be classified as same". I'm ROTF, by then. I then said. "If I change the report to REO driven market and make additional comments, are we good to go?". He says "yes". Works for me...I have to assume he never read my additional comments, as I stated "QC has indicated client considers Short Sales and REO's one of the same, and report should indicate market is REO driven....I disagree".

This afternoon was the icing on the cake. I'm out taking pictures.....show up at one property in a very old part of town.....subject is just a shell....just studs, floor, and no roof....has $440k mortgage against it...looks like it might be in rehab.....goes to auction next week......not sure who's going to get the biggest surprise.....the bank or the crew doing the rehab?

Soooooooooooooo, how was your Friday?........lol
Posted by: jdharpe

Re: Stupid QC comments and BPO requirements. - 06/04/10 11:10 PM

how about this one, "please supply before and after photo for rekey expense" really?
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 06/05/10 07:32 AM

BOA requires that - I have always been tempted to ask the field services guy to do the little hand poses like Vanna White. I take one of the knob and deadbolt - then one when it is totally removed, then one when it is all back together with the lockbox on the knob and then the upclose of the lockbox set to the combo. I did learn that the little flower button on my camera is for super close - had this camera forever - never knew that until 3 weeks ago - now you can see the numbers on the lockbox in the picture. What would they do with the Vanna White photos? I am tempted.
Candy - too funny - you have now proven that QC doesn't read original comments and the corrected comments - its offical.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 06/05/10 12:22 PM

Originally Posted By: OverTheEdge
Candy - too funny - you have now proven that QC doesn't read original comments and the corrected comments - its offical.
Or proven that they just remove the agents comments so it isn't sent to the client.

J~
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 06/05/10 01:04 PM

Originally Posted By: ....J~
Originally Posted By: OverTheEdge
Candy - too funny - you have now proven that QC doesn't read original comments and the corrected comments - its offical.
Or proven that they just remove the agents comments so it isn't sent to the client.

J~


I thought about that in advance. I copied my report. I'll go back and check their records in two weeks to see if any changes have been made. For additional insurance, I copied QC's email (aka: paper trail) stating the clients comment pertaining to Short Sales and REO's being one of the same.........You just gotta love this electronic age........lol
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 06/05/10 01:59 PM

Originally Posted By: ....J~
Originally Posted By: OverTheEdge
Candy - too funny - you have now proven that QC doesn't read original comments and the corrected comments - its offical.
Or proven that they just remove the agents comments so it isn't sent to the client.

J~


I really would hate to think that happens, which would be disheartening. The reason being is I truly feel I well document my adjustments used with comparables, as well as my summary as to how I determined value. That includes how much weight I put on certain comps in reaching my value conclusion. Sometimes I'll spend more time in my comments that I will on any other part of my report if it is a difficult property to comp.

It would sadden me to think all that time is in waste/vain.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 06/05/10 02:39 PM

Originally Posted By: Brad - W4BJM
It would sadden me to think all that time is in waste/vain.

I would be heart-broken too. It really tears something out of me when I've invested minutes upon minutes creating some catchy phraseology that describes a really unique point of comparison between, or among these comparables . . . . and then having to hear that your composition contains too many characters. Like you wrote 714 characters and we can only keep 450.

So then it's decision time. Having to choose who's to stay and who's to go. More time can be spent on that than was spent on the original draft. And it's tough, like deciding among your Off-Spring which ones need to be sent to the Orphanage. I so wish they'd cut the size of the field so you'd never create these nifty ideas . . . . never even bring them into this world.

I guess I'll just have to get over it.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 06/05/10 02:53 PM

I like the new restiction from one client to where I can't use "contingent or pending" comps. Let me see now......I have a choice of listings $50k to $100k above market and DOM's average 300 to 610 days. Hmmmmmmmmmmm.........makes sense to me......lol.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 06/05/10 02:57 PM

Brad, I don't think a QC'r should remove anything like that from an order. If I have to change anything it's things like wording choices such as for Fair Market laws...

i.e. - 'Prostitue approached me when entering the property' might be changed to 'unlawful solicitation provided by non-occupant at residence'

I should add though that most the clients I've worked for do believe that short sales and REO's in the current market climate are pretty much the same. (Just an FYI on a clients perspective).

J~
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 06/05/10 03:05 PM

Is one of them still trying to require that the Currents have a list date of less than 180 days back ? I think that was Protek! That requirement made it almost impossible to find Comps.

I don't do work for them anymore; but I do recall having an argument where the Solds, like normal, had to have Closed within the past 180 days; but they may have been on the market for over a year. Their Cousins, the Currents who may have been on the Market for the same period of time, and under the same conditions, could not be among the Chosen! Only those listed for 180 days or less could be included.

Their QC was adamant that only Fresh Solds, and Fresh Listings, can be used to make a statement about where the market was at that point in time . . . . not any of those old salty time-tested Warriors with a DOM of a few hundred or even thousands of days.

And if a Current Comp had been re-listed, they wanted me to verify that at least 180 days had elapsed between the prior expiration and the re-listing. I think someone without any knowledge of how this market works had taken over their training program, and thought they could really make it so much better and scientific. I don't research the Listing History of the Subject as thoroughly as they started wanting me to research the Current Comps.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 06/06/10 11:06 AM

Subject Comment is insufficient as it contains less than 49 characters.

Ok, I will use bigger words. I hope you can read them.


Yes, I know it's an automated QC.
Posted by: Traveler

Re: Stupid QC comments and BPO requirements. - 06/06/10 11:50 AM

BPO Rejected.
Reason for BPO being rejected: " bank had property valued at $180k in 2008 with condition stated as good. Your value is 40K and condition is stated as poor, but photos look the same. (landscaping is 10 feet overgrown, siding is shot. All my comps are <$45k and within 1 mile)
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 06/06/10 02:44 PM

Originally Posted By: jgizzi
BPO Rejected.
Reason for BPO being rejected: " bank had property valued at $180k in 2008 with condition stated as good. Your value is 40K and condition is stated as poor, but photos look the same. (landscaping is 10 feet overgrown, siding is shot. All my compos are <$45k and within 1 mile)
Okay... This one is just ridiculous. Any QC'r who doesn't realize market trends have changed between 2008 and today shouldnt be allowed near an order...*sigh*

J~
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 06/06/10 02:50 PM

J~

If this were the case, I could see the unemployment line getting longer......lol
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 06/06/10 03:57 PM

So do you think it's standard for QC not to know what they are talking about then Candy?

J~
Posted by: CandyMan

Stupid QC comments and BPO requirements. - 06/06/10 04:48 PM

J~

No.......was just joking........We all have a job to do......working as a team seems to work best for me. I take the newbies with the old dogs..........I know most of my QC people.....When a new name pops up, it's safe to assume that they're working off a cheat sheet (ya gotta to start somewhere). In an earlier post I indicated that the client considered REO's and Short Sales one of the same. If that's the case, then state it in the order. It would sure save me a lot of time in searching for comps. Or, at least in a QC hit, state that in the first email. In my service area, that rule won't apply, in most cases. REO's, SS, and FMV will have 3 seperate values, and, will so state that in my report, if needed.

I'm lucky in one respect, as I have very few QC issues. My complaint is in the timing. I always seem to get hit when I have a ton of orders to complete. That means I have to pull off my orders and deal with the QC issue. All I ask is to be specific in the first QC email........It will save us both a lot of wasted time, as most of us aren't mind readers.

The QC'r that makes a mistake and admits it, has my greatest respect. None of us are perfect.......together, we work as a team. I attribute my low QC issues to that concept..

Darn.......this post turned into a rant......lol. J~, this post wasn't directed at you......more for QC in general....end of rant
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 06/06/10 05:57 PM

Yeah well... We all know that when I QC I just look at the nutitional value on my breakfast, times it by pi and then divide it by your monthly market percentage and it should equal your value... who needs comps right?

I had a conversation with an agent the other day about this. Unfortuantly, there is no KBB on houses so QC's just trying to figure it out as much as you guys are. When we read through a report, we read it and have to ask 'If I was the client, would this make sense based on the data I've been provided?' If the answer is yes, good report. If not, go back and ask some questions and get more detail or changes made so it does make sense. Contrary to popular belief, there is no reward or benefit for sending an order back for corrections. It actually is a penalty in a way for a QC'r because the order is in their queue until it gets corrected.

But yes, I do understand the frustration over some of these things. I get it from the opposite side thats all. (Client and Agents vs QC)

J~
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 06/10/10 09:46 AM

This may be a stupid question . . . . but I'll take the risk.

What's most important in drawing together your Comparables for a Multi-Family BPO ?

I just finished a BPO on a 1870 13 Room Two-Unit 3100SF in a Rural Setting on a ½ Acre Lot.

So, it was your basic 13/7/3½ old 1870 Building.

I had trouble finding 2 Unit Comps which were that big. Most 2 Units were a mere 1600 to 2000 SF.

Going up into the realm of 2800 to 3500 SF, I was getting 4 and 5 Units and larger.

So I stretched the proximity radius out to about 25 miles in order to reel in enough 2 Units that met the GLA criterion.

The QC people for this Firm are feeling that I should disregard the number of units, and focus on the GLA. So a 4 Unit or even a 5 or 6 Unit should be used provided that it is in the GLA range and that would be preferable to seeking out more distant 2 Units.

Other Firms have specified that the 2 Unit characteristic is more important than the proximity criterion.

So what's most important, Proximity or Unit Count . . . . or GLA ?

I rank them Age, Units, GLA, Proximity, Condition, Lot Size . . . .

See, I don't do many Multi-Units. Luckily, Vermont is not a place that people move to in order to just find themselves living in an apartment on the other side of a stud-wall from some strangers . . . . or living immediately below or above these folks who you don't know.

I will say this though; I know that 2000SF divvied up into 5 units commands a much higher Gross Rental Income than 2000SF comprised of a lousy 2 Units . . . . so if you were valuing these using an Income Approach, then the number of units would play a VERY BIG ROLE, and it would be a whole lot more important than proximity.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 06/10/10 09:56 AM

I did one similar yesterday, so it would be nice to hear the other side (J) on this topic. In my case it was a 4-unit in a rural area of 3100 sq ft built about 1900. So all but 1 of my comps were 4 units, 100 or so years old, 2500-3300 sq ft. But the proximity was up to about 20 miles. I used one 3 unit that was similar GLA...but that was in an urban area. Sometimes the comps you want to use just aren't there.
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 06/10/10 11:56 AM

I always focus on number of units and not so much on sq ft. If I think the areas are similar - suburban with similar school districts - I am not that concerned with proximity. I think that if it is a multi family - getting the most accurate value for it has to do with the number of units - not how big the units are - within reason - nor do I worry that much about proximity as long as locations are similar in features - drug dealer ratios to murders - then your fine.
Posted by: Ryan

Re: Stupid QC comments and BPO requirements. - 06/10/10 12:54 PM

One of my clients doesn't care about the number of units. It's the most important feature in my market because CAP rates can approach 33% on a 4-plex, as opposed to 25% on a triplex and 20% on a duplex.

One client doesn't seem to care. Maybe some old crotchety broker told them in 1950 that GLA is the be-all-end-all to valuations. And damned be them young 'ens that say differently!
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 06/10/10 04:04 PM

Thank you People. Now I don't feel so all alone anymore !
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 06/10/10 10:27 PM

Okay.

For the clients I've worked for the break down goes like this:

Type (SFD, Mobile, Condo)
Proximity
GLA
Unit
Lot size
Age
style

As far as # of units, It's kind of a toss up. The reason being that if you have a 3 unit in the same area as a 2 unit, the rental amounts are going to be more comparable than if you chose a 2 unit in a different area which could have a higher or lower rental rate.

I.e. I have a 3 unit 2400 sq ft with 10/6/3 and it rents for 500 a unit. My best comp is a 2 unit 2400 sq ft with 10/6/2 which rents for 750.00 a unit.

Even though my comp is only 2 units, those two units get a higher rental rate due to the 3 bedrooms which will make up for the difference.

Now if I extended my proximity I might find another 3 unit with 2400 sq ft however they could want 950.00 for each of those units due to a better area, and since the income potential runs the cost of multi's, those units would probably be worth more than my subject.

So thats from a clients point of view. Don't know if it will help but I try.

J~
Posted by: DesertAgent

Re: Stupid QC comments and BPO requirements. - 07/15/10 07:53 PM

Looks like I no longer need to make a decision on how much repairs will increase the value

"Please review the difference between your As-Is and Repaired Values. Currently you estimate $4,500 in total repair costs. The difference between your As-Is and Repaired Values should be at least equal to, but not exceed 2X the amount of the total estimate".
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 07/19/10 02:06 PM

More work
Median Site Size:
Median GLA:
Median Year Built:
This is in addition to the usual sold and list MLS stats that they want.
Posted by: PhoenixRE

Re: Stupid QC comments and BPO requirements. - 07/25/10 11:40 AM

"Client has provided a lot size of 2.4 acres for the property, please use comps with a similar lot size".

Hmmmh, the problem is just that the client is wrong about the lot size. The property is in a deed restricted, masterplanned community. The lot size according to tax records is 10,385 = 0.24 acres and I have seen the lot. I can tell the difference between a 2.4 acre lot and 1/4 acre.


One would think that's an easy fix, just send in the tax records but, no, not so fast ........ If the client says it's 2.4 acres I guess it overwrites the tax records. Grrrh!!!
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 07/27/10 04:51 AM

"Please provide comps that have sq footage equal to or greater then the subject."

Oh - gosh why didn't I think of that??? Maybe because there have only been 4 sales in that area in the last 6 months?? Its a war zone with almost every single house being boarded or torched? Seriously - the subject is only worth 7k-8k - sorry that you wrote a loan 3 years ago for 50K - but I can not in any way give you comps that support that price.

I wrote comments - much more politically correct then the ones above in the general comments section, in every comp comment section and in the final comments section. Six phone calls later - yes six, I finally just sent them an e-mail to read the comments. All QC went away. It is exactly like talking to my teenager - say it six times - turn off all electrical devices in the room and make eye contact. Geez.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 07/27/10 11:58 AM

I had a Help Help Help today saying urban had to be within 1/2 mile. I thought I checked the wrong box on the form, but I had marked it rural and all the comps were rural.

Maybe I should have written the comments in Farsi
Posted by: OH REO

Re: Stupid QC comments and BPO requirements. - 07/27/10 04:12 PM

I thought after all these years I had seen every stupid QC ever. Got a new one today. "Please comment on the condition of the roof". QC sent back my BPO for this. Ummm, roof looks good to me. One story house, roof is clearly visible in photo. Last I heard of it. ??
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/27/10 10:19 PM

To all QC people on this forum:

I think that all the Brokers/Agents and QC people qualifications should be reevaluated, especially now that both us the vendors and the mills have seen a big difference in quality of work. Us as vendors from some QC people ... and QC people from some Vendors.

I think that is good to say that a good BPO Vendor whould have under his belt at least 100 REO listings of his own sold in the past 2-3 years, and at least 30-40 bpos done monthly for either CC, EML, etc. And a request for proof of those records would be great !! Maybe this way we can eliminate the ones that have no knowledge about a distressed market (someone said that short sales are considered as REOs ... and one would go to the extent of considering a short sale like an REO ... but never when the short sale is in a superior condition and has upgrades throughout and they want to sell it for the same price as an REO that has missing appliances, needs drywall and flooring repairs, has an overgrown yard and delapidated siding, etc.) ... And maybe some proof of how many REO bpos, distressed valuation BPOs, or Fair Market BPOs have been done constantly by that individual for the past 12-24 months. I think that this would eliminate a lot of the newbies who are just trying to break into the business by giving lower than average quality of work.

And for the QC people which have just been hired and are on their first 500-1000 bpos, I say it would be good for them to take the same classes, bpo certifications and REO certifications that we are req1uired to take. And must have a Real Estate Sales or Broker's license, or even an Appraiser's license. A license that was used before and they can show proof of their real estate experience ... I don't need a WalMart door greeter QCing my work. No matter how many classes or cerifications they have if they don't hold a real estate license !! And they have never delt with real estate before on a daily basis ...

Just my opinion as a Real Estate Professional !!
Posted by: BoneFish

Re: Stupid QC comments and BPO requirements. - 07/27/10 11:07 PM

Originally Posted By: ech0es
To all QC people on this forum:

I think that all the Brokers/Agents and QC people qualifications should be reevaluated, especially now that both us the vendors and the mills have seen a big difference in quality of work. Us as vendors from some QC people ... and QC people from some Vendors.

I think that is good to say that a good BPO Vendor whould have under his belt at least 100 REO listings of his own sold in the past 2-3 years, and at least 30-40 bpos done monthly for either CC, EML, etc. And a request for proof of those records would be great !! Maybe this way we can eliminate the ones that have no knowledge about a distressed market (someone said that short sales are considered as REOs ... and one would go to the extent of considering a short sale like an REO ... but never when the short sale is in a superior condition and has upgrades throughout and they want to sell it for the same price as an REO that has missing appliances, needs drywall and flooring repairs, has an overgrown yard and delapidated siding, etc.) ... And maybe some proof of how many REO bpos, distressed valuation BPOs, or Fair Market BPOs have been done constantly by that individual for the past 12-24 months. I think that this would eliminate a lot of the newbies who are just trying to break into the business by giving lower than average quality of work.

And for the QC people which have just been hired and are on their first 500-1000 bpos, I say it would be good for them to take the same classes, bpo certifications and REO certifications that we are req1uired to take. And must have a Real Estate Sales or Broker's license, or even an Appraiser's license. A license that was used before and they can show proof of their real estate experience ... I don't need a WalMart door greeter QCing my work. No matter how many classes or cerifications they have if they don't hold a real estate license !! And they have never delt with real estate before on a daily basis ...

Just my opinion as a Real Estate Professional !!



Dear Vendor, corrections are needed before your report can be submitted to our client


It’s Would not Whould

It’s Dilapidated not Delapidated

It’s Certifications not Cerifications

It’s Dealt not Delt

QCing is not a word

Also you should avoid starting a sentence with the word “and”


Please Note: Failure to have corrections submitted within 2hrs will result in a negative impact on your service score





Glad to help .. no need to thank me
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/27/10 11:29 PM

Yeah ... Thanks for the spell check !! I'm happy that the QC people can do at least that !!
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/27/10 11:33 PM

Especially when the screen is refreshing and you lost part of your words if not the whole sentence ... and when you go to save you realize that you were allowed only 450 characters and you wrote more than 1000 frown
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/27/10 11:36 PM

Originally Posted By: BoneFish
Originally Posted By: ech0es
To all QC people on this forum:

I think that all the Brokers/Agents and QC people qualifications should be reevaluated, especially now that both us the vendors and the mills have seen a big difference in quality of work. Us as vendors from some QC people ... and QC people from some Vendors.

I think that is good to say that a good BPO Vendor whould have under his belt at least 100 REO listings of his own sold in the past 2-3 years, and at least 30-40 bpos done monthly for either CC, EML, etc. And a request for proof of those records would be great !! Maybe this way we can eliminate the ones that have no knowledge about a distressed market (someone said that short sales are considered as REOs ... and one would go to the extent of considering a short sale like an REO ... but never when the short sale is in a superior condition and has upgrades throughout and they want to sell it for the same price as an REO that has missing appliances, needs drywall and flooring repairs, has an overgrown yard and delapidated siding, etc.) ... And maybe some proof of how many REO bpos, distressed valuation BPOs, or Fair Market BPOs have been done constantly by that individual for the past 12-24 months. I think that this would eliminate a lot of the newbies who are just trying to break into the business by giving lower than average quality of work.

And for the QC people which have just been hired and are on their first 500-1000 bpos, I say it would be good for them to take the same classes, bpo certifications and REO certifications that we are req1uired to take. And must have a Real Estate Sales or Broker's license, or even an Appraiser's license. A license that was used before and they can show proof of their real estate experience ... I don't need a WalMart door greeter QCing my work. No matter how many classes or cerifications they have if they don't hold a real estate license !! And they have never delt with real estate before on a daily basis ...

Just my opinion as a Real Estate Professional !!



Dear Vendor, corrections are needed before your report can be submitted to our client


It’s Would not Whould

It’s Dilapidated not Delapidated

It’s Certifications not Cerifications

It’s Dealt not Delt

QCing is not a word

Also you should avoid starting a sentence with the word “and”


Please Note: Failure to have corrections submitted within 2hrs will result in a negative impact on your service score





Glad to help .. no need to thank me


BoneFish: are you a QC person ? And did you look for my little lousy spelling mistakes because you had nothing better to comment regarding my post ? Just being curious ...
Posted by: BPO Doug

Re: Stupid QC comments and BPO requirements. - 07/28/10 10:29 PM

Failed Qc for Is the subject on the water? answer No
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 07/28/10 10:57 PM

Originally Posted By: dougsul
Failed Qc for Is the subject on the water? answer No


My clown side tends to come forward with "only when it rains".....
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 07/29/10 10:46 AM

Well ech0es, I don't know if BoneFish is a QC'r but I am. Let me respond to some of the things you mentioned.

I think that is good to say that a good BPO Vendor whould have under his belt at least 100 REO listings of his own sold in the past 2-3 years, and at least 30-40 bpos done monthly for either CC, EML, etc. And a request for proof of those records would be great !! Maybe this way we can eliminate the ones that have no knowledge about a distressed market (someone said that short sales are considered as REOs ... and one would go to the extent of considering a short sale like an REO ... but never when the short sale is in a superior condition and has upgrades throughout and they want to sell it for the same price as an REO that has missing appliances, needs drywall and flooring repairs, has an overgrown yard and delapidated siding, etc.) ... And maybe some proof of how many REO bpos, distressed valuation BPOs, or Fair Market BPOs have been done constantly by that individual for the past 12-24 months. I think that this would eliminate a lot of the newbie’s who are just trying to break into the business by giving lower than average quality of work.
.


I'm very amused by the fact that you mention REO listings as a requirement even though a large segment of BPO's done are not for REO purposes. Also you state 30-40 BPO's a month for companies as a requirement. So how would you suggest agents prove this? The work product is paid for by the Mill and they own that product. Do you expect the mills to be offering their competitors confirmation? Agent information is highly guarded. A mill isn't going to want to share a good agent with another company. I also hope you're not suggesting the idea of sharing reports with other companies to verify your own work history. As BPO's contain very sensitive information such as borrower information ECT. If you did share BPO's with other companies, you would be compromising a borrower’s privacy.

The other part that I do not understand is that you don't believe in letting 'newbie’s' break into the business. You were allowed to prove yourself when you were new. Why wouldn't others be allowed to have the same chance?

'And for the QC people which have just been hired and are on their first 500-1000 bpos, I say it would be good for them to take the same classes, bpo certifications and REO certifications that we are req1uired to take. And must have a Real Estate Sales or Broker's license, or even an Appraiser's license. A license that was used before and they can show proof of their real estate experience ... I don't need a WalMart door greeter QCing my work. No matter how many classes or cerifications they have if they don't hold a real estate license !! And they have never delt with real estate before on a daily basis ...'

Now, as for QC people that have just been hired. They are trained, sometimes by fire, but trained. I've been doing this for over 7 years. Some of the best QC'rs I have had the honor to work with, have not held a real estate license. Having a license is good, but it does nothing if you don't have the experience and knowledge to back it up.

I think of it as a 16 year old with a shiny new license. Just because you were able to pass the test, doesn't mean I'm handing you the keys to my BMW let alone let you teach someone else how to drive it. Sadly, some of the best drivers I've found have been the ones without licenses (Probably because they know if they get into an accident or break a law there are a lot harsher ramifications.) Funny how that works isn't it.

If I had a choice, any agent that wanted to sign up with a mill, would have to do a free start up BPO in their area to show they can give a quality BPO in a quick TAT. Based on the score of that BPO would be where you would fall with the company for your starting rating.


But thats just my own opinions...

J~
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 07/29/10 11:13 AM

I'm gonna chime in - big surprise. I was once a brand new baby agent wanting to break into the reo business. I did my first reo listing in 1998 - but I wanted more experience. I got that experience by doing BPOs and I have to say I am sure some of my work was horrid - but I am greatful to the QC people who called me and helped me figure out how to do it right. (not the crazy QC people - the ones who knew that I was messing up for real) I am gonna say that it would be awesome not to have to go up against a newbies BPO but at the same time - I was there - so as long as they learn and as long as they improve - and care about improving their work - great have at it. The only newbies I have a problem with are the ones that want it handed to them and they don't want to do the work - they don't want to learn - they see this part of the business as a pot of gold - not a profession - they are the ones that could just fall off the face of the earth and not be missed by me.
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/29/10 02:07 PM

Originally Posted By: ....J~
Well ech0es, I don't know if BoneFish is a QC'r but I am. Let me respond to some of the things you mentioned.

I think that is good to say that a good BPO Vendor whould have under his belt at least 100 REO listings of his own sold in the past 2-3 years, and at least 30-40 bpos done monthly for either CC, EML, etc. And a request for proof of those records would be great !! Maybe this way we can eliminate the ones that have no knowledge about a distressed market (someone said that short sales are considered as REOs ... and one would go to the extent of considering a short sale like an REO ... but never when the short sale is in a superior condition and has upgrades throughout and they want to sell it for the same price as an REO that has missing appliances, needs drywall and flooring repairs, has an overgrown yard and delapidated siding, etc.) ... And maybe some proof of how many REO bpos, distressed valuation BPOs, or Fair Market BPOs have been done constantly by that individual for the past 12-24 months. I think that this would eliminate a lot of the newbie’s who are just trying to break into the business by giving lower than average quality of work.
.


I'm very amused by the fact that you mention REO listings as a requirement even though a large segment of BPO's done are not for REO purposes. Also you state 30-40 BPO's a month for companies as a requirement. So how would you suggest agents prove this? The work product is paid for by the Mill and they own that product. Do you expect the mills to be offering their competitors confirmation? Agent information is highly guarded. A mill isn't going to want to share a good agent with another company. I also hope you're not suggesting the idea of sharing reports with other companies to verify your own work history. As BPO's contain very sensitive information such as borrower information ECT. If you did share BPO's with other companies, you would be compromising a borrower’s privacy.

The other part that I do not understand is that you don't believe in letting 'newbie’s' break into the business. You were allowed to prove yourself when you were new. Why wouldn't others be allowed to have the same chance?

'And for the QC people which have just been hired and are on their first 500-1000 bpos, I say it would be good for them to take the same classes, bpo certifications and REO certifications that we are req1uired to take. And must have a Real Estate Sales or Broker's license, or even an Appraiser's license. A license that was used before and they can show proof of their real estate experience ... I don't need a WalMart door greeter QCing my work. No matter how many classes or cerifications they have if they don't hold a real estate license !! And they have never delt with real estate before on a daily basis ...'

Now, as for QC people that have just been hired. They are trained, sometimes by fire, but trained. I've been doing this for over 7 years. Some of the best QC'rs I have had the honor to work with, have not held a real estate license. Having a license is good, but it does nothing if you don't have the experience and knowledge to back it up.

I think of it as a 16 year old with a shiny new license. Just because you were able to pass the test, doesn't mean I'm handing you the keys to my BMW let alone let you teach someone else how to drive it. Sadly, some of the best drivers I've found have been the ones without licenses (Probably because they know if they get into an accident or break a law there are a lot harsher ramifications.) Funny how that works isn't it.

If I had a choice, any agent that wanted to sign up with a mill, would have to do a free start up BPO in their area to show they can give a quality BPO in a quick TAT. Based on the score of that BPO would be where you would fall with the company for your starting rating.


But thats just my own opinions...

J~


I agree with the free BPO as a start up. And I agree that a person holding a licese should have the experience and knowledge to back it up. As far as I know CC and other mills require for their vendor applicants to be licensed for a minimium of 2 years, which I completely agree with.

Yes. I've been a newbie myself, but when I started doing bpos about 5 years ago, I was doing the data entry for my broker and she would review all my work and would tell me where I messed up and why my comps were wrong and helped me every step of the way until she felt confident enough to let me do them on my own without her having to review my work.

REO experience should be required especially because we have to list repairs on most of the bpo forms and explain if the property qualifies for all types of financing as-is or not. Most agents that have only 2 years real estate experience but never had to get bids for repairs on properties would have no idea of how much things cost at an average or would have no idea in general if the house would qualify or not for FHA or VA as-is. In the past 2-3 years I can't even tell you the amount of FHA or VA financed offers that I got on an REO property that did not qualify for these types of financing and the buyer's agent had no idea that repairs will be required by the buyer's lender on a FHA 203B loan or a VA loan. Let's not talk about the fact that most have no idea what an FHA 203K loan means.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 07/29/10 02:13 PM

echOes

FHA 203k.....needs work and repairs can be financed

Question:

Do you know what a FHA 245 loan is?.......just curious.
Posted by: Grampa

Re: Stupid QC comments and BPO requirements. - 07/29/10 02:35 PM

CandyMan, you are probably responsible for an uptick in google with that question. I have not seen one of these in a LONG time.

Our Closing co-ordinator who was a former title closer said she only did one in about 10 years.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 07/29/10 02:41 PM

ROTF........I've done a ton of them....I guess this dates me.....I have more I can post..lol...FHA/VA loan......down payment percentage?
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/29/10 03:20 PM

LOL CandyMan ... you got me wih that one smile

Grampa: you were right !! I had to Google for FHA 245 and got to an FHA 245(a) section about Growing Equity Mortgages for limited income people smile

CandyMan: how did I do ? :P
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/29/10 03:30 PM

Originally Posted By: CandyMan
echOes

FHA 203k.....needs work and repairs can be financed

Question:

Do you know what a FHA 245 loan is?.......just curious.


FHA 203k doesn't mean that the house needs work necessarily ... It just means that in case the house needs work and the buyer qualifies for the higher amount then they could just do an HA 203K, do the repairs needed to pass FHA quidelines and on top of that ... they could also rehab whatever they want in and outside the improvement up to the loan amount limit that they are financed for and are willing to finance smile
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/29/10 03:43 PM

Correction: almost everything can be upgraded with an FHA 203K loan ... nothing structural smile
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/29/10 03:44 PM

And of course ... it must appraise at an as-repaired or per specs and plans price smile
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 07/29/10 05:10 PM

How many appraisals are required?
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 07/29/10 05:11 PM

Originally Posted By: ech0es
Correction: almost everything can be upgraded with an FHA 203K loan ... nothing structural smile



No spa or pool, for starters
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 07/29/10 05:13 PM

Originally Posted By: ech0es
LOL CandyMan ... you got me wih that one smile

Grampa: you were right !! I had to Google for FHA 245 and got to an FHA 245(a) section about Growing Equity Mortgages for limited income people smile

CandyMan: how did I do ? :P


How much did the payment graduate yearly and for how many years?
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/29/10 07:00 PM

2 appraisals at least. 1 as-is and 1 as-repaired or per specs and plans.
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/29/10 07:08 PM

LOL ... I don't know ... did not get into more details once I saw what's about ... If I come across a buyer who needs it then I'll worry about becoming more knowledgeable about this type of loan. But since FL was one of the states that was hit the most by foreclosures and prices here came down to what people can actually afford, I don't see me having to read up on this type of loan very soon ... I'll keep it mind mind though for my next break from bpos, reos or this forum smile
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 07/29/10 07:18 PM

Originally Posted By: ech0es
LOL ... I don't know ... did not get into more details once I saw what's about ... If I come across a buyer who needs it then I'll worry about becoming more knowledgeable about this type of loan. But since FL was one of the states that was hit the most by foreclosures and prices here came down to what people can actually afford, I don't see me having to read up on this type of loan very soon ... I'll keep it mind mind though for my next break from bpos, reos or this forum smile


7 1/2% per year.....levels out in year 7.......I think this was the first "graduated mortgage".
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/29/10 07:37 PM

Originally Posted By: CandyMan
Originally Posted By: ech0es
Correction: almost everything can be upgraded with an FHA 203K loan ... nothing structural smile



No spa or pool, for starters


Yes. You can't install a new pool, spa or any other luxury item, but with a regular 203K (not streamline) you should be able to get up to $1,500 in repairing the pool (leaks, plumbing, surface repair) .. don't know about getting it completely resurfaced, but you could definately get the deck redone smile

For FHA or VA appraisals the pool can have surface stanis and a cage on it as long as the water circulates, it's clean and you can see the bottom, you're good to go ... but we all know that some of these property preservation companies take forever to turn on utilities and get something going on a pool frown
Posted by: Retsof Yor

Re: Stupid QC comments and BPO requirements. - 07/29/10 07:45 PM

EchOes...its my understanding the FHA 203KS allows no structural repairs and FHA 203K does from experience.
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 07/29/10 07:52 PM

Originally Posted By: Retsof Yor
EchOes...its my understanding the FHA 203KS allows no structural repairs and FHA 203K does from experience.


That is correct. FHA 203k streamline allows up to only $35,000 in repairs and no structural. That is the one you would push on a house that needs a new kitchen, appliances, etc.

The regular 203k you you push on a house that is down to the studs or bare concrete walls if you feel that you'll have to push it. But when those come on the market they are most likely priced accordingly and an investor will buy them for cash and typically for even lower than the value of the land smile

The 203k streamline was the one when I was saying that structural repairs are not permitted.

And we could go into a lot more details depending on the work required ... but I really think we're way off topic here smile
Posted by: Grampa

Re: Stupid QC comments and BPO requirements. - 07/30/10 08:21 AM

Yes, In FL the 245 would be worrysome. With a depreciating market is almost puts someone in the position of having an ARM.

I could not recommend it to anyone in our market at this time.
Posted by: MArealtor

Re: Stupid QC comments and BPO requirements. - 08/01/10 11:32 PM

Pet Peeve Alert---

The plural of addendum is addenda. There is no such word as "addendums."
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 08/02/10 03:49 AM

Actually there is...Per websters dictionary.

Main Entry: ad·den·dum
Pronunciation: \&#601;-&#712;den-d&#601;m\
Function: noun
Inflected Form(s): plural ad·den·da \-&#712;den-d&#601;\ also ad·den·dums


J~
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 08/02/10 06:24 AM

Originally Posted By: ....J~
Actually there is...Per websters dictonary. (sic)

Okay, now what, pray tell, is a "dictonary" ?
Posted by: moxi

Re: Stupid QC comments and BPO requirements. - 08/02/10 09:53 AM

I got this one the other day and about fell off my chair. My area is still depreciating rapidly.

"The client would like to see an appreciation in value, despite current market conditions".

This was from a reputable,well known mill.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 08/02/10 10:14 AM

Originally Posted By: moxi
"The client would like to see an appreciation in value, despite current market conditions".
Wouldn't we all ?
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 08/02/10 11:45 AM

Have seen this one from one of our mills?

"Please use only active MLS listings for list comps on this report. Comps that are expired, pending, or under contract are not acceptable".

Expired?........well, that makes sense
Pending or under contract?.........Hello......these are the best ones to use.

The last two I completed were over valued by $45k and $85k. Days on market were over a year (I wonder why?). To cover my fanny, I'm placing a disclaimer in the comment secton. I can see this one coming back to haunt us.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 08/02/10 05:48 PM

Originally Posted By: Vermont
Originally Posted By: ....J~
Actually there is...Per websters dictonary. (sic)

Okay, now what, pray tell, is a "dictonary" ?


It's what I call it when I have no sleep and don't spell check...
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 08/02/10 07:09 PM

Close enough, J~, Close enough . . . . just like a Valuation.
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 08/02/10 11:39 PM

Originally Posted By: CandyMan
Have seen this one from one of our mills?

"Please use only active MLS listings for list comps on this report. Comps that are expired, pending, or under contract are not acceptable".

Expired?........well, that makes sense
Pending or under contract?.........Hello......these are the best ones to use.

The last two I completed were over valued by $45k and $85k. Days on market were over a year (I wonder why?). To cover my fanny, I'm placing a disclaimer in the comment secton. I can see this one coming back to haunt us.



Yeah CandyMan ... expired are not to be used !! Good for them !! For the mills that they actually picked up on the fact that some agents use expired to manufacture active listings ... LOL ... It took them about 3-4 years to pick up on that trend and those expired are being used by some of their less performing vendors as actual listings ??? Or that some less than average vendors are using short sales that are currently in a contingent or pending status as listings ?? I think that most of us would agree to never use short sales that are contingent or pending. Wouldn't you ???

As far as Contingent or Pending ... I don't know about that one !! 'Cause the best listings that show the current market are the REOs, investor resales, or the fair market listings that just got under contract in the past 15-30 days ... and I always interview the listing agent !! and if I can get the name of who the selling agent is ... watch out ... I'll be calling them and I can bet you 90% out of 100% they will give me a good piece of information that will make me understand that the deal is almost closed and all needs to be done is finals on the financing or the seller's side as far as title work goes ... and if it was financed and passed appraisal in underwriting ... why wouldn't I use it ??? Especially if I got all the other data to support my reasoning why I used that contingent or pending listing ???

LOL ... who died and made contingent non-listings ??? As far as I know a Contingent listing is one that is still contingent on buyer's financing, buyer's inspection, seller's proof of clear title, seller's ability to close, buyer's ability to close, etc. A pending listing is what it is ... pending the sale date where both seller and buyer have performed based on the contract, their title company is ready for them to close and has already provided a pro-rated HUD ... and with all hopes up ... nobody dies prior to closing ... that is what a Pending listing is !! A Pending Listing is just a listing that is pending to close smile

Unless my MLS is just dissing me and asking me to update the MLS every time a contingency is met ... probably you are also asked by your MLS to do the same thing ... don't know ... it all depends on the Contract, your MLS, your local state Real Estate laws, and let's now forget ... your own devotion to actually have a spotless MLS record and not ever get any letters from the MLS Board for non-performance ... but actually have the MLS secretary on your dial phone for situations like ... Oh well I forgot I had this listed ... Really ? It was listed as Pending for 1000 days ? We closed that one 8 months ago (or whatever the situation is)... LOL
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 08/03/10 12:24 AM

echOs

I think you might have missed my point. Here's a good example of one of my most recent ones...........

I pull up 22 listing comps......18 are either pending or contingent......that leaves 4 to select from of which 3 are between 300 to 400 days on market. The tall days on market is a result of price, condition, or a combination of both. Somebody is going to have to explain to me how these are the best comps to use, unless your motive is to create a false value......thus, my reason for using a disclaimer in the order.

As for an agent using an expired as a comp, I'd do my magic act and turn them into a memory, if I were the mill.
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 08/03/10 01:40 AM

Yeah ... I get it now that you tell me that out of 22 comparable listings (active 4 and pending/contingent 18) in 1,2,3 miles from the subject the only ones you can use are the 4 active (since the client's request is "When choosing List/Active Comps only ACTIVE MLS listings should be used. EXPIRED, PENDING, or homes UNDER CONTRACT are not acceptable.")

Are you sure you are using the best active comparable listings ? Because as far as I care ... I always cross over that 1 mile distance ... don't you ?
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 08/03/10 01:49 AM

CandyMan: silly me to doubt you about your comps selection ... shame on me !! And I definitely must restrain myself from commenting when I had a long work day ...
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 08/03/10 01:57 AM

This was going out 2 miles (suburban).......It makes no sense.

I have another one going that is killing me......subject is manufactured (rural).........I've gone out 20 miles, GLA... endless, Age...endless....Solds ...one year ......I've found 2 solds and two lists with a ton of adjustments......still short two comps......will be calling QC in the morning...
Whatever happened to the day of cookie cutter comps?.....lol.
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 08/03/10 03:18 AM

Originally Posted By: CandyMan
This was going out 2 miles (suburban).......It makes no sense.

I have another one going that is killing me......subject is manufactured (rural).........I've gone out 20 miles, GLA... endless, Age...endless....Solds ...one year ......I've found 2 solds and two lists with a ton of adjustments......still short two comps......will be calling QC in the morning...
Whatever happened to the day of cookie cutter comps?.....lol.


Yeah ... and this is what I love about real estate ... we get our cookie cutter assignments, but after that it comes the difficult one where you can't distinguish if it's a stick, mobile or manufactured house and you ... as the professional in the area must make a determination ... I just love it ... 'couse their Zillow.com won't work in those cases ... and you can ask for higher fees and longer time to get it done ... and if you are a preferred vendor ... they will give it to you because they know they will get quality of work and 1-2 years from now they will still use your bpo as the base for others ...
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 08/03/10 03:36 AM

Originally Posted By: CandyMan
This was going out 2 miles (suburban).......It makes no sense.

I have another one going that is killing me......subject is manufactured (rural).........I've gone out 20 miles, GLA... endless, Age...endless....Solds ...one year ......I've found 2 solds and two lists with a ton of adjustments......still short two comps......will be calling QC in the morning...
Whatever happened to the day of cookie cutter comps?.....lol.


I suggest that if you have at least 3 sales and 3 active that you consider that are located in the same type of neighborhood, the 2 sold and the 2 active you already have selected, and then another sold and another active with even more adjmustments (I would assume the chunk of the adjustments are in GLA, lot size, age and condition) ... then use those ... even if you have a difference of 1,000 sqft in GLA as long as the subject and the comps being built prior to 1978.
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 08/03/10 04:08 AM


And if lot size derives values in the subject's market ... which you say is manufactured in a rural area ... then I would not discount any ranch style homes in the neighborhood which are located in closer proximity and closer is size on similar lot size just because their quality of construction and style is superior ... just depends on your local market ... you are the professional and it's up to you to make the judgment ... don't just base it on the QC people that were fed the comps from prior bpos or appraisals ... If I were you ... I would give it a shot with what I've got and see if I get a QC after I lay out my reasoning based on the subject's market, location, style, use, size of GLA whatever ...

Don't even know if your subject is being used as a cattle / horse farm or whatever ... that could play a big role in you being able to comp it out ... I don't know ... but there are a lot of variables and Realtor.com, Trulia.com, Zillow.com or any of the sorts won't be a good source of information for any of those QC people ... unless they have a recent bpo or appraisal on file that has sold comps within the past 8-10 months ... which I would research in detail to make sure some of them are still valid comps ...
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 08/03/10 11:53 AM

I've actually had a mill suggest I use expireds if I couldn't find active/pendings that fit the bill. But that's a last choice option, in my opinion. I use pendings all the time. Don't tell anyone...used one the other day with a mill that said don't use them...took out the part about "sale pending" in the remarks and sent it back through again. (shhhh.....)
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 08/03/10 12:15 PM

Originally Posted By: neudot
I use pendings all the time. Don't tell anyone...used one the other day with a mill that said don't use them...took out the part about "sale pending" in the remarks and sent it back through again. (shhhh.....)


To each their own, but I personally wouldn't want to do that. Why risk a relationship with a mill that you work for? Especially if it is a mill you wouldn't want to jepordize a relationship with. To me it's just not worth it. If they don't want you to use contract pending (CPs) as list comps, make it their problem not yours.

I agree with the sentiment about CPs often telling the true story about what the market is presently tolerating in terms of price in the area you are doing a BPO on. Just to play devil's advocate, maybe the bank considers CPs to be ineligible comps because they are already "spoken for" and are not true 100% available competition to the subject property. Just a thought.....

I recently completed a CC that had that instruction. My sold comps firmly supported a value in the $280Ks. Two of my list comps were near $400K with DOMs over 180 days. I simply stated that list comps are being used despite being highly overpriced due to being the most comparable homes currently for sale in this neighborhood in relation to the subject, that are not contract pending in MLS. Contract pending listing comparables could have been used as list comps that better supported determined value, but were not chosen due to BPO special instructions.

The file passed without any QC issues. So again do as you please, but IMHO CC or a mill of similar caliber is too good of a company to purposely ignore their instructions to us. That's just me...
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 08/05/10 01:32 AM

Must agree with you on this one. I just finished a difficult one that I priced at 95K but some of my actives were are 115K and 140K. I like it whe my 140K one has a pool and we all know that people buying in Florda want a pool and will pay premium money for it especially when it's screened, has a spa, a waterfall and landscaping beds around the waterfall ... beautiful view from the master bedroom, living room, family room or kitchen smile
Posted by: dawnn

Re: Stupid QC comments and BPO requirements. - 08/14/10 09:51 AM

Great insight, I did not in the past consider this pending reasoning.

To remind QC, before they decide to call, of the small comp choices available, I have been adding in the addendum:

#_MLS active 2 bedroom 2 bath (whatever the subject is) listings, # _ pending and #_ closed in this area.
Posted by: R. Danneskjold

Re: Stupid QC comments and BPO requirements. - 08/14/10 10:24 AM

Quote:

Great insight, I did not in the past consider this pending reasoning.

To remind QC, before they decide to call, of the small comp choices available, I have been adding in the addendum:

#_MLS active 2 bedroom 2 bath (whatever the subject is) listings, # _ pending and #_ closed in this area.


I do this, too, and save a copy of the grid just in case I need to refer back to it for why I decided to use the comps I did.
Posted by: 2good4u

Re: Stupid QC comments and BPO requirements. - 08/14/10 10:11 PM

When it comes to using pendings instead of actives. I must disagree with the bpo mills. I will always use a pending over an active listing if it is comparable to my subject. The reason for that is it shows what price point properties are going into contract. Since we are determining prices and not value. I have had QC call me only once on this and I told them if you want me to do my job right let me do it.
Posted by: PhoenixRE

Re: Stupid QC comments and BPO requirements. - 08/15/10 09:20 AM


"Please provide explanation why comps with similar bed/bath count and GLA were not used."

Subject is 3,378 sq.ft, with 6 BR/4.5 BA, 9 total rooms. Comps used between 3,111 and 3,378 sq.ft. ALL have 9 total rooms and between 4 to 6 BR and 3.5 to 4.5 BA.

This is as similar as it gets! What am I missing???
Posted by: BPOso

Re: Stupid QC comments and BPO requirements. - 08/15/10 10:38 AM

[quote=moxi]I got this one the other day and about fell off my chair. My area is still depreciating rapidly.

"The client would like to see an appreciation in value, despite current market conditions".

This was from a reputable,well known mill. [/quote]

Here's another one.

"Comps#2 and #3 are boarded up on the pictures. The client does not want you to use boarded up comps". :confused:

Huh? It's predominantly REO driven. It's bad neighborhood. Properties are getting looted and squatted so REOs are getting preserved in a minute.

So, Mr. and Mrs. Client do you want the accurate value or do you want the pretty pictures?

Un-friggin-believable. How about giving out the instruction for not using certain type of comps PRIOR to assigning the order? That might actually help. :mad:
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 08/15/10 12:01 PM

Originally Posted By: PhoenixRE
"Please provide explanation why comps with similar bed/bath count and GLA were not used."

This reminds me of an upstart QC intellectual at Finiti who asked me the same question and then provided examples of the Comps that I should have considered; which he had diligently obtained from Trulia, Zillow and drew from other Orders in this small State.

So, when he is involved, I have played along, always seeking to improve on my game. I have asked for the addresses and MLS Numbers of these contenders, and then took the time to research them.

This consumed quite a bit of time which turned out to be a waste. Often, the proposed "better" Comp with such good GLA/Room Count characteristics:
. may have the same GLA, but is decades younger or older than the Subject;
. has a lot size which is hundreds of times larger than the Subject . . . . or occupies just a minuscule fraction of the Subject's Lot;
. is not present in the MLS, as it is a FSBO (sometimes FSBOs don't do a very good job of distinguishing between GLAAG and GLABG; if they provide GLA at all);
. has already expired in the MLS, as Finiti's data from past Orders is static, and once submitted, cannot be changed to reflect the fact that things change.

I have posed the question "Would they prefer that I cease using the MLS altogether ?" . . . . since they seem to find these other sources more trustworthy (even though they lack complete information); but if I drop it for one because it isn't convenient, then I should drop it for all. Maybe Craig's List would be a good data source for uniform information . . . . "Would their Clients like that ?"
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 08/15/10 12:19 PM

Originally Posted By: PhoenixRE

"Please provide explanation why comps with similar bed/bath count and GLA were not used."

Subject is 3,378 sq.ft, with 6 BR/4.5 BA, 9 total rooms. Comps used between 3,111 and 3,378 sq.ft. ALL have 9 total rooms and between 4 to 6 BR and 3.5 to 4.5 BA.

This is as similar as it gets! What am I missing???


Can you bracket it with a home that is over 3378 sq.ft?
Posted by: PhoenixRE

Re: Stupid QC comments and BPO requirements. - 08/15/10 01:05 PM

No, I couldn't bracket with a larger home because then I would have to go to 3,800+ sq.ft which then would be a different room count plus those are not on the mountain preserve whereas the subject is. I had one model match each for list and sold comp, one had 3.5 bathrooms, the other had 4.5 bathrooms (according to MLS). These were semi-custom homes. The BPO was an exterior and the bathroom and bedroom count was estimated.

I don't know, I seem to remember from NABPOP that you don't need an explanation as long as the difference for a property that size is under 300 sq.ft. I have just never gotten anything kicked back for a 200 sq.ft difference or bedroom difference if the room count is the same for all comps. I don't know about other areas but here it makes no difference in pricing if it is a den/bonus room/ loft or a bedroom.

Plus they only give you a few lines of broker comments anyway and I use that space to talk about market conditions. It drives me batty that they want explanations for everything but they don't give you enough room to comment. And when you state that there is only a few lines that I can put into comments, I am told I can always email it. Who the heck am I emailing it to if I don't know who is doing the QC?? Sheesh!!!

I guess my point is, that I don't see how a 200 sq.ft difference and same room count is not similar.

Vermont - LOL about "would you prefer that I cease using MLS altogether"? I have to remember that one :-)






Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 08/16/10 07:24 AM

Quote:
The prior BPO was done on 2/17/2010 for the amount of $152,000 wherin you have stated for the amount of $187,000 kindly let us know the diffrences in value.


Ummmm, according to my calculator, the difference is $35,000.
Posted by: Shannon

Re: Stupid QC comments and BPO requirements. - 08/16/10 12:53 PM

Originally Posted By: neudot
Quote:
The prior BPO was done on 2/17/2010 for the amount of $152,000 wherin you have stated for the amount of $187,000 kindly let us know the diffrences in value.


Ummmm, according to my calculator, the difference is $35,000.



They are asking you to explain why, after 6 months, your value for the property is $35,000 more. You need to justify the difference by directing them to the comps you used that are similar at that price or very near it, or getting a copy of the prior bpo and showing how the comps that one has are inadequate for the subject property.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 08/16/10 03:49 PM

Shannon, I am well aware of what they want and so forth. But their request was awkwardly worded. This was an extremely oddball property...5,040 total GLA of which 1,900 was living space and the rest classified as "other storage" on 29.4 acres in the middle of nowhere. Public records describe it as though it is a commercial property, and no room counts are given. It appears to have been living space carved out of a warehouse. Given that there is so little information about the subject in tax records, that there is no MLS history describing room counts or other features, I would expect a large variance in opinions about its value. I made extensive notes in the report regarding this. I was just being a smarta$$ above.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 08/16/10 05:57 PM

Their comment makes it appear that you were responsible for "both" the $152,000 Valuation AND the $187,000; e.g. the words ". . . wherin [sic] you have stated . . ."

But you (neudot) only did the most recent, right ?
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 08/16/10 06:52 PM

I only did the most recent one. It appears from looking at FARVV's list of priors, a few other souls have tackled it, and perhaps one did not complete the assignment at all!
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 08/17/10 03:41 AM

It's a hard line. Regarding the zillow/trulia comps, we have several clients out there that will send back your report stating they have better comps so it's become standard to check first so they can note the report that they checked secondary sources and confirmed there was no better comparables available.

See when the client sends back a report it effects everyone (agent, Mill, QC'r) even if it is not a valid return. QC doesn't get to make the rules, they have to go by what the clients request as well.

J~

P.S - I myself am having a very hard QC night (from the dark side) I have missing photos, bad data, basements counted as sq ft, Roofs with tarps that agents have noted as 'Good' condition properties, Comps 20 miles from a subject with no reason why in Miami of all places ect... And while I know there is good agents out there that get silly QC notices that should never be sent.. I also know there are agents looking at my QC notices saying to themselves 'I don't get it... why is this being returned? It's still in good condition except for the roof, missing appliances, mold in basement and the closets being punched through to the other room'

So I just want to say for everyone on this forum that I've had the pleasure to talk to and do a good job on their BPO's, Thank you very much. You are the ones that I truly appreciate after a night like this.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 08/17/10 04:45 AM

Heck, I got one yesterday stating they needed to know why my value was less than the sale price in 2005.

My response - "I guess your automated system does not read the newspapers or work in the real estate industry. Values have been dropping for the past 4 years in this market as has been documented in many, many places"

I really sent that back because this was a very infrequent client and I really don't care if they ever contact me again.
Posted by: BROK7085

Re: Stupid QC comments and BPO requirements. - 08/17/10 09:19 AM

I had one bank tell me that a horse boarding facility was a SFR. I took pics of the only thing on the property (horse stalls) along with the sign that said xyz horse boarding and sent them aerial of the property showning them that that was the only building and the tax record. They still insisted it was a SFR. I finally when back and got permission frome the boarding facility to take a picture of some horse s**t and sent that to them. I never heard another word but they keep sending me bpos
Posted by: Rennie

Re: Stupid QC comments and BPO requirements. - 08/17/10 11:24 AM

no trash out estimate for the horse poo?
Posted by: Shannon

Re: Stupid QC comments and BPO requirements. - 08/18/10 12:20 PM

Originally Posted By: neudot
Shannon, I am well aware of what they want and so forth. But their request was awkwardly worded. This was an extremely oddball property...5,040 total GLA of which 1,900 was living space and the rest classified as "other storage" on 29.4 acres in the middle of nowhere. Public records describe it as though it is a commercial property, and no room counts are given. It appears to have been living space carved out of a warehouse. Given that there is so little information about the subject in tax records, that there is no MLS history describing room counts or other features, I would expect a large variance in opinions about its value. I made extensive notes in the report regarding this. I was just being a smarta$$ above.


Yuk! This is one I would have avoided!
Posted by: PMR

Re: Stupid QC comments and BPO requirements. - 08/26/10 02:04 PM

Some QC people are not even thinking before they send out QC requests. The QC'er wanted me to check on comps from a previous BPO because they were closer in proximity, despite the fact that all of my comps were within 1 mile except one of them which was 1.7 miles. My value appeared to be the same or close to the value of the previous BPO, so there really shouldn't have been any need to question the report anyway. However, when I checked out the sales comps that he gave me, there were from June and July... of LAST year. The comps were way over 6 months old and over a year old and couldn't even be considered at all for sales comps.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 09/03/10 11:09 AM

Just got this from I Am Stupid.
I especially like the smile at the end.
I also like the "we really need" part. Well go ahead then.

Comments: sales concessions need to be a downwards adjustment, gla adjustments are too high they need to be about 30-50% of the average price per sq ft of the sold comps used and we really need to find at least one sold comp that is closer to subject gla even if it means further travel Please make requested corrections and resubmit asap, this is due to the client, I need it by 11AM MST today or it will be reassigned and unfortunately you will not be paid for the work done thus far and your file will be noted negatively-thanks smile
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 09/03/10 11:59 AM

Maybe the QC guy likes giving bad news - enjoys it really - so he put the smiley face. Doesn't matter how you look at it - its kinda creepy.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 09/03/10 12:22 PM

I had one of these about a week ago. "Prior report indicates a much higher value. Please review your sold comps as compared to sold comps #1 and #2 from prior. Prior also indicates 50% less value per acre for adjustments."

Subject: 2,000 GLA on 40 acres with no out structures. The land had no current crop.

Prior Sold #1: 3,000 GLA, 20 acres, 2 year old 4,800 s.f. barn with power and water, 4,000 s.f work shop, pastures, fenced and cross fenced, corrals, etc.

Prior Sold #2: 2,500 GLA, 20 acres of which 19 acres were a producing walnut orchard, 5,000 s.f. harvest shed, 2,100 s.f shop, etc.

I valued the land at $3,850 per acre (based on county tax information and surrounding properties). How the other agent based value at half value, I have no idea.

I also had a prior sale in my report that closed escrow on 8/2010 within $8k of suggested value. And, this comp was located on 40 acres.

It appears prior report was at least $200k higher than mine... Agent made no adjustments for improvements....duh.

I added my comments to the report and it flew through QC.

Rural properties (farm/ranch) are completely different versus in town residential. If you don't know the difference, then stay away from this type of BPO.

I wasn't mad at QC for questioning my order. They were just doing their job. Time consuming?.....Yes. Did I get paid extra for my time?......No. It's just part of the job, like it or not. Even with my lower value, the bank is still in a $100k+ positive position.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 09/03/10 01:27 PM

I have one I need to address this afternoon. First QC'er said, in stable market, client expects to see gradually lowering value with add'l days on market. So I changed the report to show gradually lowering value.

2nd QC'er said, "You have indicated that the market is stable, yet your suggested 90/120/180 day prices for the subject suggest a decreasing price over time."

WTF?
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 09/03/10 02:08 PM

Please put in writing what you want me to say;
I'll stick it in and do it your way;
We'll do what's necessary to stop your whine;
But then it will be your opinion . . . . not mine.
Posted by: Doin' bpose

Re: Stupid QC comments and BPO requirements. - 09/03/10 02:48 PM

Nice.

edit

There once was a BPO I submitted.
I followed the guidelines that were listed.
But not good enough.
QC treated me rough.
So take it or leave it I insisted.
Posted by: REO driven

Re: Stupid QC comments and BPO requirements. - 09/03/10 03:43 PM

I could never understand the value trends over time, especially with the Fvvcore folks.

I would think that if the average DOM in market was about 90 days the value would be:

60 day highest value, 90 slightly lower, 120 even lower.

Value would tend to always decrease over time, especially now.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 09/03/10 04:26 PM

But others argue that duration increases exposure to a larger segment of the market and heightens the probability that Mr. Right will link up with the offering and pay more than someone in the group who happens upon it a shorter period of time.

I think our problem is that market trends tend to be self perpetuating. Appraisers project a continually declining curve during bad times . . . and a forever optimistic upward tilt during the heyday.

No one ever wants to be the first to contradict the current market trend.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 09/03/10 05:33 PM

Third QCer said first QCer was right. I didn't need to make additional changes.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 09/03/10 06:17 PM

Originally Posted By: neudot
Third QCer said first QCer was right. I didn't need to make additional changes.
Rodney King should give them a lesson . . . . "Why can't they all get along ?"

At least they should all sing from the same hymnal !

So how did you structure the appeal process to a higher authority ?
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 10/04/10 09:19 PM

I got an email today from a QCer. Wants me to use a new Sold 3 comp that they recommend. Problem is that was the comp I already had. So I open up the order and hit submit. Have not heard back since. Must have come from the head MORON.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 10/10/10 11:33 AM

A while back, I had a QC manager shoot me an email and complained I was using "canned comments". One of which stated, "This comp is equal in GLA to subject. No other data available in MLS". Apparently, she didn't believe me as per her next email. At that point, I sent her copies of the MLS data sheets. I stated, "Based on this data, what would you use for comments? Please advise....". I never heard back from her, but, I no longer have QC issues in regards to "canned comments".
Posted by: Mike Tango

Re: Stupid QC comments and BPO requirements. - 10/10/10 05:49 PM

What about this one: The client want all comps within 1 mile.
Please QC, dont you think that if I utilized that comp is because there is not any other valid comp around, the one within 1 mile is 50 years older...they responded, use that omp and make an adjustment per age..Gone 30K age adjustment, end of the issue...
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 10/11/10 08:00 AM

Originally Posted By: Cuban-BPO
What about this one: The client want all comps within 1 mile.
Please QC, dont you think that if I utilized that comp is because there is not any other valid comp around


CC just dinged me due to lacking three sold comps within a 1/2 mile on a townhouse. Don't they read the newspaper? It shouldn't be news to anyone that the condo/townhome market in Florida is horrendous, and finding three sales within a 1/2 mile isn't going to happen in many cases.

I love CC, but the customer needs to get real. My original report comments on my reasoning of out of neighborhood sales. What am I supposed to do, make up comps?
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 10/11/10 08:25 AM

Originally Posted By: Cuban-BPO


I love CC, but the customer needs to get real. My original report comments on my reasoning of out of neighborhood sales. What am I supposed to do, make up comps?



Go back and get a comp from the townhouse community, even if you have to go back a year, and adjust for time.

When you pull from all over, you've failed to prove that's the value of the subject community. They may have margarita fountains and free topless car wash services for their residents which affects values even though its comparable to other townhomes in terms of size, age and condition.

Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 10/11/10 10:53 AM

Originally Posted By: Artiste

Go back and get a comp from the townhouse community, even if you have to go back a year, and adjust for time.

When you pull from all over, you've failed to prove that's the value of the subject community.


I respectfully disagree....

Same complex mirror image list comps clearly display what the complex will not tolerate in terms of price. I had one sold comp within the development that verified the legitimacy of list comps. CC wanted two other sales from within the complex which simply do not exist.

It's my BPO, and I am not going to use dated sales with asinine downward time adjustments just to make some bozo in QC happy. The two other sold comparables used that were between one to two miles from the subject's location better represent the current market trends of the townhome market in this area. Mirror image same complex listing comparables confirm very limited recent comparable townhome sales data for this area of town.

It is what it is..........
Posted by: Don Price (Pine)

Re: Stupid QC comments and BPO requirements. - 10/11/10 11:49 AM

Interesting takes - Brad I'm having a hard time understanding exactly what your first sentence means - that isn't anything I've learned or have experience with.

But time vs distance is often debated, and IMO there is no single answer due to the other factors that are almost always there.

Most of the time 'I' would go back as far as a year - especially in the recent year market conditions, rather then go outside of the 'neighborhood' of the subject. I had always heard the 3 most important factors in real estate are: location, location, location.

'But' ~ unless I had personal knowledge of the market and comps available, and I was QC, I would probably rephrase my comments by giving directions of what I prefer to be done and what order. Such as: sold comps 2 is outside of 1/2 mile radius of instruction 'and' crosses 2 natural barriers. If necessary please go back in time as much as 1 year for solds in the same complex and then if need be use comps without the need to cross major barriers such as rivers, railroad track, interstate, etc. Thank you.

But as far as what Brad did - it is his call as he has his boots on the ground in that area.
Posted by: Doin' bpose

Re: Stupid QC comments and BPO requirements. - 10/11/10 11:58 AM

Originally Posted By: BpoOnlyAgent II
Originally Posted By: Artiste

Go back and get a comp from the townhouse community, even if you have to go back a year, and adjust for time.

When you pull from all over, you've failed to prove that's the value of the subject community.


I respectfully disagree....

Same complex mirror image list comps clearly display what the complex will not tolerate in terms of price. I had one sold comp within the development that verified the legitimacy of list comps. CC wanted two other sales from within the complex which simply do not exist.

It's my BPO, and I am not going to use dated sales with asinine downward time adjustments just to make some bozo in QC happy. The two other sold comparables used that were between one to two miles from the subject's location better represent the current market trends of the townhome market in this area. Mirror image same complex listing comparables confirm very limited recent comparable townhome sales data for this area of town.
It is what it is..........
I fall into this camp. I would make the changes if asked by the bpo company, but my preference is to show current data, most especially when the market is changing. It is the agent's job to expand out to comparable subdivisions. When the market is expanding I do the same thing. I might use one sold comp in subdivision 6-12 months old, if there are no listings or pendings.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 10/11/10 01:03 PM

Originally Posted By: Doin'bpos
I fall into this camp. I would make the changes if asked by the bpo company

Me too; but I just ask them to put that in writing so that I have can document why I'm deviating from standard procedure, and then I'll have a record of who told me what to do, why to do it, and when.

That usually terminates the request altogether.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 10/11/10 01:14 PM

Originally Posted By: Pine
Interesting takes - Brad I'm having a hard time understanding exactly what your first sentence means - that isn't anything I've learned or have experience with.


What I was trying to say was that the DOMs of the listing comparables (two of which exceed 120 days) that are mirror images of the subject (same GLA, room count, floor plan, etc) display what the complex will not tolerate in terms of price IMO. My stance which I feel I am entitled to is that I would rather use recent sales in equally comparable townhome complexes that exceed one mile from the subject's location. It was either that or use two dated sales in the same complex as the subject in a rapidly declining market which I am adverse to doing.

I was probably in a catch-22 as if I originally used same complex dated sales and explained my reasoning, QC could then kick it back and say use more recent sales. It's more or less of a mute point as CC approved the BPO without having to make any comp revisions.

P.S. When I received the CR from CC, I was never asked to go back and use older sales BTW. They wanted to me to check tax records to see if there was a non-MLS sale available or a sale that exceeded typical search parameters, most notably more than 25% of the subject's GLA. There weren't any such sales in the subject's complex during the past six months which I explained in my revised report.
Posted by: Doin' bpose

Re: Stupid QC comments and BPO requirements. - 10/11/10 01:24 PM

Originally Posted By: Vermont
Originally Posted By: Doin'bpos
I fall into this camp. I would make the changes if asked by the bpo company

Me too; but I just ask them to put that in writing so that I have can document why I'm deviating from standard procedure, and then I'll have a record of who told me what to do, why to do it, and when.

That usually terminates the request altogether.


This is a good practice. Also you can include in the comments, Original Sold comp 1 and 3 replaced at request of QC for the purposes of......
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 10/11/10 01:38 PM

I like to include the individual's Name and Title. . . . they deserve occasional recognition despite their shying away from the limelight.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 10/20/10 01:41 PM

I've had two BPOs that have caused me to laugh out loud when they were kicked back...

The first was a little while ago-I stated in the original BPO that the former '50's rambler had burned down and had recently been replaced with a McMansion. I did my BPO on the house that now exists on the lot. It was kicked back to me with a request to do the BPO on the original house, because that was the one the lender had in their records. I refused(it was not a retro BPO). Not sure how I was supposed to take pictures of a house that no longer existed.

Today I had one kicked back with a suggested comp to use. The comp they wanted me to use was an attached single family townhouse. The subject was an apartment building-not one of the units in the apartment building, the entire apartment building.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 10/22/10 05:48 PM

I got a hit from QC today. They wanted me to break down all adjustments for each comp, showing how I arrived at the adjusted value. I politely pointed out, that at the bottom of their form, in the comment section, I gave a break down on adjustments........$$ per s.f. for GLA. $$$$$$$ for pool $$$$ per garage space, etc. QC said, "We understand it, but our client won't". I then said, "tell them to use your other form that gives that break down and quit being so cheap"....we both laughed. I don't think I'll ever see their client on that TV game show, "Are you smarter than a 5th grader"......lol.
Posted by: Ellen45

Re: Stupid QC comments and BPO requirements. - 10/22/10 06:46 PM

I keep getting these "Review the comps on this other BPO and give your opinion" QCs. I don't mind doing this occasionally and it is to be expected on hard to comp properties. But some of the ones I've been getting lately!

Today I had one where the comps were all different ages, mixed construction types, condition that varied from trashed to total rehabs, and ranged from $125000 to $277000 in a neighborhood were there were BUNCHES of total "cookie cutter" identical twins of the subject right between $170000 and $180000. What the heck can you say other than the previous comps "didn't appear to support a common value?"

What I WANTED to say was "Broker who completed previous BPO appears to have been drunk while doing so. And this is not the first time. I seem to be getting asked to comment on this clown's comps rather often."
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 10/23/10 04:36 AM

The trend I am currently experiencing is my banks are over pricing listing - in a major way. Here's the kicker - they keep dumping money in them in hopes that this will increase value. No - that's not how it works. You can put carpet and paint in the house - but if the values in the neighborhood for a house in average condition are $80,000 then listing my property at $114,000 is not gonna fly. Just did my third BPO - yep values still at $80ish - and they reduced it to $109900. So I would like to add that the appraiser who did the appraisal - was not only obviously drunk but does not let a thing like school district bother him. 2 miles away is a subdivision with houses that are selling in the $100s but - different school district - The one with $100000 houses is located in a district with a good rating from the US Dept of Education and the one that my listing sits in has a poor rating. It totally makes sense - I must just be a crappy realtor - only one showing for the entire listing period - I would like to make a suggestion. Appraisers get paid when the house sells - they can wait 6 months for their check - since they just put me in that position. I love doing BPOs, monthly reports, and property checks just because they rely on an appraiser for the listing price - how about the appraiser can keep redoing his appraisal every 30 days and he can pick up the property checks and monthly reports?
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 10/23/10 04:42 AM

I've actually done what Ellen proposes - although I didn't suggest they were intoxicated.
I have however requested that they return the prior to the originator and suggest they learn how to say "Paper or plastic?"
Posted by: PalmBeach BPO

Re: Stupid QC comments and BPO requirements. - 10/23/10 04:45 AM

Originally Posted By: Ellen45
I keep getting these "Review the comps on this other BPO and give your opinion" QCs. I don't mind doing this occasionally and it is to be expected on hard to comp properties. But some of the ones I've been getting lately!

Today I had one where the comps were all different ages, mixed construction types, condition that varied from trashed to total rehabs, and ranged from $125000 to $277000 in a neighborhood were there were BUNCHES of total "cookie cutter" identical twins of the subject right between $170000 and $180000. What the heck can you say other than the previous comps "didn't appear to support a common value?"

What I WANTED to say was "Broker who completed previous BPO appears to have been drunk while doing so. And this is not the first time. I seem to be getting asked to comment on this clown's comps rather often."


same here! Just got the same QC request. Did a interior in an upscale gated PUD. Prior was an exterior, there were 13 solds to choose from in this PUD. Why take comps from 4 different communities? All with lower values? Then I have to waste my time proving that the other agent is clueless.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 10/24/10 10:18 PM

Oh how I've missed this. I've been so burried in reports lately I haven't been able to come up for air.

My standard procedure is to let the agent know what the problem is. Now say the comps are outside of 1 mile. I'm not necessary looking for comps to fit in 1 mile and neither is my client. Generally I'm looking for a detailed reason as to why they are outside one mile.

To answer the comment about picking up a newspaper... A QCr's job is to ensure that their client knows about the market from the report. So if by some chance their client doesn't know that FL has a terrible market for condo's right now, they can pick up that pretty report and read 'Currently FL's market for condo's is terrible due to the decrease in market, high REO and short sale presence, problems with financing, FHA restrictions ect. This being the case, I did have to expand up to 2 miles to locate a comparable that is most indicative of subject market area value as we have a lack of sold inventory.'

Thats just my two cents.


Back to work.

J~
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 10/25/10 11:32 AM

But J~ . . . . if you said all that in prose, wouldn't you be violating those 180 or 256 character rules by writing all fancy-like, in complete sentences, with punctuation, and using those big expressive multi-syllabic words ? We always have to boil things down to just the pure essence of a thought.

Isn't there a rule that if you can't say it in less than 10 words, it doesn't need to be said. Like, what's preferred would be not much more than a grunt.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 10/26/10 10:51 PM

Okay... Let me try again.


'Currently FL's market for condo's is terrible due to the decrease in market, high REO and short sale presence, problems with financing, FHA restrictions ect. This being the case, I did have to expand up to 2 miles to locate a comparable that is most indicative of subject market area value as we have a lack of sold inventory

Translates into:

'Expanded 2 miles to locate comps due to lack of inventory in market area for subject property type due to REO/SS's and financing'

Better?
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 10/27/10 07:11 AM

Sometimes I feel that the QCers initially understand the problem with lack of comparable sales. Maybe they kick-back reports just to go through the motions of things, so that way they can tell the customer, "We did have the BPO agent research again all possible neighborhood sales data, but to no avail".

Perhaps it part of the game that needs to be played.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 10/27/10 10:14 AM

In a way Brad you're right. For instance prior reports. Yes I know the prior was 5 months ago, I know the market is declining, I see the prior was probably off the mark when they submitted the last report after viewing the currents information. However, I still per several clients have to kick back the current order and address why I have a large variance.

In a lot of ways it's like math class back in school. It's not good enough to show the answer, you have to also give the original equation, and then write out how the answer was determined to get the good grade.

Just instead of x+y=z it's now 'Prior - Current=Variance + Reason behind variance = happy client'

J~
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 10/27/10 10:29 AM

Originally Posted By: ....J~

In a lot of ways it's like math class back in school. It's not good enough to show the answer, you have to also give the original equation, and then write out how the answer was determined to get the good grade.

Just instead of x+y=z it's now 'Prior - Current=Variance + Reason behind variance = happy client'

J~


Thanks for the explaination J~

Not to get off track, but your post reminded me of those times when in school I had to figure out what time the two trains meet when leaving from different times and also from different locations. My smart-alecky comment then and now is, "In this day and age, why don't they fly?" smile
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 10/27/10 11:11 AM

Originally Posted By: BpoOnlyAgent II
Thanks for the explaination J~

Not to get off track, but your post reminded me of those times when in school I had to figure out what time the two trains meet when leaving from different times and also from different locations. My smart-alecky comment then and now is, "In this day and age, why don't they fly?" smile
My smart-alecky reply would be 'Because you can take liquids on a train and aren't subject to a strip search after a 3 hour wait to board.'

J~
Posted by: Rennie

Re: Stupid QC comments and BPO requirements. - 11/07/10 02:32 PM

Requesting corrections / replacement comps or detailed comments when it's obvious QC has NOT read my comments. PLEASE read comments before rejecting back to me! Everything you ask is already there!
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 11/09/10 02:44 PM

Just got this from CC.
The Clarification Request is:
" Thanks for the report!
There is a prior report on the subject property that indicates a significantly different price conclusion. The prior report used comps such as (5 XXX Dr ) and (37 YYY St ) to derive a subject price conclusion.
When looking at both reports it appears that the price conclusions are both supported by the data provided. Please provide some details on possible qualitative elements that affect the subject's price, and how the prior comps compare to the subject based on the following features: condition, location, views, upgrades, amenities, appeal/ quality of construction, etc. Since both reports appear to be supported based on the quantitative data, it may be one of more of these less measurable characteristics that are having a dramatic effect on value. The above properties may not be in the MLS, so please also check public records and/or online sources.
Please understand that we are not questioning your expertise or the accuracy of your report. We simply must do our due diligence when large variances exist between the current and prior reports. We value your feedback regarding the above comps so we can provide our mutual customer the best explanation of the factors that are creating the wide variance.
Thanks for your help!
They did not tell me the other value so how can I explain the difference. I didn't know they knew big words like quantitative.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 11/09/10 08:00 PM

Turns out the 2 comps they wanted me to look at were in a neighboring city from subject with lower values. One was an REO, the other a short sale. I let them know.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 11/09/10 08:36 PM

Always remember that your BPO is only as good as a "prior" with some mills. The prior may have been done by some noob that may of had no clue in what they were doing. If QC approved that BPO at that time, your report will be compared to it.

Like with the IRS, you are therefore guilty until proven innocent.
Posted by: Doin' bpose

Re: Stupid QC comments and BPO requirements. - 11/09/10 09:05 PM

From RRR. REO Comps and REO listings only if REOs are in our subject's market.

Very confounding. What if there are 20 suitable comps in the subject market. If 3 of them are REO should I use them?
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 11/10/10 04:45 AM

First of all, that is a horrible sentence - call their English teacher. Clear as looking through a tupperware lid. Of course they are in the subject's market - or they wouldn't have come up as comps. So, since they came up, yes you can use them - at least according to that sentence. What they meant to say was - only use the reo comps (sold) and reo listings if they are "driving" the market. I might be tempted to have some fun with the company and QC them for a "further explaination".
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 11/11/10 03:47 PM



Posted by: sugarlandbpo

Re: Stupid QC comments and BPO requirements. - 11/11/10 10:44 PM

QC tells me that I have used comps that are inferior because of the small GLA. They suggest that I use one that is 2416 sq ft, which is much smaller than the comps I used. For some reason they do not respond when I tell them this...
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 11/14/10 01:09 PM

Has anybody noticed that eML is requiring we don't use any listing comps currently under contract? Is it just me or are others seeing the same trend? I'm getting this requeat with each order. At first, I thought it was just one client...not true. I've been averaging over $50k above market values and over 300 days on market. They've been killin' me.....any comments?
Posted by: PalmBeach BPO

Re: Stupid QC comments and BPO requirements. - 11/14/10 02:48 PM

Originally Posted By: CandyMan
Has anybody noticed that eML is requiring we don't use any listing comps currently under contract? Is it just me or are others seeing the same trend? I'm getting this requeat with each order. At first, I thought it was just one client...not true. I've been averaging over $50k above market values and over 300 days on market. They've been killin' me.....any comments?


Been that way for awhile now. Only EML, can use lists under contract with other mills.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 11/14/10 03:17 PM

CC has one client that has the same requirement...and only one....not every order as with eML.
Posted by: PalmBeach BPO

Re: Stupid QC comments and BPO requirements. - 11/14/10 04:00 PM

Originally Posted By: CandyMan
CC has one client that has the same requirement...and only one....not every order as with eML.


easy to get around, as long as you document why it was necessary to use a the list under contract they will accept it. I just had one order just pass QC that had a pending on it.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 11/14/10 04:09 PM

Come to think of it, you're right. I had one with CC tho where I used a pending, then made a ton of comments. eML won't budge. I had one a week ago.....duet (attached), only two listings that were active. QC kicked it back. In the comment section I stated "only two active comps avaiable within 5 miles of subject". They insisted there was another active out there.....I guess I can wait to complete the order until another active hits the market...lol.
Posted by: PalmBeach BPO

Re: Stupid QC comments and BPO requirements. - 11/14/10 04:17 PM

Originally Posted By: CandyMan
Come to think of it, you're right. I had one with CC tho where I used a pending, then made a ton of comments. eML won't budge. I had one a week ago.....duet (attached), only two listings that were active. QC kicked it back. In the comment section I stated "only two active comps avaiable within 5 miles of subject". They insisted there was another active out there.....I guess I can wait to complete the order until another actives hits the market...lol.



Not that I've used more then a few under contracts, I guess I've been lucky about the orders not getting kicked back. But then again, I explain it's the last resort. lol.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 11/14/10 04:18 PM

Quote:
The prior may have been done by some noob that may of had no clue.

Had one of those the other day. I have valued a home twice in the mid 60's. A second agent came in at 22K, with dates between the other two orders. Of course, they kicked it back asking for a variance explanation.

Looking over the QCer's notes, it appears they at least tried to contact the other agent for THEIR explanation. That's a first, as far as I know.
Posted by: PhoenixRE

Re: Stupid QC comments and BPO requirements. - 12/20/10 04:48 PM

I am about ready to pull my hair out! The subject is a home built in the 40s in a small non-conforming neighborhood, surrounded by homes built after 2000 in deed restricted subdivisions. So comps are VERY limited. Subject is over 2,000 s.ft whereas the others are between 700 to 1300 s.ft. So the comps are as limited as it gets. QC wants me to use comps that are closer in condition, GLA and age and under 2 miles. ummmh, sorry, there is nothing. She asks for more extensive explanation. Ok, I explain the heck out of it and resubmit. Then she kicks it back saying, the neighborhood is REO driven (I used 2 REOs and 1 FMV). What's a girl gotta do, if there is nothing, nada, zip, zilch?? Then comes the kicker. She kicks it back again, saying:"I really think you should take another look at online resources. It is listed for $ 92k on realtor.com. How do you search?" Ummmh, I search MLS by address, tax records and property history. It is not listed on MLS and I just checked realtor.com, it isn't listed there either!!!

Come on now!!
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 12/20/10 08:55 PM

Um, try typing the subject address into just a google search.

J~
Posted by: Georgia Beach

Re: Stupid QC comments and BPO requirements. - 12/20/10 08:58 PM

Have you tried Zillow? It is where some (or maybe all) of the companies I work for seem to get their info. I learned awhile back to check everything through Zillow before I decide on comps. good luck!
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 12/29/10 12:37 AM

I was trying to find a nice way to say the neighborhood was trash. So I said it had a low level of pride of ownership. Clear Capital hit me back with fair housing blah blah.....I REALLY wanted to say that it was WHITE TRASH CENTRAL. Wonder how that would have gone over.....
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 01/07/11 01:41 PM

Just got this email from Rhamed, RhaMood, and RhaMORON.

The above BPO requires revisions or additional information and can not be sent to the client for the following reason(s):
Canned Comments on comparables and listings are not sufficient. Detailed Comments are needed.

My reply was that I did not use a can I typed in the comments myself. This should be RhaFun.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 01/10/11 11:18 PM

Has anybody received the "form y" from EML?.........Are these two pages of requirements new?......suburban.... .50, Urban... .30.......Hello?....I guess all my comps are going to be rural in the future........lol.
Posted by: Greg Masson

Re: Stupid QC comments and BPO requirements. - 01/11/11 12:25 AM

Had a company QC me saying the area appears suburban rather than rural as I entered. I sent back an email with a link to the USDA Rural Home Loan program. Then said the US govt has indicated it is a rural location. I resubmitted the order as is, and haven't heard from them again.
Posted by: PMR

Re: Stupid QC comments and BPO requirements. - 01/11/11 05:25 AM

Originally Posted By: CandyMan
Has anybody received the "form y" from EML?.........Are these two pages of requirements new?......suburban.... .50, Urban... .30.......Hello?....I guess all my comps are going to be rural in the future........lol.


And on top of that, the form wants *median* age in addition to the *average* age. Who is so caught up in wanting to know both the median and average age in the neighborhood?
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 01/11/11 09:08 AM

I live in a town that, though considered urban, is so spread out. For example, I am on a half acre, guy across the street is .75, guy behind me is 2.4 acres, next to him is 4+ acres, turn the corner and they are all under .20 acres, but the one across the street is .5. Try explaining that and why your urban comps are over one mile away....ARGGHH!!!
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 01/12/11 11:24 PM

Okay... So I guess from a QC perspective I'll give a heads up on how I look at areas and determine if it is urban/suburban/rural.

I usually use a fairly simple approach. I will click on the map and look at where the subject is at the first view that the google map gives (not zoomed in or out). If I can put my finger on an open spot that is not a house, street, park or parking lot, it's not urban.

Likewise, if the property is on .75 acres or more and there are similar sized lots, it's suburban not urban by my criteria.

But thats just how I look at things.

J~
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 01/13/11 05:29 AM

The general way to determine suburban, urban or rural is based on population density, at least in the statistical and economic sense.
So, for example, if there is a town of 500 homes surrounded by lots of farmland, the town might be considered suburban by some, but really would be rural on a county or perhaps zip code basis.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 01/13/11 01:58 PM

Very true. It is a matter of perspective. I have a lot of reports I review that state 'Average' condition because it's average for the area. What the photos show is a boarded up property with holes in the roof.

The client however wants to look at it as a national rating system. So Average is the same condition no matter where the property is located.

The same goes for population density. My grandparents where from Harrison MT and they considered Ensign 'The Big City' However having a gas station, a couple houses and a post office in my mind doesn't quite qualify as I was use to Salt Lake.

So when I look at things from a QC/client perspective, I compare Urban as Manhattan, Los Angeles, Portland. I don't consider Eugene Wa, Sandy UT or Elko NV as Urban because I look at things from a national standard vs a local standard.

J~
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 01/13/11 02:36 PM

So latest wth requirements for a CC order: Average lot size; average GLA; median price. This for an order on a 2-family. Our MLS doesn't put sq ft in the listing on multi-families...each one needs to be looked up separately. Average lot size? No way to figure that out easily either.
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 01/13/11 06:59 PM

Six days ago I submitted an order. I had a correction request right away which actually ended up being somebody on their end misreading something. we laughed it off and in the order went. Six days later I just received a rejection notice. I did the original order in one day, here is part of the email I just received:
<br>
there is a character limit ( 4,000 characters including spaces), for the combined sections: Neighborhood , Commentary, and Estimate of Valley. If the combined character total exceeds 4,000 we are unable to properly deliver the report to the client. We are currently working on a fix for this issue. In the meantime , can you please edit your comments to the include the most pertinent information and resubmit the report. Please file is past due so a quick response would be greatly appreciated
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 01/14/11 04:57 AM

We got one last week (I think for MSV) because all of the ages (subject and comps) were 111. They thought we just put in some numbers to fill the space.

In our area, if the property was built before 1900 but there is no proof of the actual age (such as a dated photo or old deed) the counties list the property as built in 1900. Since this is now 2011, every one is listed as 111 years old.

Never had this problem with 108 or 109 or 100 years old.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 01/14/11 02:19 PM

Pa, Did you have the MLS sheet uploaded to confirm the age if it was MSV?

J~
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 01/14/11 05:43 PM

Of course - which proves they don't get read anyway
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 01/14/11 06:38 PM

Did this happen on 1/11/2011 ?
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 01/15/11 10:47 PM

Not true not true... I always read the MLS sheets smile
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 01/15/11 11:34 PM

Originally Posted By: PA Roadkill
Of course - which proves they don't get read anyway


Actually, there are two types....One that don't read and the other one that can't read. I seem to draw more on the second one......lol.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 01/16/11 05:00 AM

In my experience, I've learned that unless I'm not busy, I put Main Street on a side street.
The repetition of copying and pasting MLS remarks, uploading tax sheets and MLS sheets so some cublcle dweller has 3 different kinds of backup usually drives me nuts.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 02/11/11 07:09 PM

I got a clarification request from CC, today. They said. "We have a prior that indicates subject with a higher value. Could you review comps A and C from prior and indicate why your comps are superior?".......Ok, gang........hang onto your hats......you're going to love this one. Subject is a 1,300 GLA condo......nothing fancy. The comps from the prior were duets, located on a golf course, age restricted community. Does anbybody find this strange or is it just me? I wonder how he arrived at a 40% higher value?...lol.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 02/11/11 07:55 PM

Originally Posted By: CandyMan
I wonder how he arrived at a 40% higher value?...lol.


Probably related to his $40 paycheck for the BPO.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 02/12/11 04:46 AM

I'm getting kickbacks like Candy's more and more. I Think their using some kind of database that only shows living are and price, without regards to things like distance, neighborhoods or common sense.
Got one yesterday on a 120 year old house, comps they sent were built in the 1970's
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 02/12/11 10:22 PM

Don't get me wrong.........I have no issues with CC QA. They're just doing their job. The difference being is that they're getting paid while we talk on the phone......my meter quit running when I sent the order in, the first time. They need to start a "weed and feed" program. Weed out the poor vendors and increase orders to good ones. I can always dream......lol
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 02/13/11 01:07 AM

I got an order today...at my usual fee...from ORT, who may have had a newbie or someone who doesn't care much. It is a second opinion. Subject is a manufactured home. First agent used all stick-built homes for comps.

Don't you think these companies would figure out it costs them more in the long run if it ain't done right the first time?

Still they send out the blast orders for peanuts. So who takes them? Someone whose work needs to be done over, at least that's the way it looks to me.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 02/13/11 07:55 AM

Originally Posted By: neudot
Subject is a manufactured home. First agent used all stick-built homes for comps.

It's interesting to me that you mention that this week.

The very tempting iMS Order I was encouraged to do a few days ago involves a Manufactured (Modular, not Mobile) Home sitting on a Full Basement Walk-Out Foundation with a Barn which has a Commercial Dog Kennel in the Basement and a 1400 SF Rental Unit for Human Habitation on the Main and 2nd Floors.

I told them that I have had to go out in excess of a 20 Mile Radius to find Comps . . . . and even then, they were NOT Modular Homes; and we have hardly any Mobile Sales due to the lack of PMI.

So a little bit of Commercial and a little 2 Family with a little bit of Manufactured thrown in for good measure makes it a basic "Can of Worms" for valuation.

I might still do it; but I have them 1st checking with their Client "Chase" to find out how they want it handled so that we're on the same page BEFORE I even go out there.

I mention it here because the Listing Agent, in her Wisdom, described this one as "Stick-Built Off-Site". The Town's Land Records call it "Modular".

Some Mills don't distinguish between Modulars and Mobiles. Others recognize Modular to be more akin to On-Site. They don't get assigned a UCC Number or a Bill of Sale. PMI Companies usually treat them as Stick Built. I don't know anything about iMS except what a few of you have told me.

It's only because I ran into this mess with FARVV in 2009 that I'm less than enthusiastic about doing it again for iMS. I haven't invested any time or serious money yet.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 02/13/11 09:22 AM

Correct me if I'm wrong:

Manufactured = mobile (wheels attached)

Modular, aka Manufactured just to screw things up = stick-built

When you take the wheels of a mobile home and set it on a permanent foundation then it's comparable to a stick-built, no?
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 02/13/11 09:37 AM

No. A "Mobile" has its own Chassis and arrives with axles attached. It also has a UCC Plate attached and is conveyed via a Bill of Sale.

A "Modular" has no Chassis, and arrives on a Flatbed. It is not subject to UCC and is conveyed by Deed.

Unfortunatley, the term "Manufactured" could be applied to both.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 02/13/11 10:29 AM

^^ I learn something new everyday - thanks Vermie smile
Posted by: Highest&Best

Re: Stupid QC comments and BPO requirements. - 02/14/11 06:16 PM

"Stick-Built Off-Site"

Now that's some creative agent-speak. I'm gonna tuck that one in my arsenal right alongside "step saver kitchen."
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 02/15/11 08:31 PM

E-mail from the mill today.......

Good Morning!

The above CMA was rejected by the bank for the following reason:

-"No MLS provided. The agent failed to indicate the subject's current listing. Also, the current BPO quick sale value is suggesting a 27.58% drop in value over 4 months, which is not reasonable. The BPO data lends support for a higher value. Please have the agent include the subject's listing sheet and reconsider value. Thanks."


Could you please provide the MLS and address the client’s other concerns. I’ll put this back on the site for your review.

Thanks and Have a Great Day!!





My response........





Hello:

I went ahead and attached the MLS listing of when this home was on the market back in 2007. This property does not have any MLS history since that expired listing. I reject the bank's reject of my quick sale value being a 27.58% drop of value. If they had bothered to read my comments, they would see that my quick sale value is 80% of my 90 day value. Ninety day value was determined by weighing all three sold comparables equally after factoring described adjustments, which your QC department had already approved of. With the current oversupply of homes for sale in this area in conjunction with extremely low buyer demand, that is reasonable. I have resubmitted this BPO without any further revisions. Simply put, it is what it is.


The moral of all this?

1) If the subject had been listed, I would have attached the MLS sheet.

2) Please read my comments and value conclusions before criticizing my report.

3) In sum, I rejected the bank's reject.

Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 02/15/11 09:00 PM

Brad

"and your check is in the mail"............lol
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 02/17/11 11:03 AM

Replace list and sold comp one please they do not support subject value.

If you bothered to read my comments, I explained why they were inferior.
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 02/17/11 12:24 PM

This one isn't stupid so much as just painful to read due to the terrible grammar, but that is what we get when they hire people who don't speak English as their primary language. Enjoy:

"Please provide the comps which is within the subject gla and the Value to be bracketed the subject, I have suggested to you few comps please review and check if these comps are suitable for the subject for List comps there are 4 comps and for the sold comp 3 provide to you."
Posted by: Houston Agent

Re: Stupid QC comments and BPO requirements. - 02/17/11 06:14 PM

Originally Posted By: 12 step 4 BPOs?
This one isn't stupid so much as just painful to read due to the terrible grammar, but that is what we get when they hire people who don't speak English as their primary language. Enjoy:

"Please provide the comps which is within the subject gla and the Value to be bracketed the subject, I have suggested to you few comps please review and check if these comps are suitable for the subject for List comps there are 4 comps and for the sold comp 3 provide to you."


I need a glass of wine after reading that.
Posted by: JackREO

Re: Stupid QC comments and BPO requirements. - 02/17/11 07:33 PM

Try communicating back with this:

I would be liking you to very much be looking to comment area to see that these would be to have been answered with what said by I before we would be submitted to the people at where you are.

Or bring their comments to the local convenience store for translation.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 02/23/11 06:04 PM

Jack, I didn't know you spoke Hindi. You much learn very fast.
Posted by: sugarlandbpo

Re: Stupid QC comments and BPO requirements. - 02/27/11 08:44 AM

QC questioned why I used comps that were not closer in living area square footage to the subject. When I told her they fell within the industry standards her reply was, "...what standards? I have never heard of any standards and have never had an agent mention standards."
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/02/11 09:19 PM

One of these days I'm going to find all these QC people that give the rest of us bad name and have a long talk with them *sigh*

J~
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 03/03/11 04:45 AM

Originally Posted By: ....J~
One of these days I'm going to find all these QC people that give the rest of us bad name and have a long talk with them *sigh*

J~


I'm sure you won't have to look too far
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 03/03/11 04:53 AM

No really QC related but:
Get an interior order overnight on Monday states house has been rekeyed to key code XXXXX and gives about six or seven lockbox codes.. Get to property, no lockbox. Call mill - they say call the contact (that is 40 minutes away) to get key. Re/Max agent get VM as usual.

Tuesday overnight get an email that states now call Safeguard to see if it's rekeyed and I "jumped the gun" by going to the property. Call Safeguard, they tell me they received the rekey order on Tuesday and it was rekeyed on Wednesday morning.

Late Wednesday, the contact finally calls back to tell me it's rekeyed (very prompt on his part)

Couldn't get an answer as to why the order was sent out in the first place with incorrect instructions, but have a series of emails from mill employee basically telling me it's my fault. This must be someone promoted from QC.
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 03/03/11 08:16 AM

Originally Posted By: Houston Agent
Originally Posted By: 12 step 4 BPOs?
This one isn't stupid so much as just painful to read due to the terrible grammar, but that is what we get when they hire people who don't speak English as their primary language. Enjoy:

"Please provide the comps which is within the subject gla and the Value to be bracketed the subject, I have suggested to you few comps please review and check if these comps are suitable for the subject for List comps there are 4 comps and for the sold comp 3 provide to you."


I need a glass of wine after reading that.


awesome answer!
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 03/07/11 10:00 AM

Agent previously valued the subject at $437000 in May 2010. Please add commentary to justify the $150000 value drop in the past 9 months, or please reconsider subject value.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 03/08/11 12:31 PM

Just saw this on a cc form.
Empty pool? How would I know? It's a drive by.
Missing porch?
Missing deck? with a place to check yes or no.
So if there is no deck or porch how do we know if it's missing or there never was one. Unless someone stole them.
Assessor records for this town are useless and no MLS record.
Assessor record just has lot size, GLA YB and room count as 4/3
No baths are mentioned.
Oh well, I'll manage, though.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 03/08/11 01:45 PM

We sometimes have disgruntled Contractors who will come back and re-possess the pressure-treated lumber of decks for which they haven't been paid.

And sometimes expensive windows and garage doors will go MIA too . . . . but with them, there's a tell-take gaping hole that shows in the photos. That gives you a clue!

Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/08/11 10:03 PM

Originally Posted By: MassBPOer
Just saw this on a cc form.
Empty pool? How would I know? It's a drive by.
Missing porch?
Missing deck? with a place to check yes or no.
So if there is no deck or porch how do we know if it's missing or there never was one. Unless someone stole them.
Assessor records for this town are useless and no MLS record.
Assessor record just has lot size, GLA YB and room count as 4/3
No baths are mentioned.
Oh well, I'll manage, though.
It's funny you mention this as I ran across one that had the deck issue today. It was a drive by. It was pretty obvious that the deck was missing as it connected to a side door on the second level which due to the lack of a deck...well lets just say I sure hope that whoever does the interior inspects it before they walk out into air...

J~
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 03/11/11 02:17 PM

Why do agents "stretch the truth" about their subjects and comps?

Tip to the new: Do NOT lie about the subject's age, square feet, etc, to make your comps fit. You will be found out...QC departments may be slow to pick up on this, but they figure it out eventually.

I've just been going through QC hell because some other agent said the subject was 65 years old (it is 20), and used comps over 100 years of age. One of these was more than twice the subject GLA. Come on now!

A couple days ago...a different company...a different clarification request. This time the subject was a 55 yr old ranch with 1800 sf. They sent some suggested comps. 5 were 2-story houses all built before 1900. Two were manufactured doublewides. Only 1 comp was a stick built ranch. I can see why companies need their QC departments, but how these older orders were approved in the first place is beyond my comprehension.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 03/11/11 03:03 PM

Originally Posted By: neudot

Tip to the new: Do NOT lie about the subject's age, square feet, etc, to make your comps fit. You will be found out...QC departments may be slow to pick up on this, but they figure it out eventually.


As frustrating as it is for you, at least you get the satisfaction of busting your competitor and knocking him/her out of their system and out of your way.

I went through the same thing on a QC. The other agent flat-out lied about the comps. I hope they disabled his account.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 03/11/11 03:16 PM

I sure hope they DO bust some agents from the system.

Maybe I should start a BPO school....but nah...that would be helping my competitors. Let them be dumb.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/12/11 10:03 PM

Okay so I had a first today. I had an agent yell at me for reading their comments. I'm not exactly sure where I left the train track to reality but I was pretty taken back by this. My normal gripe I hear is that agents are upset when QC doesn't read comments.

The agent was upset because they had the subject marked in average condition but all the comments they listed stated they needed work. When I went back to them to ask for comps in similar condition or to make adjustments....I was told it was too much trouble for this agent to read comments on the MLS for each comp and why was I wasting their time reading comments and not just looking at the data grid.

So I guess my question for you guys is do you read the MLS comments for the comps you pull? I would imagine the answer is yes but maybe I've been wrong all these years. I know my clients sure read them.

J~
Posted by: texasgal

Re: Stupid QC comments and BPO requirements. - 03/13/11 12:32 AM

Originally Posted By: ....J~
So I guess my question for you guys is do you read the MLS comments for the comps you pull?


I absolutely read all the MLS comments. And if there is something I think the bank might like to know, I state it in the report and state that it's per agent MLS comments. Specific comments about condition, needed foundation repairs, comments about the flood plain, stuff like that.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 03/13/11 12:53 AM

"too much trouble"?......You got to be joking.....that's part of the package. I would have done this agent a favor and said, "Let me do you a favor and put you out of your misery...here's the door".......cya.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 03/13/11 05:39 AM

Comments on the MLS form are essential to judging condition on the comps. Things like "new roof in 2008, new furnace in 2006" tell me the comps is at least average or good. Comments like "Mrs. Clean lives here" and "hurry won't last long" tell me the agent couldn't think of anything good to say about the property.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 03/13/11 08:07 AM

The types of comments PA Roadkill mentions have become important to me in the preparation of reports. I also will put in "no remarks about upgrades or improvements," or "being sold as is" when I suspect that a property may be less than pristine.

I am in two MLS systems. In my primary MLS agents are required to rate condition: Excellent, very good, good, fair, poor. In translating this for BPO work, good is usually fair, and very good is average.

In the second MLS there is no condition rating, so the condition has to be inferred from the broker remarks and the price.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/13/11 11:46 AM

See and I have always viewed MLS comments as a true sign of how bad the property is. I figure that they would talk down just about anything wrong with the property (i.e. it's not a shoebox sized house its just 'quaint') so if things are mentioned in the MLS comments, they are already downplayed and I should figure it to be about 10% - 30% worse that what it states.

J~
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/13/11 12:37 PM

Fascinating.

That BPO agents are expected to provide an opinion of comparitive condition for six properties that they've never seen is a huge problem to begin with. That secondarily anyone would rely on MLS comments to try to intuit condition when facts cannot be known is lunacy.

That a mill QC-er would then perform magical thinking or reverse-engineering for condition based on MLS comments is beyond comprehension.
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 03/13/11 12:57 PM

Originally Posted By: neudot
Why do agents "stretch the truth" about their subjects and comps?

Tip to the new: Do NOT lie about the subject's age, square feet, etc, to make your comps fit. You will be found out...QC departments may be slow to pick up on this, but they figure it out eventually.

I've just been going through QC hell because some other agent said the subject was 65 years old (it is 20), and used comps over 100 years of age. One of these was more than twice the subject GLA. Come on now!

A couple days ago...a different company...a different clarification request. This time the subject was a 55 yr old ranch with 1800 sf. They sent some suggested comps. 5 were 2-story houses all built before 1900. Two were manufactured doublewides. Only 1 comp was a stick built ranch. I can see why companies need their QC departments, but how these older orders were approved in the first place is beyond my comprehension.


I had a QC request a while back. they sent me the comps that the previous agent used. The subject was a manufactured home on a large parcel of land. the comps ...the first was a single story stick built, the second a gorgeous tudor, and the third was also stick built. I had to FIGHT with the QC department to prove it was a manufactured home.....a good hour of my life gone, which I will never get back!
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 03/13/11 01:44 PM

Originally Posted By: 12 step 4 BPOs?


I had a QC request a while back. they sent me the comps that the previous agent used. The subject was a manufactured home on a large parcel of land. the comps ...the first was a single story stick built, the second a gorgeous tudor, and the third was also stick built. I had to FIGHT with the QC department to prove it was a manufactured home.....a good hour of my life gone, which I will never get back!


Were there other mobile homes on land nearby and they skipped over them or what?
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/13/11 04:21 PM

Originally Posted By: DueDiligence
Fascinating.

That BPO agents are expected to provide an opinion of comparitive condition for six properties that they've never seen is a huge problem to begin with. That secondarily anyone would rely on MLS comments to try to intuit condition when facts cannot be known is lunacy.

That a mill QC-er would then perform magical thinking or reverse-engineering for condition based on MLS comments is beyond comprehension.
Tell me then, if you are writing comments for an MLS listing do you write 'Needs TLC' if there are no repairs a buyer would see upon entrance? How about 'Great bones just needs work' I imagine not because you are paid by the property selling and it's a numbers game. The more buyers you get to view the property, the better your chances are that you will get it sold.


BPO's are not an exact science. It's a whole bunch of variables with some guestimation and forcasting mixed in. MLS comments are part of that mix and have as much weight to the client as the actual DNA for each of those comparables.

J~
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/13/11 05:11 PM

Originally Posted By: ....J~

BPO's are not an exact science. It's a whole bunch of variables with some guestimation and forcasting mixed in. MLS comments are part of that mix and have as much weight to the client as the actual DNA for each of those comparables.

J~


Hysterical! MLS "comments" are marketing and advertising tools! Everyone, including your clients, knows that or should know that. A grain of salt. But you stated that based on MLS comments, YOU make some type of condition adjustment-- I think you mentioned minus 10% to 30%. IF the agent who wrote the comment has put verbiage that you subjectively consider negative in it, I guess. So, what do you do when the comments are glowing and poetic? Do you believe those? Or do you guess the agent might be lying? Or do you say, "Gee, this must be a superior property, I'll give it the benefit of an upwards condition adjustment".

Good Lord. If you're using MLS comments as ANY barometer, or for ANY measure of ANY thing, or to confirm/deny other data, that's beyond crazy. If a mill or provider has talked their hapless clients into believing that gathering MLS comments offers them added value over those companies that do not, that's just plain hideous.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 03/13/11 06:17 PM

My $0.02.....

I also give MLS comments little consideration. How often have we seen the comment "priced to sell" being on those listings with the longest DOM? Agents are notorious liars. C'mon, you talk to the LA who is the POC for the interior. They tell you on the phone prior to the inspection all that is wrong with the subject just to find out it's in pretty good shape after all. It's their job to either sell down the house so it can go on the cheap, or their job to sell it up to make the most commission money on it.

I solely weigh MLS interior photos if applicable. A picture is worth a 1,000 words they say and actually shows the story. Words in MLS mean very little to me, as those of us that have been around the block long enough have become jaded to know how the R.E. game is played.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 03/13/11 06:23 PM

I pay attention to the description in MLS. Which would you suspect is in better condition?

One comp says new roof 2005, insulated windows, hi-efficiency furnace, updated kitchen and baths, professional landscape.

One comp says nothing about upgrades or improvements.

Of course, on the second comp there's always the possibility it's a listing from one of the old timers who gives you just one photo, and doesn't have much to say about his listings. My first broker always said "nice house in a nice area," and that was it. But my money says first comp is in better condition than the second one, especially if the list price is higher.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 03/13/11 06:57 PM

"One comp says nothing about improvements or upgrades"....In most cases, in my area, that's a lazy agent.....pure fact. Unless improvements or needed repairs are listed in the agent section of the MLS, I give no weight to neither.

I just love the term "needs TLC" but nothing mentioned as to what's needed. GIVE ME A HINT!........needs paint......needs carpet.......needs roof......any of those will work when factoring in repair costs.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/14/11 01:16 AM

Originally Posted By: DueDiligence
Originally Posted By: ....J~

BPO's are not an exact science. It's a whole bunch of variables with some guestimation and forcasting mixed in. MLS comments are part of that mix and have as much weight to the client as the actual DNA for each of those comparables.

J~


Hysterical! MLS "comments" are marketing and advertising tools! Everyone, including your clients, knows that or should know that. A grain of salt. But you stated that based on MLS comments, YOU make some type of condition adjustment-- I think you mentioned minus 10% to 30%. IF the agent who wrote the comment has put verbiage that you subjectively consider negative in it, I guess. So, what do you do when the comments are glowing and poetic? Do you believe those? Or do you guess the agent might be lying? Or do you say, "Gee, this must be a superior property, I'll give it the benefit of an upwards condition adjustment".

Good Lord. If you're using MLS comments as ANY barometer, or for ANY measure of ANY thing, or to confirm/deny other data, that's beyond crazy. If a mill or provider has talked their hapless clients into believing that gathering MLS comments offers them added value over those companies that do not, that's just plain hideous.
I think you misunderstood what I was saying. I read the MLS comments and I don't give a price adjustment per say for the comments but I do believe that anything that is noted is probably 10 - 30% worse/better than indicated on the MLS sheets for condition.

I.e. If it says it is a 1950 house in 'MINT' condition, I consider it is very possible it was built in 1950 and still in the original condition from 1950. No upgrades.

As for the ones that are waxing in poetic... I've been doing this long enough to know to check it against the data I see. As an example was given 'Priced to sell' and a long DOM indicates it isn't. Motivated seller and a price reduction from 100K to 75K in 12 days explains the drop and quick sale.

I've seen enough comments to know the difference between updated recently (=within the last decade) and updated in the last year with dates after each item updated. MLS comments are a factor whether you like it or not and that will not go away as a requirment for some clients. They want to see if that 1950 3/2/1 copmparable is updated or indicates severe fire damage. DNA is fine and dandy but condition has a lot to do with it too and MLS comments give more data for condition than just a drop down box on a BPO will.

If you don't understand why MLS comments on BPO's are important, you might as well stop doing BPO's and just suggest that clients get an AVM. After all, those don't take condition or location into consideration and can't read comments to see if there are issues with those properties. They only crunch the numbers and only consider DNA between comps and subject.

J~
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/14/11 12:31 PM

Giving any weight to MLS comments is less than grasping at straws-- to an experienced real estate broker/agent, neither of which are you it can be observed. Do you consider that "mint condition" may be something an agent doesn't actually know the meaning of? Or s/he means something else entirely than what you take it to mean? "Mint condition" could mean to the agent, that it is perfect-- not antiquated as you take it to mean. Do you consider that many agents don't write well, or have the office mgr or someone else write MLS comments?

This is just another prime example of why the BPO "industry" as promoted and presented by the mills to their clients (and to which tune BPO agents/brokers are forced to dance) is constructed on a foundation of sand.
Posted by: ditty

Re: Stupid QC comments and BPO requirements. - 03/14/11 02:24 PM

mmm..."Mint"...makes me think of Cookies...
Posted by: runfromcops

Re: Stupid QC comments and BPO requirements. - 03/14/11 06:35 PM

I wish I was treated as the buyer or customer of ANYTHING, the way the BPO client is treated and what they get away with according to the mills.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/14/11 06:41 PM

Originally Posted By: DueDiligence
Giving any weight to MLS comments is less than grasping at straws-- to an experienced real estate broker/agent, neither of which are you it can be observed. Do you consider that "mint condition" may be something an agent doesn't actually know the meaning of? Or s/he means something else entirely than what you take it to mean? "Mint condition" could mean to the agent, that it is perfect-- not antiquated as you take it to mean. Do you consider that many agents don't write well, or have the office mgr or someone else write MLS comments?

This is just another prime example of why the BPO "industry" as promoted and presented by the mills to their clients (and to which tune BPO agents/brokers are forced to dance) is constructed on a foundation of sand.
So I just want to make sure I understand your point here before we go further into this. You are saying that you don't even bother with MLS comments. You look at the data only (i.e. sq ft, lot size, age) and you base your opinion on only those things? Truthfully wouldn't that have as much of a flaw with it as MLS comments cause it's only as reliable as the person who imputs it as you've pointed out about MLS comments. I'm just curious here on your stance to make sure I understand why I should encourage my clients to continue to order BPO's if all they are going to recieve is crunched numbers and some photos with little to no detail regarding a description of each comparable which is what you are promoting.

I do understand taking the flowery poetics out of the equation but there are items that don't always show up on an MLS sheet except for in the comments. Canal access, view, interior upgrades, remodeling, damage, ammenities, unpermitted structures ect.

And to take it a bit further, when I get your order and RE Bobs order and I'm trying to break down why I have a 30% variance between the comparables sometimes it really does come down to the comments as to why. RE Bob's MLS comments all state the properties are remodeled interiors or completely rehabbed and yours state it needs TLC and Handyman special. Depending on my subjects condition, I can determine which is the more valid report without me going back to you and taking up more of your time trying to find out why RE Bobs comps are not as good as yours.

J
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 03/14/11 07:40 PM

Originally Posted By: ....J~
Depending on my subjects condition, I can determine which is the more valid report without me going back to you and taking up more of your time trying to find out why RE Bobs comps are not as good as yours.


I'll take it even another step further......

How are we supposed to know the condition of the subject on a drive by vs. comparables used? You can't judge a book by its cover, as I have done one too many interiors where the outside looked fine (mostly in deed restricted neighborhoods) and the inside was completely trashed!!

It's all guess work to one degree or another. They get current photo(s) of the property in question, neighborhood data, and our opinion that most of us can back up with diligence. So at the end of the day, what does the bank expect for $40-$55, which is still a fraction of the cost of an appraisal?
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 03/14/11 07:46 PM

There are 3 areas I read on an MLS sheet when researching data.
The public comment section, the confidential section to agents, and the amenties section. On the average, about 80% will have no data, bogus data, or a worthless "dog and pony show" statement. None of this can be used in a factual report.

I fought our MLS committee for over two years trying to have changes made to no avail. I think they believe that the less information given, the less chance of getting sued.

I guess this is why I favor interiors. I can get up close and personal. A drive by is just as stated....I drive by, take pictures, and move on to the next order. The only other data available will come from the MLS, which ain't much. Do I read the MLS sheet?........youbetcha. When I know I only have about a 20% chance of locating good data, I don't waste much time in that area. It is what it is.....An interior inspection gives me a much better idea of the condition and improvements of the subject. As for the comps, I'm stuck with what they input.
Posted by: DesertAgent

Re: Stupid QC comments and BPO requirements. - 03/14/11 08:11 PM

Reading agent comments, which I do, is one thing....placing much weight on them is something else. If the remarks state there are issues or that it will not go FHA I take that into account, most everything else I pay little or no attention to. As many have already stated there are too many agents who use TLC for anything from dirty carpets to completely vandalized or move in condition for a property with major problems. Add that to the simple fact that we have no idea what condition the subjects interior is in and the best we can do is compare the subject and comps DNA tossing in some common sense and experience for properties in the area.
Posted by: Ryan

Re: Stupid QC comments and BPO requirements. - 03/14/11 09:25 PM

Quote:
So I just want to make sure I understand your point here before we go further into this. You are saying that you don't even bother with MLS comments. You look at the data only (i.e. sq ft, lot size, age) and you base your opinion on only those things?


I can't count the number of times I've seen burn-out tear-downs with the following comments:

"Great investor opportunity. Rented for $xxx per month and tenants would love to stay!"

The comments might be humorous, but they have no basis in reality. It's no wonder real estate agents are rated just above personal injury lawyers in scum-bagginess.
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/14/11 10:50 PM

Thank goodness the mills aren't healthcare providers.

Say your mom needs an exam to see if anything's wrong with her, or if she's just fine. Because you just don't know--she doesn't say much. It'll cost upwards of $400. But there's this company who says they can do that for say 1/10 the cost. All they'll need is a recent picture of mom with her address, date of birth, height and weight. They call it a "drive-by" exam.

Once they have that, they'll compare mom's picture and her very brief info to six pictures of other women whose brief info is more or less is similar to mom's (within, however, they tell you, very strict tolerances). But, here's where real VALUE comes in.

The six pictures in addition to having addresses, dates of birth, height & weight also have "comments" written on them such as, "feels pretty good most of the time"; "non-smoker"; "has allergies"; "recent double-hip replacement"; "takes vitamins & supplements daily"; "has nausea & vomiting"; "recent facelift and lipo".

This company also takes into consideration what each of the six women are wearing--shoes or sneakers, sweaters or blouses, etc., whether neatly dressed or disheveled, and also whether they are smiling, not smiling, or just looking blank. More added valuation metrics for you, the client.

And from this data, and with rigorous QC and application of other arcane calculations, they are able to tell you what's wrong, or what's right with your mom. And you'll get a 9-page report. In 48 hours.

*******************
Disclaimer: The foregoing is not meant in any way to disparage or mock the honest, hard-working BPO agents who give their best to try to do this work under a great deal of pressure, impossible expectations, with very little respect and even less compensation.
Posted by: texasgal

Re: Stupid QC comments and BPO requirements. - 03/15/11 06:07 PM

I can see what you are getting at and I like your post. I found it really amusing and well-written.

I think in a way this is comparing apples to oranges though. When you are dealing with people's health, there are certain factors like genetic tendency in one's family toward certain diseases that just don't apply when comparing something like houses. Health care is a matter with many more complex variables than is house valuation.

You haven't come right out and said it but I think what you are getting at is that it would be preferable for banks to order appraisals. I am not going to disagree with that. But I do think BPOs are also needed. I think there is a place in this process for both.

Here is the reason why I say this. I keep seeing properties in my local MLS that say things like "priced $25,000 less than February 2011 appraisal". I get property fliers in my email that say similar things all the time.

Now I work in a market that has not been hit as badly as some areas as the rest of the country. Our values in most areas of town are not dropping like they are in other places in our nation. So sharply declining local values can't account for why these agents are having to consistently list these properties at an asking price less than a very recent appraisal. Because we don't have sharply declining values in my market area.

I do not think this is because our local appraisers are incompetent or are deliberately inflating the numbers. Not at all. I think they are very well-trained and are doing a thorough report based on what they find to be fact.

But unless they are regularly out working with buyers it may be difficult for them to get a reading on what a ready, willing and able buyer might say in the current market climate about a particular house in comparison to other house choices that are available in that same immediate neighborhood.

The price the house will ultimately sell for is the point of intersection of the highest amount the buyer would be willing to pay for it and the lowest amount the seller would be willing to accept for it. This is something that is hard to quantify ahead of time in a scientific way. Buyers are all very different and have different wants and needs and feelings and financial abilities with regard to what they can afford. Buyer behavior does change over time as well.

Obviously what the bank wants is a crystal ball that will tell them exactly what a particular house will sell for and in what time frame. I don't think that either an appraisal or a BPO can ever tell them that with 100% accuracy. All we can do is provide them with the data and our professional opinion based on our background, appraiser or agent. I think the bank can find helpful information in both types of reports.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 03/15/11 09:04 PM

Appraisers are faced with some of the same issues we are when it comes to placing a value on a home. Although they take exterior photos of the comps, they haven't seen the inside of the comps any more than we usually have. So...like it or not...they may be basing their opinion of condition of the comps on the same things that we are, including, likely, the comments that are made by the listing brokers/agents of the comps.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 03/15/11 09:12 PM

My stupid QC requirement of the day...one of my companies, (Powerlink) wants street signs for address verification if there is no number on the house. If you don't have a photo of the street sign, they want tax records uploaded.

Problem is, they want the tax records sent to them as jpegs...when they are originally saved to my computer as pdfs. A PDF file is a small file...converting them to jpegs makes them monstrous. And of course, their website won't take a large jpeg. So if you reduce to a size you can upload, it would be unreadable in any case.

I have a two-page tax document to upload. It would upload as one document as a PDF, but it takes two jpegs to get the same thing accomplished. PDF file: 73K. JPEG file 1: 775K. JPEG file 2: 489K.

I was pretty steamed about the situation, and I'm sure it was conveyed. Takes more time and effort.
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/16/11 11:47 AM

Thanks, glad you liked it.

No, I'm not advocating appraisals over BPOs. As you point out, neither can be completely accurate.

My problem is with "added value" items the mills sell to their clients that have no value whatsoever, but increase the amount of time and work BPO agents have to put in on the reports.

Many reports have become mini-appraisals, but with a lot of other data required that doesn't actually help determine pricing. To the mill client, it probably looks good because the report is so large and at such a tiny cost to them. But I question the real value to the client other than a huge report that leads them to believe that it may be more accurate than a smaller report from another mill just by sheer size and detail.

And I certainly disagree with providing MLS printouts to anyone other than a buyer or a direct seller. Especially when the agent can have no expectation of receiving a listing or a sale.
Posted by: texasgal

Re: Stupid QC comments and BPO requirements. - 03/16/11 01:05 PM

I agree. It seems like the mills expect a lot from us for what we are paid, and it's all to try to make them look better than the other mills to the client.

They could make themselves look better by having us do a more simplified, organized, straightforward report because we can get those turned in more quickly and thus turn time would improve.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 03/16/11 02:02 PM

Originally Posted By: ....J~
It's funny you mention this as I ran across one that had the deck issue today. It was a drive by. It was pretty obvious that the deck was missing as it connected to a side door on the second level which due to the lack of a deck...well lets just say I sure hope that whoever does the interior inspects it before they walk out into air... J~

Here's a little visual to help support this "Missing Deck" discussion:



I took this photo from the rear of a Cape, with a walk-out basement, that looks quite complete out in front on the Road. I don't rightly know if it's just one big deck that's missing, or two (2) smaller decks; but to be safe, the REO people have the 2"X4"s nailed on the inside of the French Doors to keep any unsuspecting Buyers from taking a tumble. I guess the New Buyers can decide for themselves whether they want two decks or just one . . . . or they may just want to leave it as it is, with this handy way to dispose of guests who over-stay their welcome.

This Cape, by the way, is a "Manufactured Unit" . . . . NOT a Mobile. It arrived on this site in four (4) pieces aboard a flatbed. Never got completed before the bottom fell out of the market. Some Mills still refuse to allow us to use regular Stick-Built units to comp against these Modular houses . . . . even though the quality of the Modular often surpasses the Stick-Builts (built indoors, with no lost days due to weather conditions) and with Continuous Quality Control.
Posted by: Ryan

Re: Stupid QC comments and BPO requirements. - 03/16/11 02:36 PM

That house isn't missing a deck! It's missing a lot of dirt around the foundation.
Posted by: allREOpreserv

Re: Stupid QC comments and BPO requirements. - 03/16/11 03:23 PM

How can you tell, Ryan? To me, it looks like the deck would have been at the level of the top of the stone.

Beautiful house, tho. Would look great with a veranda.

Linda
Posted by: cinloo

Re: Stupid QC comments and BPO requirements. - 03/16/11 07:11 PM

Great thread. My biggest problem when completing BPO is condition or adjustments for condition. Even on an interior we do not know if comps condition comments are correct or just a lazy agent. Not wanting to guess if comps has granite counter top and SS appliances, it makes it challenging.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 03/17/11 01:54 PM

Originally Posted By: allREOpreserv
How can you tell, Ryan? To me, it looks like the deck would have been at the level of the top of the stone.

Here's that same house from the front:



Left un-occupied and without enough heat to melt the snow off the roof is sign it's well insulated. Gutters are worthless in Vermont, because as the bottom of the downspout freezes, and then the gutter just becomes a glacier which ultimately gets so heavy it breaks right off, and hangs there looking like somebody's spent noodle.

The "stone" you spoke of in the rear is actually "Tyvek" or some kind of house wrap covering a stud wall at ground level. I truly don't know how this property got fully mortgaged in the beginning without being completed as a condition of the Original Mortgage which was in 2006 or 2007. I'd imagine Funds were advanced for this completion work which was never completed . . . . but it was lived in for at least 2 years.

Sorry we still have 3 or 4 feet of snow on the ground here.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 03/17/11 02:26 PM

^^ is that a hanging gutter by the front steps?
Posted by: Ryan

Re: Stupid QC comments and BPO requirements. - 03/17/11 02:46 PM

Quote:
How can you tell, Ryan? To me, it looks like the deck would have been at the level of the top of the stone.


Sorry, I thought it was obvious I was joking. smile

Like getting your ears lowered instead of getting your hair cut.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 03/17/11 02:59 PM

Originally Posted By: Artiste
^^ is that a hanging gutter by the front steps?

Why yes . . . . yes it is; just like a "Hanging Chad" only bigger !

See, after depositing melting snow/water into the snowbank where it freezes, the downspout itself will freeze into a column of solid ice, and then drainage ceases altogether until the whole gutter/downspout becomes weighty and detaches itself. Sometimes it swings around on the way down and punches out your windows too. Some people will run a heat tape through the inside of the downspouts; but that occasionally causes people's houses to start on fire and burn down . . . . which isn't a good thing either.

Many people take the gutters off and store them in the garage for years until it's time to sell, and then they'll put them back up for the next Owners to worry about. Silly.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/19/11 09:29 PM

Originally Posted By: DueDiligence
Thank goodness the mills aren't healthcare providers.

Say your mom needs an exam to see if anything's wrong with her, or if she's just fine. Because you just don't know--she doesn't say much. It'll cost upwards of $400. But there's this company who says they can do that for say 1/10 the cost. All they'll need is a recent picture of mom with her address, date of birth, height and weight. They call it a "drive-by" exam.

Once they have that, they'll compare mom's picture and her very brief info to six pictures of other women whose brief info is more or less is similar to mom's (within, however, they tell you, very strict tolerances). But, here's where real VALUE comes in.

The six pictures in addition to having addresses, dates of birth, height & weight also have "comments" written on them such as, "feels pretty good most of the time"; "non-smoker"; "has allergies"; "recent double-hip replacement"; "takes vitamins & supplements daily"; "has nausea & vomiting"; "recent facelift and lipo".

This company also takes into consideration what each of the six women are wearing--shoes or sneakers, sweaters or blouses, etc., whether neatly dressed or disheveled, and also whether they are smiling, not smiling, or just looking blank. More added valuation metrics for you, the client.

And from this data, and with rigorous QC and application of other arcane calculations, they are able to tell you what's wrong, or what's right with your mom. And you'll get a 9-page report. In 48 hours.

*******************
Disclaimer: The foregoing is not meant in any way to disparage or mock the honest, hard-working BPO agents who give their best to try to do this work under a great deal of pressure, impossible expectations, with very little respect and even less compensation.

So I've been thinking about this post for several days and the fact of the matter is that in a lot of ways it's actually pretty true to how real medicine works.

The patient goes to a doctor; there is an exam that is performed. Then the doctor goes through case histories and thinks of all the previous patients that exhibited the same symptoms. They read the Comparable patients symptoms and match them to what your mother is experiencing. If the 'Comps' state symptoms that your mom isn't exhibiting they can rule out those causes as to what is wrong with your mom and how expensive your mom's problem will be to correct depending on how they line up with those symptoms. Now is where those additional comments under the patients come in handy. Just like comp comments for houses, there are additional details available like 'Feels Sick in the morning' or 'Tends to have headaches 4-5 days out of the week' that help with the diagnostic of your mom.

Now the Dr. has probably never inspected or talked to the patients in the case history they are reading. They didn't get the chance to examine them or ask them questions so they have to rely on what another specialist in their field of medicine wrote down about that patient in order to diagnose your mom. Since the patient may not have disclosed everything (similar to agents not always giving all the comparable information regarding condition) they do have to give a little bit of room for error that they might not have the whole story. However that does not keep them from reading the case histories and using those to help diagnose their patients.

Things like "feels pretty good most of the time"; "non-smoker"; "has allergies"; "recent double-hip replacement"; "takes vitamins & supplements daily"; "has nausea & vomiting"; "recent facelift and lipo" may actually have more weight than you indicate as obviously if your mom didn't have a recent 'double-hip replacement' and the comp patient that had the same symptoms as your mom did, the treatment should vary due to not needing to worry about complications with a recent surgery during your moms treatment.

But you indicate that you want to rely on the DNA only. So every patient with the same physical characteristics, a woman that is 5'4, blue eyes, 50-60 years old in the same industry of work as your mom would be diagnosed with the same problem regardless of the additional comments regarding symptoms or enviromental factors. They would be treated the same and sent home with the same medicine with no concern to 'has allergies' since we are not worried about comp patients comments so wouldn't have read that the last patient given that treatment with those allergies died.

By your own analogy does this help explain now why comp comments can be important to a client?

J~
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/19/11 11:28 PM

Sadly, you missed the point. Others didn't, thankfully.

Here you go:

Mom. Had. No. Symptoms.
Just. Like. A. Drive-by. BPO.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/20/11 12:38 AM

Originally Posted By: DueDiligence
Sadly, you missed the point. Others didn't, thankfully.

Here you go:

Mom. Had. No. Symptoms.
Just. Like. A. Drive-by. BPO.
I'd point out that if mom had no symptoms of anything wrong, you probably wouldn't have the concern to have her checked.

Banks don't order BPO's on properties that have no 'symptoms'. They generally order BPO's for 3 main symptoms. Note trades, collateral checks or REO/Foreclosure situations.

Banks/Lenders need BPO's to make these critical decisions. Hense, if they order a BPO and it says REO comps and you're using comps that state 'Completely remodeled' or 'updated kitchen and baths' It's not going to fit the subject's symptom.

Same situation for the a note trade where the client is asking for FMV. If you are pulling comps that state 'Needs work', 'REO', 'Short Sale, 'Bank approval needed' 'Auction' ect... then you are probably not pulling comps to address what the bank is ordering the BPO for.

By not reading these comments when pulling your comparables, you run the possibility of the next agent who comes in with a value variance because they did and now has to dispute your comps to defend their value. And vice versa, do you want to have to defend your comps against a prior agents because they didn't look at the fact that Comp 1 on their list stated it was a shell? Or that Comp 3 stated that the value was in the land itself as structure had no inherent value. This is why my clients find it so important to have MLS comments on their BPO's.

Sadly you seemed to have missed the point that they are important to the client and that is where the money comes from that pays you.

J~
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 03/20/11 05:48 AM

My 15 years of experience doing BPO's has seen the mills change from being "agent centric" (what do you need to help you complete this order?) to becoming "client centric" (you'll do it the way the client wants or we'll get someone else to do it and fire you!).

They are afraid to contact the client and tell them that what they desire in comps is just not available within the artificial guidelines set up by some cubicle dweller who thought that "all comps must be within 1 mile" made sense but only works in their dreams. And when you run into a problem with an agent getting access for interiors they won't notify the client that the contact is uncooperative or just plain lazy and stupid.

So we all participate in this little counterproductive game of BPO musical chairs that aggravates everyone involved.
Posted by: reolady123

Re: Stupid QC comments and BPO requirements. - 03/20/11 07:22 AM

PA Roadkill

You have articulated my thoughts very well. I've only been doing BPO's and listing REO's for about 9 years. I love it. But there have been a few times that I have just come right out and told the companies that it would be helpful to contact their client and educate them on the area. Some of these youngsters have no business acumen.

And if these asset managers and reviewers are like some of the loan officers I met during the Real Esate Hay Days, then most don't even own a house. They have no idea what is really at stake and local laws and rules.

There is no real training like living through your own real estate issues dealing with property taxes, local inspections and an actual closing or 2 or 3 or 4.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 03/20/11 10:22 AM

Originally Posted By: PA Roadkill
My 15 years of experience doing BPO's has seen the mills change from being "agent centric" (what do you need to help you complete this order?) to becoming "client centric" (you'll do it the way the client wants or we'll get someone else to do it and fire you!).

They are afraid to contact the client and tell them that what they desire in comps is just not available within the artificial guidelines set up by some cubicle dweller who thought that "all comps must be within 1 mile" made sense but only works in their dreams. And when you run into a problem with an agent getting access for interiors they won't notify the client that the contact is uncooperative or just plain lazy and stupid.

So we all participate in this little counterproductive game of BPO musical chairs that aggravates everyone involved.



PA if this MB ever asks for nominees for best post of the year, I would vote for this one. Excellent post that I feel the majority of us can relate to. It's all about the bank, with us agents being dispensable tools that are supposed to bow down to the most silliest or unreasonable demand given to us. In all fairness though, that is life in the 21st Century in terms of corporate America's relationship to the people who work for them.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/20/11 12:33 PM

Please bear with me because I am trying to understand this point of view.

American industry is built around customer service and providing the customer with what they want.

Thats why slogans are things like 'Have it your way' 'Think what we can do for you' 'We'll take more care of you ' or 'We never forget you have a choice'

Now granted if I go to a restraunt and order something and they don't have it, they tell me but I still have a choice to accept that and go somewhere else or have what they are providing me. I can't imagine ever going somewhere and being told this is what we have so this is what you're going to get whether you like it or not. Just like when I go out to eat and they tell me that there was a tomato freeze so I can't have a tomato on my sandwhich. I can accept the situation and order the sandwhich understanding it will not have tomato or I can say no thank you, I really want tomato and try to find somewhere else that can provide it.


So why would the BPO industry be excluded from this mindset of providing the customer with the best product within the guidelines they request as long as it can be reasonably accomplished? Clients do ask for comps within 1 mile. And if there is a reasonable explination as to why they can not be provided, generally they accept it and take the order as is.

So here is what I ask. Help me on the dark side understand why this industry shouldn't be built to be client centric like every other company I can think of.

J~

Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/20/11 12:34 PM

This thread has turned into one of the best I've ever seen on our Forum. I'm honored to have been a part of it in company with such articulate, thoughtful, and experienced agents and brokers.

We are (forgive another analogy) working with the equivalents of boxing comentators who've never been in a ring, and never taken or ducked a punch; but feel experienced nonetheless to critique our performance, question experience, and tell us what we should be doing and how we should be doing it. It sickens me on all levels.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/20/11 12:43 PM

Originally Posted By: DueDiligence
This thread has turned into one of the best I've ever seen on our Forum. I'm honored to have been a part of it in company with such articulate, thoughtful, and experienced agents and brokers.

We are (forgive another analogy) working with the equivalents of boxing comentators who've never been in a ring, and never taken or ducked a punch; but feel experienced nonetheless to critique our performance, question experience, and tell us what we should be doing and how we should be doing it. It sickens me on all levels.

Wow... I would have to at this point make the counter arguement that most of you have never played in my sandbox so really only are making assumptions on how mills handle the end clients with no personal experience to back it up and yet you feel it is okay to critique our performance, question our experience and tell us what we should be doing with the client.

J~
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/20/11 01:03 PM

Quick answer: There are no tomatoes.
Posted by: Grampa

Re: Stupid QC comments and BPO requirements. - 03/20/11 01:57 PM

Very interesting thread of late. In my most humble of opinions (my 2 cents worth which may be overvaluing the actual worth) you do have options.

Option 1 is to do what is asked and get a check.

Option 2 is to refuse to do what is asked for what ever reason and decline the offer of business. (distance, cost of fuel, lack of time, lack of meeting of the minds about what is being asked of you, ethics, etc. etc.)

Option 3 do what is asked (get a check) and vent here which is part of what we are here for.

Option 4 fire the company and no longer work with them for what ever reason you wish.

Option 5 find other customers that you agree with the requirements on.

Option 6 find another line of work.

I am sure there are other options that I have not articulated but it pretty much comes down to the fact that if you are not willing to do what your customer (and they are customers) ask you need to sit back and look at your business plan.

We fired a bunch of Owner Occupied sellers because they could not grasp the reality of our current market. They listed with someone else at an unrealistic price and none of those properties have sold except 1 and it sold for less than we told them to accept 18 months ago.

I do feel that we as local agents have a better grasp on the market than an appraiser or out of area agent who has not been directly involved in our local market but, we too have to deal with unrealistic appraisals and 2nd BPOs in our REO business.

Fortunately every time a company lists higher than what we advised the property sits until it is lowered to that level or below depending on the time on market.

Can we as individual agents (or if we worked together as a group) change the bank's requirements? Not a chance. Can we make money by accepting the reality of the current situation. You Bet!

Do we have to like it? No. Do we have to accept it? Yes. Can we decide not to do it for any one or group of companies? Yes.

We have the right to accept or not accept any assignment from any company at any time. We got a recent REO that required that we pay the $150 tech fee to equator as opposed to the seller paying it. We also had to give up 35% of the list side commission to the midsourcer. Did we take the listing? Yup.

Could we have rejected it if we chose? Yup.

IMHO it all boils down to one thing. Are you willing to provide a product according to customer specifications or not.

I used to work in the Heavy Truck industry. We had customers who asked for things that were basically stupid for what their requirements actually were. But, if we did not give them what they asked for they would have gone to our competitiors who would.

Why? Heavy duty trucks (just like BPOs) are a commodity not a product. Twinkies are a product. They take cost of manufacture, transport, etc. and base the price on those things plus profit.

Builders used to do the same thing because they, and for a long time the general public, thought that Real estate was a product instead of a commodity.

Now the end user (banks and buyers) realize that they do not care what it cost to build, they care what it is worth to them today. Not when it was built or what someone thinks it may be worth in 20 years. If the numbers work today that is what it is worth. If they don't they will not buy.

I would not stand for someone telling me that I should not be asking for fried chicken wings (even though baked is more healthy for me) if fried chicken wings is what I want. I will go somewhere else and find someone who will give me the wings fried.

Not easy to swallow but the truth is rarely what you want it to be and rarely what you think it is but, it is always the truth. Raw an unadorned. Do we have to like it? Nope. Do we have to accept it? Unfortunately, in our current market, the answer can be nothing but Yes.

Like I said my 2 cents worth may be overpriced.

Best Wishes.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 03/20/11 06:12 PM

Originally Posted By: ....J~
So here is what I ask. Help me on the dark side understand why this industry shouldn't be built to be client centric like every other company I can think of.

J~


I put in bold that word that I loath in terms of doing a BPO for a bank. As a Realtor, that word makes me feel like I have some sort of fiduciary relationship with what I term to be a customer. The bank has zero loyalty to me and has also little confidence, as my BPO is only as good as the prior if applicable. While you may feel I am dealing with semantics of words, I feel it is an important word to describe our different roles as BPO agent vs. someone who works for a mill.

It is the mill who has that sort of relationship with the lender, as their business is more contingent on that kind of relationship. Case in point, if you work for BPO mill "A" and BOA (as an example) decides to no longer use mill "A" but mill "B" instead, you loose out as you are only an employee of mill "A". There is a very good chance that I still will get work from this bank as I also could very possibly work for mill "B". Thus the mill's loyalty I humbly feel will be to side with the bank vs. the agent in matters of when things could go either way.

This isn't necessarily J~ how I believe you personally feel, but mills in general. I hope I am making sense which at times I confess I don‘t know if I do. I know what I am thinking, but sometimes it's hard for me to conciesly articulate that thought as in this case.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 03/20/11 06:22 PM

"I hope I'm making sense........." Oh no....it's finally happened.......you've completed one too many BPO's......lol.
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/20/11 09:05 PM

Brad, that's really a great post. I get it.

So, you don't feel a fidiciary duty when you do a BPO for the mills? That they are a customer rather than a client. Like if a consumer calls you and wants an idea of what his property is worth, but doesn't know if he'll list it with you or another agent yet-- or he may just list it himself, or may not list it at all. A "customer". Well, really a PITA! But certainly not a "client".

I think you're right. Although last time "fiduciary duty" was discussed on another thread in conjunction with BPOs, the Train From Crazytown pulled in, one individual got off, and said there was a fiduciary duty to the mill.

But you're right. There is no "client" relationship with the mills. That doesn't mean that we lie to them or mislead them-- we try to do a workman-like job. Most of us.

I just finished a BPO for an AMC on one of my new assignments. So, should I think of them as a "clustomer"?! They have no loyalty to me whatsoever, take orders from THEIR client.

Maybe we should start a new thread on who is a client and who is just a customer!
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 03/20/11 09:28 PM

Originally Posted By: DueDiligence
So, you don't feel a fidiciary duty when you do a BPO for the mills? That they are a customer rather than a client. Like if a consumer calls you and wants an idea of what his property is worth, but doesn't know if he'll list it with you or another agent yet-- or he may just list it himself, or may not list it at all. A "customer".


Yes, that is correct. They (the bank via the mill) is a customer who I have a responsibility to give an accurate BPO using the best diligence that I can provide to them. That is all. They pay me the fee and we both move on after that. For me its that simple.

Originally Posted By: DueDiligence
But you're right. There is no "client" relationship with the mills. That doesn't mean that we lie to them or mislead them-- we try to do a workman-like job. Most of us.


I agree, like I stated above. Now if a mill of a bank wants to hire me exclusively to do BPOs for them, that's another story. Just like a seller hires a Realtor to sell a house of theirs via a listing agreement or a buyer via an exclusive buyer agreement, then the fiduciary relationship is established and then becomes a client. What we do for the amount we receive is far apart from that IMHO. The mill is the one that has that kind of relationship with the banks, thus their allegiance is more to their side of the equation than to ours.

Originally Posted By: DueDiligence

Maybe we should start a new thread on who is a client and who is just a customer!


Good idea, and there will be a variety of opinions I'm sure, and would provide for good reading and thought sharing.
Posted by: Doin' bpose

Re: Stupid QC comments and BPO requirements. - 03/20/11 09:32 PM

Originally Posted By: Brad - W4BJM
Originally Posted By: ....J~
So here is what I ask. Help me on the dark side understand why this industry shouldn't be built to be client centric like every other company I can think of.

J~


I put in bold that word that I loath in terms of doing a BPO for a bank. As a Realtor, that word makes me feel like I have some sort of fiduciary relationship with what I term to be a customer. The bank has zero loyalty to me and has also little confidence, as my BPO is only as good as the prior if applicable. While you may feel I am dealing with semantics of words, I feel it is an important word to describe our different roles as BPO agent vs. someone who works for a mill.

It is the mill who has that sort of relationship with the lender, as their business is more contingent on that kind of relationship. Case in point, if you work for BPO mill "A" and BOA (as an example) decides to no longer use mill "A" but mill "B" instead, you loose out as you are only an employee of mill "A". There is a very good chance that I still will get work from this bank as I also could very possibly work for mill "B". Thus the mill's loyalty I humbly feel will be to side with the bank vs. the agent in matters of when things could go either way.

This isn't necessarily J~ how I believe you personally feel, but mills in general. I hope I am making sense which at times I confess I don‘t know if I do. I know what I am thinking, but sometimes it's hard for me to conciesly articulate that thought as in this case.
Good points Brad. CC always refers to 'our mutual client'. Not really, me thinks. Also, I think this suggests the important idea that banks could return to the day where they work directly with the agent without the mill. Not in every case, but think of it a moment. They could save money by cutting out the middle man. There are enough data, training, certifications out there to have the banks be assured they get the consistancy they need in a product by choosing seasoned brokers. I am just thinking out of the box a little, but crazier things have happened.



By being a direct client of the bank is solves alot of the messy talk going around about the appropriateness of BPOs or BPOs for fees. I am not validating any of that talk. But if I am a broker and I have a direct client who is a bank I can do BPOs all day long for whatever pay we agree to.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/20/11 10:58 PM

So I understand a little bit of where you are coming from. It's the mindset really. See for me it's a little different. I am not a company employee. I am an independant QC'r/Value Analyst and I work for several companies. For my world the Agent and the Mill and the Client are all my clients. I don't get paid if agents don't do BPO's. I don't get paid if clients don't place orders for BPO's and I don't get paid if I make the mill unhappy and they don't use me to do their work.

I don't get paid if I send your order back to you because it fails a client guideline until it gets fixed. If I do send it through even though it fails that guideline, the client can request I don't work for them anymore. I don't get the opportunity to have my orders that I QC check sent back to me so I can correct it. It is an automatic black mark against me with no chance at redemption. If an order can't be fixed, I lose the work I put into it because it gets cancelled same as the agent and the mill. It's in my best interest for you all to have happy cookie cutter orders. But that's not going to happen.

I try to treat every agent as my client, same respect level is required as I give the mill or the mills client because I depend on you to do the BPO so that I have work. I'm a strong believer that it should be a symbiotic relationship between all parties however I still acknowledge that at the end of the day, the money flows down starting at the Mills client and they get to set what they require for their orders. Nothing I can do about that.

Do I wish I could just sit back and say every agent is going to give me a quality review and so I can just take it as it is? Hell ya. Is it a reality...not so much. Agents are human, there are mistakes that are going to be made just like I make mistakes and it's my job to catch those. So yeah, I have to ask about proximity...not because I don't *want* to believe you that there isn't any better comps but because I've found that 5 out of 10 times when the proximity is wrong, the agent pulls a comp that says it's in radius according to their MLS but in reality, it's not (This is in no way the agents fault if it's listed wrong but it still needs to be fixed).

Regarding the reason that banks don't send orders directly to agents... same reason that wachovia got in trouble regarding having specific appraisers they used. It's easier to maintain the stance that it's an unbiased opinion when using a 3rd party. More of a paper trail to follow that there was no set value given as Mills don't have access to what value the loan is at.


J~
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 03/20/11 11:21 PM

Originally Posted By: ....J~
I am not a company employee. I am an independant QC'r/Value Analyst and I work for several companies.


From my stance, that makes you atypical from many in the BPO review department. Excuse my ignorance, but since I don't know who you work for I cannot comment on your obligations. I know at one time you worked for MSV. Whatever the case may be it is from my experience from the mills I work for, that they are W-9 employees of a mill that are being used to outsource BPOs on properties that lenders have an interest in. Thus that QCer will have an allegiance to the lender initially due to my reasoning already recently explained in this thread. My only experience with independent contractor QCers is via PT who uses appraisers in that local market to review their BPOs. Therefore correct me if I am mistaken, but my hunch is if you are an independent contracting BPO QCer, then you are also a licensed appraiser in the state(s) you are reviewing BPOs.

Originally Posted By: ....J~
For my world the Agent and the Mill and the Client are all my clients.


You lost me completely. Again I feel this is a real difference between a Realtor who has a different interpretation of the word client, and one from the outside. I won't chime in anymore on this topic and let others have their say.
Posted by: ....J~

Re: Stupid QC comments and BPO requirements. - 03/21/11 12:29 AM

Originally Posted By: Brad - W4BJM

You lost me completely. Again I feel this is a real difference between a Realtor who has a different interpretation of the word client, and one from the outside. I won't chime in anymore on this topic and let others have their say.
I consider clients as regular customers that indicates a level of trust is involved. For example my massage therapist would have clients, not customers but the to the girl that bagged my groceries last friday, she will probably never see me again and so would only consider me a customer and would never be required to have a level of trust with me regarding what my purchases were.

As an agent you are given a certain level of trust by the mill and their client. You are trusted to inspect a home with it being vacant and not damage the property, you are trusted to turn in a report with an unbiased value and you are trusted that if you have an interest in the property you would turn down the assignment. The level of trust is what I believe defines the difference between client and customer.

Likewise, you are my client as an agent. It should be the same for any QC'r working directly at a company as they have access to sensitive information about you.

but that is my 2 cents...

J~
Posted by: LND

Re: Stupid QC comments and BPO requirements. - 03/21/11 04:14 AM

J - I DO read the comments, and here is why. In my area, MOST properties have unwarranted living space, and actual rm/bd/ba count and GLA often varies from what is shown on the tax record. Of course, 3 additional bedrooms make a difference. Most agents just place in theMLS grid what IS SHOWN on THE tax record (for liability). They then place comments on the additional space in the remarks section. I do not give full value for the extra space, but if the subject has unwarranted space, I find comps that do as well and make a note of this.

Also, my area has heavy rent control laws, and rented properties often sell for much less than those sold vacant. Occupancy is often not mentioned anywhere other than the 'agent only' comments. Sometimes an agent will mention if a tenant has been refusing access or pays lower than market rent. This could explain a high DOM or lower than avg list/sold price.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 03/21/11 05:33 AM

As pointed out above, we don't know who J works for, but we do know that J's opinions and experience are limited to a few mills.
Heck, we have one that insists that all comps be within a mile, even if none of the comps really reflect the same characteristics as the subject property, They want us to adjust the comps, not on a grid, but in the comments section.

So, for example, if the subject is a 1600 sf ranch, it's okay to use 2200 sf 2 storys for all of the comps and then adjust the comp. So now it's become a subjective adjustment based on the agents interpretation of how much to use for sf, extra bathroom, garage versus no garage, etc.

Most agents try to provide a true picture of the market based on comparable properties but in this case, it seems like the mill's client is trying to steer the value into some little box that they would have difficulty defending if push came to shove.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 03/21/11 09:01 AM

Originally Posted By: PA Roadkill
Heck, we have one that insists that all comps be within a mile, even if none of the comps really reflect the same characteristics as the subject property, They want us to adjust the comps, not on a grid, but in the comments section.

Sounds like AV&M !

They had me include 100 year old 1000 SF Capes to comp against a new 3000 Modular BECAUSE they were in the same neighborhood. And I adjusted within the Comments.
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/21/11 11:14 AM

Originally Posted By: PA Roadkill
Most agents try to provide a true picture of the market based on comparable properties but in this case, it seems like the mill's client is trying to steer the value into some little box that they would have difficulty defending if push came to shove.


Moving back to QC "requirements". Some time ago, the last mill straw for me was when the resident "appraiser" put a choke hold on a BPO of mine. I'd heard that this individual was a problem. I couldn't get close to the subj on a drive-by. I could take pictures long-range. Fairly new build. I priced it out nicely, even though most of the BPO requests I'd get from this company were difficult-- and even they admitted that. I took the order nonetheless.

The appraiser wrote to me and said my pricing was too high because... from the pictures he thought that the siding was "cheap". How he could tell from a long range shot is beyond me. Additionally, he said he just didn't like the green metal roof, thought it was ugly. Green, red, brown metal roofs are common in our area, and actually ADD value over shingle. I was told to adjust pricing downwards. Sorry, I wouldn't do it for those "reasons". Needless to say, I didn't get paid for the BPO, and that was it for that particular mill. I'd tried with them, but the outcome was always the same. They were "shooting values".
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 03/21/11 11:42 AM

I just got a hit from QC........wanted to know how I knew I had the right property......property is rural and posted "No Trespassing"......see pictures....subject is on 40 acres...wanted me to give a break down of lot value adjustment. There's no room in their comment section to comply. I had already shown the dollar factors for each type of adjustment. I emailed her back......."Subtract the little number from the big number ......then, multiple by $5,800 (per acre). That should give you the number you're seeking". Somehow, I don't think I'm done with this one....

This must be one of those "Cracker Jack" Qc'ers I've been reading about in forum. Apparently, this one lacks basic math skills.

Update: Every dog has his day........QC still being a pain. I asked, "Is there a prior on this?" She replies, "Yes". I reply, "Is it 8 months old?" She says, "Yes". I replied, "Take a look at the name of the person that completed the prior. I believe you'll find I was the one that completed that order. Do you have any more requests?".........end of discussion......order passed QC.
Posted by: Grampa

Re: Stupid QC comments and BPO requirements. - 03/21/11 11:48 AM

Originally Posted By: DueDiligence
Needless to say, I didn't get paid for the BPO, and that was it for that particular mill.


Which brings us back to one of the options that we have.
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 03/21/11 11:21 PM

Candy-- If they can't push a button and get the answer, their circuits misfire and they start walking in circles, bumping into walls and talking gibberish.

I wish King would find a graphic of a robot malfunctioning for us! "Cannot compute.. cannot compute..."
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 03/21/11 11:38 PM

DD

Not all QC are bad. This one was just a pita and I just gave her enough rope to hang herself. I would have liked to have seen the look on her face when she realized I'd done the prior.

I hate to say this, but, we need QC. None of us are perfect and we can make mistakes. I just have problems with the ones that think they can't. Most of them are working off a cheat sheet. I'm working off of experience.....There is a big difference.
Posted by: PMR

Re: Stupid QC comments and BPO requirements. - 03/21/11 11:42 PM

Originally Posted By: CandyMan
Update: Every dog has his day........QC still being a pain. I asked, "Is there a prior on this?" She replies, "Yes". I reply, "Is it 8 months old?" She says, "Yes". I replied, "Take a look at the name of the person that completed the prior. I believe you'll find I was the one that completed that order. Do you have any more requests?".........end of discussion......order passed QC.


I had one with a similar scenario. I did an exterior BPO on a property a while ago when it was in good condition (it was on MLS, occupied, and interior pictures looked good. I did an interior on the same property several months later, but this time it was a fixer, unlivable condition, since cabinets, counters, fixtures, doorknobs, electrical were all removed. I even explained this in the comments section as well as included the previous MLS showing the difference in condition. The QC'er said that there was a prior BPO with a very different value. I already knew what the value was on the prior BPO, so I didn't even need to do any back and forth and merely stated how the property now is in unlivable condition and a few months earlier it was in good condition.

The QC people don't really read the reports, do they?
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 04/01/11 07:56 AM

Please upload a photo showing you taking the photo of subject property. Please include both yourself and subject in photo so that we know that you actually took the subject photos.

QCer's name was April Fool.
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 04/01/11 04:49 PM

THAT is so dang funny!

But yesterday I was following occupancy check requirements and there was a photo example of what a date-stamped picture of the KYO letter affixed to the door should look like. The picture was of a woman's hand holding the corner of the paperwork. Nice manicure! So, that being the case, I took a partner with me so I could hold the paperwork while he took the photo! My fingernails were waaaaaaay nicer!
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 04/03/11 08:25 PM

If any of your sold comps sold above their list price, please provide a comment in the 'Reasons for Adjustments' box explaining why the comps sold above their list prices.

OK I'll go to the house and ask the buyer why they paid more than the asking price. NOT!
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 04/04/11 10:54 AM

Originally Posted By: MassBPOer
If any of your sold comps sold above their list price, please provide a comment in the 'Reasons for Adjustments' box explaining why the comps sold above their list prices.

OK I'll go to the house and ask the buyer why they paid more than the asking price. NOT!


These "companies" are just clueless. The blind leading the blind-- their clients are blind, and they're 90% blind. It's just horrendous.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 04/04/11 11:53 AM

I think they're just asking if there were Seller Concessions, like a contribution towards closing costs. Aren''t most MLS Systems showing Seller Concessions? Mine have been for years.

That's the readily available explanation IF it sold for more than the Ask.

On Solds, if none were reported I insert "None Reported";

If Currents, where none are offered, I insert "None Offered".
Posted by: Houston Agent

Re: Stupid QC comments and BPO requirements. - 04/04/11 11:58 AM

I always put a stock comment on my orders, if the house sells higher than the final list, and no seller contribution is noted.

Most of the time, the listing agent will enter it, but it's missing in some cases, or is still higher than the contribution listed.

And I'm pretty I started entering the statement, because I got QC'd with a similar comment, lol.
Posted by: DueDiligence

Re: Stupid QC comments and BPO requirements. - 04/04/11 12:50 PM

Originally Posted By: Vermont
Aren''t most MLS Systems showing Seller Concessions? Mine have been for years.


Not mine. And heck, it's no one's business anyway.
Posted by: CandyMan

Re: Stupid QC comments and BPO requirements. - 04/04/11 01:29 PM

I just got a hit from QC this morning. Subject is 5 years old, upscale neighborhood, 2,900 GLA. Three priors have been done on this over the last 12 months. My final value was $100k over highest prior. All my comps are within 5 years in age, proximity 1/2 mile or less, GLA adjustment under 20%. They send me the address of each comp from priors......average age 23 years, GLA to 35%. I have been instructed to base my final value on priors and not current comps. I pointed out to QC the priors had a poor choice of comps. I admit $100k is a large value varience.....not my problem. My comps support my final value. Ya just gotta love it when "my opinion of value" chages to "our opinion of value". Oh, well, one less company to work for.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 04/04/11 02:47 PM

If there are concessions stated in the MLS that's easy.
But sometimes there are no concessions.
For example a listing could be $199,900 but sells for $205,000. Maybe there was a multiple offer situation that caused it to sell above asking but would not be known to us.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 04/06/11 11:17 AM

Got a great one yesterday; something to the effect of "Our client will not accept comparables that are separated from the subject by an interstate highway"

My immediate knee jerk reaction was to email back: "This is not gang territory in East LA. There is no crips and bloods warfare going on here. This is the burbs and the fact that the subject is of the same age, similar size, same elementary school is more important than the fact the the state decided to built the interstate between them in 1966"

Instead my better judgement overruled and I replaced one comp. Yeh I wussed out.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 04/06/11 12:32 PM

Originally Posted By: PA Roadkill
Got a great one yesterday; something to the effect of "Our client will not accept comparables that are separated from the subject by an interstate highway"


AVM BPO for Litton PA or SS?

They also don't want you crossing railroad tracks. Those requirements however go out the window if they want you to consider comps of their choosing. My take is if location was an issue with my selected comp, I have enough sense to use a downward location adjustment on the report.

Last month I had a report that was compared to comps they pulled via Trulia. If they are going to base a value of a property via an internet service such as that, what do they need me for????

Of course, those Trulia comps while within a mile of the subject (barely) were all taken from superior neighborhoods. One was even from the other side of the interstate which defies their own reasoning! They just couldn't comprehend such a dramatic difference in value between now and the time they let money on this home.

It's not my fault that there is $80,000 owed on a home now worth $15,000. Such is life..........
Posted by: texasgal

Re: Stupid QC comments and BPO requirements. - 04/06/11 01:03 PM

Wow Brad. I was kinda bummed that AVM rejected my recent application saying they had too many agents in my area. Maybe they are more trouble than they are worth from what y'all are saying.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 04/06/11 01:30 PM

Originally Posted By: texasgal
Wow Brad. I was kinda bummed that AVM rejected my recent application saying they had too many agents in my area. Maybe they are more trouble than they are worth from what y'all are saying.


They aren't that bad, you just need to know what they will accept and won't they will usually kickback no matter how much commentary you provide. Much of it rolls down hill from the lender, which I understand.

Just as long as you don't cross interstates and railroad tracks and keep all your comps within a 1/2 mile, you'll be fine. Sometimes I have to use one sold and one list between a 1/2 mile and one mile which they deem acceptable. Those close parameters means making rather large adjustments from time to time, but I'm just following their guidelines and tendencies in a suburban market.

I'll dance to whatever music they provide within reason.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 04/06/11 01:44 PM

Originally Posted By: texasgal
I was kinda bummed that AVM rejected my recent application saying they had too many agents in my area.

Maybe you'll qualify for special dispensation from that AVM Valerie who still checks in with us from time-to-time . . . . and as I recall you've not burned any bridges.
Posted by: texasgal

Re: Stupid QC comments and BPO requirements. - 04/06/11 11:09 PM

I mentioned this forum in my application. I guess either they don't care or Val has nothing to do with the applications.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 04/07/11 05:05 AM

I have a rule of thumb with AVM reports.

You will get a QC back no matter what is on the report. The thing about it is that I do Litton for another mill without all of the silliness associated with the AVM returns.

Sometimes I think they pay their QC people on a piecework basis -
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 04/07/11 06:05 AM

Originally Posted By: texasgal
I mentioned this forum in my application. I guess either they don't care or Val has nothing to do with the applications.

Maybe an email sent directly to her would clear up that matter. I could PM you that address if you'd like.

I see she hasn't been here for months, so it may be that her recent Newborn drew har attention away from a focus on BPOs . . . . that sometimes happens.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/05/11 01:14 PM

Getting frustrated will all the QC crap this week.
Just got one from CC, they want me to use comps they got from Trulia. I don't think so, not even in the same town as subject.
Earlier today also from CC, for the first time ever I had to replace all 6 MLS photos from another order because the pixel size wasn't 250x250 min. I just upload from MLS. I don't check the pixels. Lesson learned, always check pixels before uploading to CC form.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 05/05/11 01:37 PM

Quote:
Earlier today also from CC, for the first time ever I had to replace all 6 MLS photos from another order because the pixel size wasn't 250x250 min. I just upload from MLS. I don't check the pixels. Lesson learned, always check pixels before uploading to CC form.


That's a lesson I learned some time ago. I have been using FastStone Photo Resizer...it resizes both larger and smaller (to size specified) in one action. Love it, love it. Works with Win 7, which my prior photo resizer wouldn't do.
Posted by: Don Price (Pine)

Re: Stupid QC comments and BPO requirements. - 05/05/11 02:26 PM

Originally Posted By: neudot
Quote:
Earlier today also from CC, for the first time ever I had to replace all 6 MLS photos from another order because the pixel size wasn't 250x250 min. I just upload from MLS. I don't check the pixels. Lesson learned, always check pixels before uploading to CC form.


That's a lesson I learned some time ago. I have been using FastStone Photo Resizer...it resizes both larger and smaller (to size specified) in one action. Love it, love it. Works with Win 7, which my prior photo resizer wouldn't do.


Maybe you should check to see if this is in the tips and tricks??

http://download.cnet.com/FastStone-Photo-Resizer/3000-2192_4-10319476.html

nice smile
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 05/05/11 02:43 PM

Originally Posted By: neudot
I have been using FastStone Photo Resizer...it resizes both larger and smaller (to size specified) in one action. Love it, love it. Works with Win 7, which my prior photo resizer wouldn't do.


Thanks Neudot. I just downloaded the software and getting to know how to use all the different features. I like how you can also add a date stamp to your photographs. Thanks again!!
Posted by: Don Price (Pine)

Re: Stupid QC comments and BPO requirements. - 05/05/11 02:58 PM

Just so people know - the reason I always check and use a program with CNET first is to find out how legit it is. I also use the CNET download only as I have never heard of any Trojans, spyware or marketing addins from a CNET download - which are common from other sites - even on occasion when downloading from the company's site. Browse CNET - there is a wealth on great info there and many programs to use that will help you day-to-day.


Originally Posted By: Brad - W4BJM
Originally Posted By: neudot
I have been using FastStone Photo Resizer...it resizes both larger and smaller (to size specified) in one action. Love it, love it. Works with Win 7, which my prior photo resizer wouldn't do.


Thanks Neudot. I just downloaded the software and getting to know how to use all the different features. I like how you can also add a date stamp to your photographs. Thanks again!!
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 05/05/11 03:19 PM

I can't remember now if I first found out about this program on CNET, but it gets good reviews there. I also use the companion program FastStone Image Viewer, which is great for getting images off your camera card. I like it MUCH better than what Microsoft supplies with their built in Photo Viewer...and...horrors...Windows Paint.
Posted by: Don Price (Pine)

Re: Stupid QC comments and BPO requirements. - 05/05/11 03:34 PM

Speaking of 'Paint' - I also use Paint.net and Gimp (.2) - which also gets good marks on CNET. I have even removed people from pics - just sayin - lol
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/05/11 04:17 PM

More QC from CC. If we have to explain why the comps they want don't exist maybe they are in the wrong business. How about this "Market is slow" print and hang on your cubicle wall.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 05/05/11 08:14 PM

One of the mills I do a significant amount of work for has added these special instructions to their most recent blast to me. I don't mind the upgrade to an interior if listed/vacant, but I do mind the other requests. BTW, this additional requested information is for the same pay of course. I bolded the parts I found most objectionable. I declined the orders.


Special Instructions have been provided by our client. To receive payment, you must address and comply with all items listed below. Please use our Addendum section to provide your comments.

• If subject is accessible (Vacant/Listed)
o Upgrade to an Interior CMA

• Neighborhood – Our client needs a complete and detailed description of the neighborhood/development. Comment on each of the following:

o Percent complete
o Vacancies
o % owner occupied
o DOM/Marketing times
o Is it a distressed market? High foreclosure area?
o HOA solvent?
o New construction competition
o Supply/demand in balance?
o Price range / Is the subject an over-improvement or typical for the area?
o Does the developer own a high percentage of homes in the area?

• Subject Property

o Take numerous photos of the subject.
o If vacant and accessible, get up close and look in the windows.
o Estimate percentage complete of the subject if under construction.
o If incomplete – try to note items required to complete.
o Any signage/notices/violations posted on subject – take a close-up photo and provide a comment.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/05/11 10:08 PM

And if you turn it in on time they may give you a $10 bonus.
In other words not penalize you $10.
Posted by: PA Roadkill

Re: Stupid QC comments and BPO requirements. - 05/06/11 04:49 AM

Got one "Replace sold comp 2 it is older than 6 months"

Looked and it sold 11/22/10. Sent it back that November 22 2010 is not 6 months old on May 1 2011.

What I wanted to say = Buy a calender and count back six months. Take a beginner course in counting. Hire people that have completed sixth grade. Outsource your QC to India.
Posted by: alice

Re: Stupid QC comments and BPO requirements. - 05/06/11 11:52 AM

I recently submitted an order. One of the comps was 5 1/2 months old. by the time they QCd it, it was one day over 6 months so I was told to replace it and not use comps over 6 months old. Instead they wanted me to use a drastically different style and value that was newer than 6 months. Go figure. It's come to the point where you just have to figure out what will pass QC and not what is the best comps or value.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/17/11 10:18 PM

And now this from IAS.
Comments: please upload a 12 mos one line cma under the files tab of listings in the immediate area to support your need to use a 500 sq ft comp asap please.
I'll get to tomorrow. LOL
Posted by: sacbroker

Re: Stupid QC comments and BPO requirements. - 05/18/11 12:21 PM

Alice, I have been doing that for the last year, it doesn't matter what the value is, it just has to get through qc.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/19/11 02:53 PM

Owner pride options on Equitrax form.
Excellent
Fair
Poor
No option for good or average.

ET Phone Home.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/19/11 05:48 PM

I like CC but the order asks for a distressed value.
But the instructions say not to use REO comps unless it profiles as an REO. So if they want a distressed value I guess it profiles as an REO. Do they know what they want or not? The subject is not bank owned.
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 05/21/11 05:00 AM

I was QCd on one of my pre-list BPOs. It is a condo, in the hood. Not a lot of condos in the area, let alone solds. So, I pull everything around it, and also go back a year. Solid comps at $15,000 (stop laughing). So I use those and adjust for - are you ready- no kitchen counters, trashed cabinets and no furnance, and plumbing. The solds were all in average condition - kitchens, functional plumbing and furnances - I went in and looked at all the photos, none of them were trashed at $15,000. (Again - stop laughing - yes these are really listings that we sell here and yes for that price). I got QCd to find a comp in similar condition. Ah - huh??? There aren't any hence my tons and tons of comments and adjustments. Now I could not make this up if I tried - just got the listing agreement at $20,400. Why in the world would the list price be $5,000 HIGHER then any of my solds - and that was before I adjusted them for having kitchens and furnances. Good Lord - do you know how long it is going to take to get this thing down to where I will even get showings - at $1500 price reductions every 30-45 days - I might sell it by Xmas for my tiny little $1000 flat fee commission. My AM is on vacation and the AM that QCd me was covering. I love my AMs and I swear I will never get frustrated with them again -
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 05/21/11 08:41 AM

^^ Maybe it's $5,000 higher because of the lack of competition, not the price of the solds?
Posted by: OverTheEdge

Re: Stupid QC comments and BPO requirements. - 05/22/11 05:07 AM

I thought of that too, and maybe that is why they did it. However, I can't imagine and investor picking up a condo at $20,000 when the houses in the same area are going for $10,000 with no condo fee. We'll see - I could absolutely be wrong, and if I am, then I just learned something new.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 06/05/11 10:14 AM

Automated pop up from IAS when trying to submit.

The number you entered in the “Average Marketing Time of Comparable Sales” field varies significantly from the average Days on Market of your three sold comparables. Please review your “Average Marketing Time of Comparable Sales” entry and if, in fact, the average marketing time of all comparable sales in the neighborhood varies significantly from the average marketing time for your sold comparables, please explain in the “Broker Comment” section below. (300 characters max)

My comment. NO IT DOESN'T! STOP WASTING MY TIME AND FIX YOUR SOFTWARE.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 06/05/11 10:18 AM

Also got this.
Please explain why current list price of CL2,CL3 is not between the neighborhood Low/High values. (300 characters max)
My comment. Yes they are. PLEASE FIX YOUR SOFTWARE
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 06/05/11 12:51 PM

Same DOM QC pop up on another order.
My new reply:
"No it doesn't. Add them up and divide by 3. STOP WASTING MY TIME. THIS IS GETTING RIDICULOUS. THIS FORM IS A JOKE. PLEASE GET A NEW SOFTWARE PERSON."

I don't burn bridges, I blow them up.
Posted by: alice

Re: Stupid QC comments and BPO requirements. - 06/05/11 05:24 PM

QC: The house number does not show on your picture. Please so back and take a pic where the house number shows.
Me: If I go back 10 times there will still not show a house number as I have explained in the comments section there is none. I used neighbors numbers and old listing of the subject to determine the correct house.
QC: OK
Please read the report before jumping to conclusions that I don't know how to do my job.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 06/05/11 05:47 PM

Here is a good one.....

A QCer from a well known mill wants me to use a different number than tax records for the GLA of the subject. This is even with tax records attached to my report.

So I conform to that request, however under subject information source I choose "other" and wrote in this QCer's name in the box.

The file gets kick backed again stating I can't do that, please click "tax records" for subject data source. Ummm McFly "Hello", your number is off by tax records by about 150 sqft feet on a 1,400 GLA home. While this is not a large amount, my name is not going on a report stating tax records info when it clearly is not.

We go back and forth on this one all day today, and the QCers stupidvisor is going to step in tomorrow hopefully to settle this. To say this QCer came from Taco Bell just a few weeks ago would be an insult to the intelligence of those who work in the fast food industry.

Morons..........
Posted by: Alexandra

Re: Stupid QC comments and BPO requirements. - 06/05/11 07:14 PM

Originally Posted By: Brad - W4BJM
Here is a good one.....

A QCer from a well known mill wants me to use a different number than tax records for the GLA of the subject. This is even with tax records attached to my report.

So I conform to that request, however under subject information source I choose "other" and wrote in this QCer's name in the box.

The file gets kick backed again stating I can't do that, please click "tax records" for subject data source. Ummm McFly "Hello", your number is off by tax records by about 150 sqft feet on a 1,400 GLA home. While this is not a large amount, my name is not going on a report stating tax records info when it clearly is not.

We go back and forth on this one all day today, and the QCers stupidvisor is going to step in tomorrow hopefully to settle this. To say this QCer came from Taco Bell just a few weeks ago would be an insult to the intelligence of those who work in the fast food industry.

Morons..........


I really like and agree with this. When the QC request is unreasonable, I always include a comment regarding the "unreasonableness" of the request to change things, but I've never included the QC-er's name.

Good one Brad!

On a side note, when a qc'er and I went back and forth a few months back, he only included part of my email explanation in "his" remarks in my report, which made me look totally unreasonable. I've been doing this stuff a long time but it made me realize that some of these people are totally clueless and/or devious in getting us to "hit the number". This was a company that I had previously respected, ahem a*m. No longer!
Posted by: BPO Doug

Re: Stupid QC comments and BPO requirements. - 06/05/11 10:51 PM

I once had a file fail QC before I even submitted the order. I was almost completed with it and up loading photos and then I get an email stating it failed QC huh. My though was they must be getting a commission if fails quality control or something. If you don’t like my BPO at least wait till it is submitted.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 06/08/11 01:51 PM

Just got an email from Inside Val.
Photo requirements: ORIGINAL and CURRENT Digital Photo Requirements Exterior (6 minimum): Aerial, Front, Side, Address Verification and 2 Street Scene – one of each direction.
OK I'll rent a plane.
Posted by: alice

Re: Stupid QC comments and BPO requirements. - 06/08/11 05:58 PM

Mass you can rent a plane, but I need Superman with X-ray vision. On a drive by they want the interior condition and it can't be submitted unless you comment on that.
Posted by: sorrento

Re: Stupid QC comments and BPO requirements. - 06/08/11 08:27 PM

I've used Google Earth for an aerial shot.
Posted by: runfromcops

Re: Stupid QC comments and BPO requirements. - 06/09/11 02:59 PM

Our tax records have aerials for most properties, and photos too but only about 10% have lot sizes listed.

You could probably use a bucket truck for the aerial, or just assemble some monopoly houses on a piece of cardboard, add trees and draw streets, snap pic, done.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 06/09/11 05:42 PM

Aerial photos may be available from Google Earth or Bing, but if I'm not mistaken they are copywrited images and thus we shouldn't really be using them. That said, I did use one once to illustrate that the backyard of a particular property seemed to be used as a junkyard.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 06/09/11 06:55 PM

I know I can get them from those sites but so can they.
I ignored the email.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 08/31/11 03:25 PM

Sale 1 and 2 do not support your value.

Duh, Yes I know, if you bothered to read my comments you will learn why they are inferior to subject.
Posted by: VABroker

Re: Stupid QC comments and BPO requirements. - 08/31/11 07:25 PM

I've had to prepare two BPOs yesterday and the comps for both properties were horrible. Very little sales in that area or properties are much, much larger or much, much smaller. I tried not to go over five miles (semi-rural area) because I wasn't finding anything close to similar.

How do you all handle that?
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 09/01/11 09:52 AM

Originally Posted By: VABroker
I've had to prepare two BPOs yesterday and the comps for both properties were horrible. Very little sales in that area or properties are much, much larger or much, much smaller. I tried not to go over five miles (semi-rural area) because I wasn't finding anything close to similar.

How do you all handle that?


Seems like you're doing it right - just keep looking for homes that a buyer would consider to buy in lieu of the Subject. Sometimes it helps to think like a buyer and say "I'm here to buy an 800sqft home located on a busy street next to the freeway in a poor school district."
Posted by: Grampa

Re: Stupid QC comments and BPO requirements. - 09/01/11 10:16 AM

Originally Posted By: VABroker
I've had to prepare two BPOs yesterday and the comps for both properties were horrible. Very little sales in that area or properties are much, much larger or much, much smaller. I tried not to go over five miles (semi-rural area) because I wasn't finding anything close to similar.

How do you all handle that?


Since the comps are larger and smaller bracket it with one larger, one smaller, and one that is as close as you can get. I would also not that you did bracket it due to lack of comps. I spoke to an appraiser once who said that is what they do and it flies. Just make sure you comment, comment, comment.
Posted by: VABroker

Re: Stupid QC comments and BPO requirements. - 09/01/11 08:21 PM

Yeah, I did comment that comps were little to very difficult to find. One property is a quadruplex - two perfect comps just barely came in under six months. I used a comparable townhouse (both of these styles have no basement) as the 3rd comp.

The second one - it was the worst - no basement and most of the other properties had basements and were much larger. I went on that theory of one larger, one smaller, and worked it in between.

My problem is I get too anal about stuff like that - I need to relax more.

I appreciate your comments!

And I have had buyers who were smitten on a property in a bad location, etc. Luckily was able to talk them out of those homes - I tell them I always look at re-sale value and if this seller is having a difficult time selling then you will too.
Posted by: Grampa

Re: Stupid QC comments and BPO requirements. - 09/02/11 11:32 AM

I understand. I too spend a great deal of time on them which is why I can not do Paid BPOs as a market plan. Just can't do them fast enough to make it pay even minimum wage.
Posted by: VABroker

Re: Stupid QC comments and BPO requirements. - 09/02/11 01:38 PM

You figure they are asking for your expertise on straight BPOs with no promises of a listing, and, we understand we're not appraisers (although it's just another professional opinion yet labeled official), but, if they went to a lawyer (one who is on their payroll or retainer) and asked a lawyer to give them an opinion of something, they're not going to quibble about paying $250/hr. for something like that. Until people who does straight BPOs start puting their foot down and refusing to do it so cheaply, it'll just continue; plus, we know there will always be someone who will do it regardless.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 09/02/11 06:31 PM

Got a QC from RRR earlier today want me to consider using comps from a prior BPO. They attached the BPO to email. So I guess they want the same BPO but with my name on it. Problem is only 1 comp was from the same town as subject and I had used that one already. I told them no way that I could use those comps.
Posted by: BpoBill

Re: Stupid QC comments and BPO requirements. - 09/02/11 08:21 PM

Originally Posted By: MassBPOer
Got a QC from RRR earlier today want me to consider using comps from a prior BPO. They attached the BPO to email. So I guess they want the same BPO but with my name on it. Problem is only 1 comp was from the same town as subject and I had used that one already. I told them no way that I could use those comps.


They didn't tell you to use them. Your value was probably different than the previous BPO, so they need to send something to the client that explains this. I am guessing there have been times other agents have had to do it with your's. The benefit of looking at another agents comps, is you can make them look bad if they chose poor comps.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 09/10/11 08:23 AM

Pop up window on CC form.
This customer requires a comment if sold comps are outside 5 years if subject < 15 years old.

OK All homes that sold in the last 6 months were not built within 5 years of subject.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 09/20/11 11:09 PM

What is it about "it's commercial!" that you don't understand? This is general rant...I have received the same address multiple times...now from multiple companies.

One...a 60-acre horse farm...sent to me three successive months by FARVV. Each time had to upload photos and tax records and prove it to them all over again.

Two...a tavern with an apartment...from FARVV...have now received twice.

Three...a 6-unit on 22 acres in the middle of nowhere...first from FARVV...second from LSI...third from FARVV again.

Four...a marina with campground and RV repair center...twice from FARVV...once from CC.

How come if it has been proven to them to be commercial...and proven multiple times...they keep sending it out again?

Is it because they think they will get some vulnerable newbie that will do it for 50 bucks?

End rant.
Posted by: TerrySNJ

Re: Stupid QC comments and BPO requirements. - 09/20/11 11:33 PM

Nope, with the new method of assigning orders, Corelogic (FARVV) is looking for a vulnerable newbie to do it for $20.

Terry Iwaniw
609-417-1086
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 10/06/11 12:53 PM

Quote:
Please verify subject photos are new & current. The photos look like they may be from sometime in the spring (trees appear to just be getting leaves), while it is fall (leaves are changing color & falling).


Not my fault if the trees are still green. The photos were taken when I said they were. Grrrrrrrr
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 10/07/11 05:39 PM

Originally Posted By: neudot
Quote:
Please verify subject photos are new & current. The photos look like they may be from sometime in the spring (trees appear to just be getting leaves), while it is fall (leaves are changing color & falling).


Not my fault if the trees are still green. The photos were taken when I said they were. Grrrrrrrr


Who was that from?
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 10/07/11 11:20 PM

SS
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 10/08/11 10:15 PM

The secret service is doing BPO's now? WOW!
Posted by: cleonard

Re: Stupid QC comments and BPO requirements. - 10/09/11 12:38 PM

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?
Posted by: 75Corvette

Re: Stupid QC comments and BPO requirements. - 10/09/11 08:26 PM

No, actually it's the Schutzstaffen, if QC is asking questions like that! smile
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 10/10/11 02:18 PM

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.
Posted by: VABroker

Re: Stupid QC comments and BPO requirements. - 10/10/11 07:51 PM

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?
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 10/10/11 10:24 PM

Originally Posted By: NextStep
Does anyone have any insight has to why banks would be so insistant on a certain value? What I don't get, is why the bank has to have a certain price.


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. smile
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 10/29/11 08:14 PM

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.
Posted by: Rennie

Re: Stupid QC comments and BPO requirements. - 11/04/11 08:28 AM

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.
Posted by: City Girl

Re: Stupid QC comments and BPO requirements. - 11/05/11 04:13 PM

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.
Posted by: jbt4re

Re: Stupid QC comments and BPO requirements. - 11/08/11 05:37 AM

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.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 11/23/11 01:05 PM

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."
Posted by: City Girl

Re: Stupid QC comments and BPO requirements. - 11/23/11 02:52 PM

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.
Posted by: samshoe

Re: Stupid QC comments and BPO requirements. - 12/02/11 01:28 AM

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!
Posted by: AlexMack

Re: Stupid QC comments and BPO requirements. - 12/07/11 06:51 PM

I'm going back to my "normal" forum.

If I stay here I'll bust my gut laughing!

Then I'll get even less work done!
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 12/08/11 03:06 AM

It also doesn't like the word "mature." As in a mature neighborhood. I had to change it to "established".
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 12/19/11 11:19 AM

Just got a QC from Equi. Their client requires more robust comments. Ok I added four more words. Done.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 12/19/11 01:15 PM

More bad words from FARVV. "Old." "Water." "Walking."

So no walks in the old park near the water. Boo.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 12/20/11 10:22 AM

Originally Posted By: neudot
More bad words from FARVV. "Old." "Water." "Walking."

So no walks in the old park near the water. Boo.


Just tell them that there is a park nearby (within walking-distance,) not how to get there (walk to) or what to do when you get there (walk.)

For example: A park with a lake is located within 3 blocks.
Posted by: cleonard

Re: Stupid QC comments and BPO requirements. - 12/21/11 07:29 AM

Yeah I just got the "walking" censor. Plus throw in construction. So I guess a home in a newer subdivision thats about 50% built out cant have any new "construction', that would be bad.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 12/21/11 09:44 AM

Spell check can't differentiate with hyphenated words. So walking-distance will go through, but walking will not. Go figure. Ya gotta be smarter than a computer these days.
Posted by: cleonard

Re: Stupid QC comments and BPO requirements. - 12/21/11 12:23 PM

Normaly I just use 'in close proximity".
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 12/21/11 06:07 PM

They are certainly making us take more creative time to figure out terminology that will be acceptable. Sometimes it requires using more words when a simple one would do. You can't say houses in the neighborhood are of various ages...you can probably say various years built. I am tempted to write to the "This Old House" people and tell them they will need to rename their show, cause it's not politically correct to be old.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 12/21/11 10:57 PM

"Please refer to the appearance of mold as "discoloration" instead of using the word mold."
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 01/09/12 02:12 PM

I just got a BPO kicked back.

FACTS......
Subject was LISTED 12/29/11 for $89,900 as a short sale. Subject is in distressed condition(needing more than just cosmetic work), a distressed listing, in a high REO/Short Sale area. BPO instructions state to use REO comps.

QC reasoning.....
Since subject SOLD as a short sale on 12/29/11, after only 8 days on market, it must be worth more than that now. Their suggested comp is for $182,000. A 102% rise in value in 11 days. Boy, I wish I was that lucky an investor!
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 01/09/12 04:36 PM

Just like insider trading. It's probably insider flipping.
Posted by: Edson

Re: Stupid QC comments and BPO requirements. - 01/10/12 07:10 AM

Who knows these days BPO mills most of them if not all are not very ethical. Why do you think FARVV one of the biggest companies doing this stuff is getting sued.

It's all about pleasing the client without any regard for the agents knowledge and know how. Quality check personnel in China or India knows our real estate market. They can help their clients figure out the properties value.

We are like throw away replaceable cups use once and put in a the trash and very unappreciated. :)
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 01/10/12 09:23 AM

Originally Posted By: Edson
Who knows these days BPO mills most of them if not all are not very ethical. Why do you think FARVV one of the biggest companies doing this stuff is getting sued.


I didn't know FARVV was getting sued. I google searched FARVV with the word lawsuit and didn't find anything. If you (or someone) could post a link about it, I would be interested in reading it. Again, I wasn't aware of this......
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 01/10/12 10:30 AM

Maybe the lawsuit is filed under Core Logic ?
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 01/10/12 02:43 PM

Originally Posted By: Vermont
Maybe the lawsuit is filed under Core Logic ?


Nice job Vermont!

http://www.corelogic.com/about-us/news/corelogic-awarded-summary-judgment-in-collegenet-lawsuit.aspx
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 01/10/12 04:57 PM

But the Summary Judgement of that Lawsuit shows FARVV's Parent Company in a somewhat complimentary light . . . . wouldn't you say ?
Posted by: Edson

Re: Stupid QC comments and BPO requirements. - 01/11/12 10:36 AM

[quote=Vermont]But the Summary Judgement of that Lawsuit shows FARVV's Parent Company in a somewhat complimentary light . . . . wouldn't you say ? [/quote]

I don't think so. The link above is the wrong lawsuit. The website is below

I don't think Corelogic would want people to know about this...

They have not settle yet, the lawsuit just started. Here is the link below to the Corelogic (FARVV) and LPS huge lawsuits.

"FDIC Sues LPS and CoreLogic Over Appraisal Fraud; Shows Investors Leaving Money on the Table"

"CoreLogic thus faces potential liabilities of $129 million"

Here is one story about the lawsuit found here, it was just file in May 2011 (if I'm correct):

http://www.subprimeshakeout.com/2011/05/fdic-sues-lps-and-corelogic-over-appraisal-fraud-shows-investors-leaving-money-on-the-table.html

You can see the court papers here:

http://www.scribd.com/fullscreen/56669384?access_key=key-1ex9xi9xsfmr8uqi8yz :)
Posted by: sammyfrank

Re: Stupid QC comments and BPO requirements. - 04/10/12 06:13 PM

My favorite order was in interior BPO in a very rural area. The listing agent met me at the house to warn me about it. The homeowners were still living in the home, but had no running water or heat in the home. On the back deck they had dozens of plastic bottles to collect rainwater to use for running water, and an old shed that they would periodically remove pieces of wood to burn for heat.

Upon submitting my report I included the cost to bring heat and running water into the home. My report was rejected stating that I needed to photograph the repairs. Um, a photo of no running water coming out of the faucet ? A photo of no heat coming into the living room ? You betcha.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 05/11/12 02:50 AM

Can I say I hate QC that is India-based? Yesterday..."I know the market is stable...please make a time adjustment. Also a location adjustment."for a property only a couple miles away from the subject. I added a note that neither a time adjustment nor a location adjustment was warranted and sent it back.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 05/25/12 02:44 PM

Just got one rejected because my map only showed one address. Ummmmm subject and all comps are condos.....AT THAT ONE ADDRESS.
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 07/06/12 11:40 PM

Not like I can do anything, because India rules...but check out this copy and paste. Outside of typos and bad English skills, it still isn't clear. Provide my professional opinion? OF WHAT? Oh, my professional opinion is that we are letting our country go to hell in a hand basket so we can save a few bucks per hour by shipping out jobs to India? That professional opinion? Because these people who lost their jobs so we could save a few bucks might have been home owners....gee, what a wild web they weave for themselves! Okay, here is the neat QC:
<br>
There was a prior BPO none on the same property and there is a value varies between the current and the prior. Kindly provide your professional opinion
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 07/07/12 01:48 PM

Quote:
my professional opinion? OF WHAT? Oh, my professional opinion is that we are letting our country go to hell in a hand basket so we can save a few bucks per hour by shipping out jobs to India? That professional opinion?


you have mentioned repaired value is more than reapired sectioned value so please justfy that one.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 08/02/12 10:03 PM

Just saw this again.
To the best of your Knowledge, why did it not sell?:
Duh because It was not listed.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 08/03/12 09:00 AM

Originally Posted By: MassBPOer
Just saw this again.
To the best of your Knowledge, why did it not sell?:
Duh because It was not listed.


Double duh - you can't answer that question unless it's listed.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 08/03/12 11:50 AM

Originally Posted By: Artiste
Originally Posted By: MassBPOer
Just saw this again.
To the best of your Knowledge, why did it not sell?:
Duh because It was not listed.


Double duh - you can't answer that question unless it's
listed.


Form would not submit unless I answered the question.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 08/07/12 07:53 PM

Cannot find where this was talked about before but I know it was somewhere, this is as good a place as any. Mill wants photo of rear of subject.
Sent them an email about not wanting to tresspass. They replied to take photo of no tresspassing sign or photo of fence. House has no sign a typical single family. So I guess they want me to tresspass on the house behind subject to take a picture of the fence. Maybe I'll bring a ladder so I can get the rear photo.
Not really.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 08/08/12 09:51 AM

Just told them to reassign, a low $45 anyway.
Posted by: smg

Re: Stupid QC comments and BPO requirements. - 08/08/12 01:45 PM

I have had that request many times. I typed two, maybe three sentences explaining the situation. It sailed through every time. If you explain the situation, it will not be an issue. "unable to obtain rear photo of property without accessing property." If they ask for a no trespassing sign, tell there isn't one.
Why is that difficult?
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 08/08/12 01:53 PM

Never a problem with anyone else before. But they wanted a photo of the fence from the back that cannot be taken unless I am on the other side of the fence on someone elses property. I recently went around back of a house to take rear photo when I did not see any cars in driveway and felt safe since I stayed on subject property.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 08/09/12 07:54 AM

Originally Posted By: MassBPOer
". . . I recently went around back of a house to take rear photo . . ."
That's kind'a hard to do in a simple drive-by, isn't it ?

It then develops into a get-out of the car and walk-around !
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 08/10/12 11:57 AM

Yes, but the mills don't call them drive-by. They call them exterior BPOs.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 08/10/12 08:09 PM

I recently did an interior of a 2 family for which I had previously done numerous exteriors. It's in a rough neighborhood. Outside of house is pretty good, inside is trashed, including all copper gone, and two octopus furnaces. I submitted 35 photos, with repair estimate of about 18K, in a neighborhood with 4 sales in the past year. Got Indian QC back, "We notice you have gone down significantly in value from the prior. Please add notes to the order explaining decrease." DUH!!!!!!!!

In my mind, the entire report was explicit detail as to why it is now worth less than prior orders. My response was to ask my stateside coordinator to have a senior (local) reviewer take a look at the report, and I resubmitted it without changes.

Had a voicemail later...the senior reviewer agreed with me, and approved as is. And he said he had sent a complaint to the India folks about the kickback.
Posted by: smg

Re: Stupid QC comments and BPO requirements. - 08/10/12 08:51 PM

If hi happens to be SLS, I have had it with their QC people. Notate the hck out of the order about rising values here. They send It back due to a value variance from a prior..I did the prior. I did six orders last week for them. All came back , same reason, same QC rep. I am assuming your issue was SLS as you mentioned doing all the priors.
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 08/10/12 09:06 PM

First QC request:
<br>
1. Subject’s Dominant Features not Properly Id'd
Prior BPO and secondary source information have the subject as an 804 sq ft built in 1993 manufactured home. You have listed it as a 2 story house. Please correct your style to show the subect as a manufactured home and bracket with comparables that are manufactured homes. Thank you.
<br>
So I did this and I got this next request:
<br>
This order was returned by the client. The original appraisal, and Google Earth aerial photographs describe the subject as 19 year old 2 story conventional construction SFD.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 08/11/12 12:07 AM

Yup, SLS. I'm really not liking their India QC. More kickbacks than I've ever had with their stateside reviewers. We can only hope the company will ultimately decide off-shoring their QC is more trouble than it's worth.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 08/11/12 12:15 AM

Maybe it would help if lots of us agents complain when we get a stupid QC.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 08/13/12 03:57 PM

The prohibition of shorts sales (SS) is really starting to get to me. I am seeing it more and more from different mills, yet I don't 100% believe it is the lender themselves who don't want their use.

Prime example today was a CC solicitation where I previewed the form. SS not allowed. Under further investigation, this property is underwater from old CW paper. Thus if I had gotten the order from LS, using SS would have been fine! BTW, I passed on accepting the order as I don't feel like putting a square peg in a round home trying to find non-SS comps on a semi-rural difficult to comp anyway home.

Previously it has been only one or two mills that frown on SS. I can see where their use in list comps could be ill advised, as it could be a lowball asking price not lender approved. However on sold comps, they are arms length transactions where diligence was used. I just don't get it, especially in my area where there truly are subdivisons and neighborhoods that are 90%+ SS driven.

So I feel prohibiting SS is a stupid BPO requirement on sold comps. Rant over.......
Posted by: Mike Hagen

Re: Stupid QC comments and BPO requirements. - 08/13/12 04:02 PM

amen
Posted by: smg

Re: Stupid QC comments and BPO requirements. - 08/13/12 05:44 PM

Originally Posted By: Brad - W4BJM
The prohibition of shorts sales (SS) is really starting to get to me. I am seeing it more and more from different mills, yet I don't 100% believe it is the lender themselves who don't want their use.

Prime example today was a CC solicitation where I previewed the form. SS not allowed. Under further investigation, this property is underwater from old CW paper. Thus if I had gotten the order from LS, using SS would have been fine! BTW, I passed on accepting the order as I don't feel like putting a square peg in a round home trying to find non-SS comps on a semi-rural difficult to comp anyway home.

Previously it has been only one or two mills that frown on SS. I can see where their use in list comps could be ill advised, as it could be a lowball asking price not lender approved. However on sold comps, they are arms length transactions where diligence was used. I just don't get it, especially in my area where there truly are subdivisons and neighborhoods that are 90%+ SS driven.

So I feel prohibiting SS is a stupid BPO requirement on sold comps. Rant over.......


Real well said. I just finished an order and noted that proximity, sales date and age were exceeded as short sales were filtered out. I actually had nine comps in the neighborhood and each was a SS. Most were appropriately priced. I have been told by some in their QC that "if you just explain that the market is saturated and you had other options we will allow it". BS, I have done that and had the orders kicked back. So, I traveled a ways out, I used all older properties and old sales. I noted that the neighborhood had plenty of sales activity but per their instructions none of the comps could be used. I understand where they are coming from, but I really think they are hurting themselves in the process. They want appropriately priced comps. I get it, but our judgement should be trusted as we are "supposed" to be neighborhood experts...
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 08/13/12 08:16 PM

Originally Posted By: smg
I just finished an order and noted that proximity, sales date and age were exceeded as short sales were filtered out. I actually had nine comps in the neighborhood and each was a SS. Most were appropriately priced. I have been told by some in their QC that "if you just explain that the market is saturated and you had other options we will allow it". BS, I have done that and had the orders kicked back. So, I traveled a ways out, I used all older properties and old sales. I noted that the neighborhood had plenty of sales activity but per their instructions none of the comps could be used. I understand where they are coming from, but I really think they are hurting themselves in the process. They want appropriately priced comps. I get it, but our judgement should be trusted as we are "supposed" to be neighborhood experts...


I agree that you used to be able to explain your way out of using SS. That seems to be less and less the case. Today I just told the person at EML who QCed me that I thought location should be given top priority in choosing comps? While she agreed with me, I was still told to go outside the neighborhood and find REO/FMV comps even if that meant going miles away to justify a value that neighborhood would tolerate. Very backa** if you ask me.

Over the weekend I did a no SS allowed interior BPO for CC. There were over 10 SS comps available that sold within the past three months. I couldn't use them. However there just happened to be three FMV comps between three and six months of age that I was therefore forced to use. I didn't really like them due to being dated in a declining market, but the special instructions made me use them. IMHO it somewhat falsely made me skew value upward. I'm sure I'll be getting a call from the LA of that interior asking me while the heck did I come in so far above list price? That will be fun.......


Look, they pay us and I will do what the want while staying ethical and disclosing. However at the end of the day they are paying us for one thing; a value of the subject. "O" in BPO stands for opinion the last time I checked. Like you said SMG, we are the experts in our local markets. Just like an anomaly FMV oversale, I'm not going to use it. They should give us enough trust to see through sales that we deem appropriate and supportive of the neighborhood.

Funny thing. When they use their own internal methods like Zillow, Trulia, etc for value comparison, do those sites filter out SS? We all know the answer to that question.
Posted by: smg

Re: Stupid QC comments and BPO requirements. - 08/13/12 08:36 PM

I love EML, but they are very inconsistent from one rep to the next. They have a lot going for them, but the inconsistencies between QC folks should be of concern to them.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 08/16/12 02:26 PM

Instructions on a CC solicitation offered to me today.

Please do not use Short Sales as comparables, even if the market is driven by Short Sales. This client would prefer the use of REO or FMV comps even if they are slightly dated or outside of the immediate neighborhood. Feel free to comment on the presence of Short Sales and their impact on the local market.

Yeah OK, so I am allowed to comment on what I can't use. Geeze thanks a bunch. How about letting me use comparables that are warranted given location. I mean location is the most important criteria in choosing comps isn't it?

However the client (Boy I hate term), would rather me use dated and/or out of neighborhood sales and listings to justify a picture they want to create. I know the BPO buiz on occasion resembles the circling toilet bowl, and I think a plunger is now needed because its getting clogged with cr**!
Posted by: BpoBill

Re: Stupid QC comments and BPO requirements. - 08/17/12 11:27 AM

Originally Posted By: Brad - W4BJM
Instructions on a CC solicitation offered to me today.

Please do not use Short Sales as comparables, even if the market is driven by Short Sales. This client would prefer the use of REO or FMV comps even if they are slightly dated or outside of the immediate neighborhood. Feel free to comment on the presence of Short Sales and their impact on the local market.

Yeah OK, so I am allowed to comment on what I can't use. Geeze thanks a bunch. How about letting me use comparables that are warranted given location. I mean location is the most important criteria in choosing comps isn't it?

However the client (Boy I hate term), would rather me use dated and/or out of neighborhood sales and listings to justify a picture they want to create. I know the BPO buiz on occasion resembles the circling toilet bowl, and I think a plunger is now needed because its getting clogged with cr**!


I can understand them not wanting active short sale properties. I'm doing a bpo on one, and it's listed at $149,000, and i'm comping it at $200,000. Even $200k might be on the low side slightly. Not sure what these agents are doing, but I see it a lot.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 08/17/12 12:17 PM

Coincidence I did a BPO on a short sale last week that was listed at $159.000. My value came in at $160,000. Was asked to explain my value. Told them based on comps, house was underpriced and it was assessed at $180,000. Went through OK.
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 08/29/12 12:52 AM

Originally Posted By: Brad - W4BJM
The prohibition of shorts sales (SS) is really starting to get to me. I am seeing it more and more from different mills, yet I don't 100% believe it is the lender themselves who don't want their use.

Prime example today was a CC solicitation where I previewed the form. SS not allowed. Under further investigation, this property is underwater from old CW paper. Thus if I had gotten the order from LS, using SS would have been fine! BTW, I passed on accepting the order as I don't feel like putting a square peg in a round home trying to find non-SS comps on a semi-rural difficult to comp anyway home.

Previously it has been only one or two mills that frown on SS. I can see where their use in list comps could be ill advised, as it could be a lowball asking price not lender approved. However on sold comps, they are arms length transactions where diligence was used. I just don't get it, especially in my area where there truly are subdivisons and neighborhoods that are 90%+ SS driven.

So I feel prohibiting SS is a stupid BPO requirement on sold comps. Rant over.......


Brad: you should sit back and think that the work you do is FOR the client and NOT for yourself, and there are extraordinary circumstances where a client (either the bpo company or their own client directly) is asking for those specific extraordinary circumstances. And I am sure you know that you are to provide a product based on specs, and if you feel that you must deviate due to your responsibility as an Agent or Appraiser, then you MUST explain why you deviated ... I don't see where's the problem with your client prohibiting SS to be used ... it's just a client requirements ... and YOU are NOT the one making the financial decision BTW !! They are !!
Posted by: ech0es

Re: Stupid QC comments and BPO requirements. - 08/29/12 01:11 AM

Originally Posted By: 12 step 4 BPOs?
First QC request:
<br>
1. Subject’s Dominant Features not Properly Id'd
Prior BPO and secondary source information have the subject as an 804 sq ft built in 1993 manufactured home. You have listed it as a 2 story house. Please correct your style to show the subect as a manufactured home and bracket with comparables that are manufactured homes. Thank you.
<br>
So I did this and I got this next request:
<br>
This order was returned by the client. The original appraisal, and Google Earth aerial photographs describe the subject as 19 year old 2 story conventional construction SFD.



12 step 4 BPOS: you should've never agreed in the first place that the subject was manufactured when IT WAS in fact a 2 story conventional... you giving in in the first place was your mistake, when you knew better and you should've called your Rep at the bpo company and explain the discrepancy for them to note it in the file for the QC rep to see !!
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 09/07/12 09:44 PM

Actually tax records did say it was manufactured, but had it as 2 story....which isn't really possible. SO i put it as a 2 story, assuming tax records were inaccurate and a prior mobile was replace with a new house and they forgot to change the property type.
Posted by: OH REO

Re: Stupid QC comments and BPO requirements. - 09/09/12 06:44 PM

Just got one back today. It was a double wide in the smack-dab middle of NoWhere. I had to go out 15 miles and back 12 months to find 3 list and 3 sold MFG. I explained it all in painful detail: X number of MFG in 5 miles/6 months; Y number of MFG in 10 miles/6 months, etc. Explained that I had to go back 12 months, stable market. They kicked it out with the following: "Please explain why you have sold comps over 6 months old". I just wanna choke them. Really. cool
Posted by: AML

Re: Stupid QC comments and BPO requirements. - 09/15/12 10:32 PM

I had a bpo that I needed to complete today. It was a condo in a high rise building. I had the street address, but no unit number.

I e-mailed and called the company to tell them I needed the unit number to know which specific unit to complete the bpo.

The response I got was (and no i'm not making this up) to pick any of the units to use as their client did not tell them which unit it was

I was floored when I was told this.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 09/16/12 06:19 AM

Originally Posted By: AML
". . . I e-mailed and called the company to tell them I needed the unit number to know which specific unit to complete the bpo . . ."

If they gave you the "Name" of the Delinquent Mortgagor or HELOC Applicant, then won't the Town's Land Records clarify which "Unit" they own and pay taxes on ?

That's how I do it here; now sometimes, the Mill doesn't even have the correct Town or Street Address.

But we don't have many Condos . . . . not many people move to Vermont just in order to have some stranger living right on the other side of a stud wall.
Posted by: AML

Re: Stupid QC comments and BPO requirements. - 09/16/12 08:00 AM

Originally Posted By: Vermont
Originally Posted By: AML
". . . I e-mailed and called the company to tell them I needed the unit number to know which specific unit to complete the bpo . . ."

If they gave you the "Name" of the Delinquent Mortgagor or HELOC Applicant, then won't the Town's Land Records clarify which "Unit" they own and pay taxes on ?

That's how I do it here; but now sometimes, the Mill doesn't even have the correct Town or Street Address.

But we don't have many Condos . . . . not many people move to Vermont in order to have a stranger living right on the other side of a stud wall.



Yes I am aware to check under the prior borrowers names, but they didn't have that either.

Im just floored to be told to pick any unit and go with that. What if it was a 1 bedroom 800 sq ft condo as opposed to a 2 or 3 bedroom 1400 square foot condo?

That's like being told "Oh, just pick any house on the street and do a bpo on it."
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 10/12/12 07:48 PM

Just got these photo requirements for a condo inside a large condo complex.
1. One current, original photo of the front of the subject
2. Damages (upload enough photos to support your repair cost estimates)
3. Two side photos, one looking down each side of the subject
4. One photo of the rear of the subject, if possible
5. One address verification photo
6. Two street scene photos, one looking each direction down the street.
So I guess I just take 4 photos of the building. Call 1 the front 2 of them sides and another the rear.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 10/15/12 10:49 AM

Just got one kicked back with prior appraisal, different value,etc.

Well, the appraisal is from 2007. Maybe that is significant.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 10/23/12 10:24 AM

QC Wants me to change my value, because "Home Data Index shows that the market (on the zip code level) is increasing significantly, 65% in the past 12 months"

Well, I guess the crisis is over.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 10/23/12 02:40 PM

Had one a couple days ago re a variance from a prior. I was busy and didn't get to it. Checked today...it's gone from my que. Senior reviewer made some comments about all comps supported conclusion and sent it on, I guess. Thank goodness for senior reviewers!
Posted by: samshoe

Re: Stupid QC comments and BPO requirements. - 11/25/12 02:30 AM

A home is used as day care center in SF worth $400K.
The auctioneer ordered the bpo wanting me to state the value is $200K. I declined to bulge as it is close to fraud. The QA stated
it is just an opinion since you brokers are not qualified to do appraisal.You state it is $200K or I will reassign it.
I sent a complaint to the bpo mill supervisor.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 11/25/12 07:54 AM

The auctioneer probably has a friend or relative who wants to buy it for a low price and flip it.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 01/10/13 04:15 PM

This keeps popping up on the new CC form even though I have entered the info on their new stupid form.
Since you have indicated that the subject is currently listed, please provide the Date Listed and List Price (please provide Date Sold & Sale Price if applicable).
CC HAS GONE COO COO.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 01/28/13 07:27 PM

And now this from CC.
The "Neighborhood Boundaries Defined" field in Section III must be defined by naming boundaries for all 4 compass directions (north, south, east, and west). Please use specific street names or boundary markers. Ok I entered the 4 street names from Google maps that are north, south, east and west of subject.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 01/28/13 08:14 PM

Ummmm, I think they are looking for the search area you used when pulling comps. Unless you are VERY urban, this would not be the adjacent streets.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 01/28/13 09:29 PM

No they wanted the 4 street names that were north south east and west from subject. Not a big deal, got them from google map.
But have never been asked that info before from anyone.
Posted by: GreatLakes

Re: Stupid QC comments and BPO requirements. - 01/29/13 03:55 PM

I've encountered that from other companies in the past (whom have since dropped that requirement), but haven't met with this form yet with CC (work with them constantly). So did your commentary/input pass inspection?
There are areas that I cover that have specific value "neighborhoods" which may or may not conform to required/requested parameter criteria. This, of course, demands commentary galore.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 01/29/13 04:56 PM

Yes it passed. Like I said I just got the 4 streets from Google maps.
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 01/29/13 11:12 PM

Imortgage just changed from allowing me to put a radius in as my search area to having to put streets. Um....somewhere in the middle of the national forest? I mean seriously!! Sometimes there is simply no answer and even in town..I don't know where a 1 mile circle will land.....it is a nightmare trying to figure it out.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 01/31/13 02:07 PM

To any QC reviewers that might read this in the future........

If the subject is a 2/1 and you ask me to review comparables you found on "your own", please make sure they are not 3/2s. That is really infuriating, and just displays you really don't know what the fudge your doing!

Rant over.....
Posted by: cleonard

Re: Stupid QC comments and BPO requirements. - 02/01/13 09:34 AM

I just had one where my value was for 50k and they had a prior which came in at 65k. So they sent me over comps to review that were at 150k. So i emailed them and said those couldnt be for the previous order? No they found them on their own. Lol.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 02/01/13 10:59 AM

Well, I found out that the person who QC failed my 2/1 subject for 3/2 comps is a licensed FHA appraiser in Maine. I guess I know why he is now reviewing BPOs instead of doing actual appersials.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 02/08/13 11:19 AM

And now this from CC Rental comps for a single family bank owned home in addition to the usual sold and list comps. I guess the bank wants to rent it out.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 02/08/13 12:24 PM

Originally Posted By: MassBPOer
And now this from CC Rental comps for a single family bank owned home in addition to the usual sold and list comps. I guess the bank wants to rent it out.

I would have to bow out; I'm not a Rental Agent; I've never been a Rental Agent; I don't aspire to be a Rental Agent; I haven't been a Renter in over 40 years; I haven't been a Landlord in over 25 years; I don't know anything about Rentals; and I don't want to know anything about Rentals . . . . unless I have an Apartment House For Sale.
Posted by: Lor63

Re: Stupid QC comments and BPO requirements. - 02/08/13 01:49 PM

Im beyond frustrated at being pc for one company after the last 24 hrs..returned twice already after rushing me and begging to get it in earlier than initial due time/day?
First, i thought SUGGESTING specific comps bcuz they need it closer to that value range wasnt done anymore, silly me..second, suggesting comps that sold 11 mths ago over the ones i picked within 6mths ago?? just bcuz of home sz? aren't bpo's supposed to consider financial ADJUSTMENTS??!!!
It's RURAL, in a RURAL town, 14 overall sales last yr. Sbjct's surrounded by homes in varying construction types/conditions n what cow or chicken is roaming around the yard. Their comps r sitting in matching suburby type subdivisions-i shouldnt adjust?
Appraisal from crazy finance ANYONE times has it SEVERELY over valued & he used comps from a major city 20 miles away:S FI!!here goes the email reply:(
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 02/08/13 02:26 PM

And now this automated QC from CC when I try to submit.
IX. Addendum: Rentals, Rental Marketing Strategy
2) Subject's Estimated Monthly Rent, As Is If the subject is legally rentable, please provide an estimate of subject's estimated monthly rent, considering current condition.
3) Subject's Estimated Monthly Rent, Repaired Please supply input for the subject's estimated monthly rent, repaired.
4) Rental Commentary Please provide detailed commentary to help the customer understand the rental market, rental comps chosen and how the estimated monthly rent for the subject was determined. How am I to know If is legally rentable if it is Bank owned? CC has gone coo coo again. Plus the stupid form want room counts for all the unit numbers when subject and all comps are single family. Hey CC if you read this get rid of your new stupid form and requirements. YOU MORONS. Thanks for letting me vent here.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 02/08/13 02:59 PM

Originally Posted By: MassBPOer
". . . Hey CC if you read this get rid of your new stupid form and requirements. YOU MORONS. Thanks for letting me vent here . . ."

I find that AOL is always a good place to stop by first and take a break to calm down and have your ideas tested here before drafting your final message to the Mill.

PS: I'd tone down the part about them being MORONS . . . . but you can still imply that they're imbecilic; just use bigger words. They'll like that.

I always say that "if the shoe fits, then go back and buy the other one!"
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 02/09/13 02:33 AM

I once had a friend who called me a woman of 1,000 words. Said I know how to tell some one to f themselves, and they would never know it. Well, the vocabulary is somewhat more than 1,000 words, but I would still carefully phrase my criticism to a mill. However, I DID tell CC a few days ago, after struggling with their form that wants rental comps, that I would NEVER do another of these monsters.
Posted by: CentralFLbeepo

Re: Stupid QC comments and BPO requirements. - 02/11/13 09:36 AM

Someone in India is going to develop a very nasty case of diarrhea along with a bunch of puss filled pimples allover their face today.

If I'm asked to revise a comp or add to my comments, I'm more than happy to do that - I'm not always perfect.

Making the statement: "It is assumed that you did x,y,z to arrive at your final subject value" is NOT a request to revise comments, now is it? It might be in flippin' India, but not here.
No idea what to do with that tidbit of wisdom, so I replied: "Yes!"
Turns out that he or she wanted me to add that my values are heavily based on sold comps. Next time, JUST SAY THAT, instead of waiting for me to pull out my crystal ball to figure out what you want!
Posted by: OH REO

Re: Stupid QC comments and BPO requirements. - 02/12/13 05:20 PM

I got one today that's a first for me. Emortgage QC emails:

....Based on location and characteristics sold comp 2 is the most similar comp to the subject. The most weight should be placed on the most similar comp to the subject when determining the value. Thanks

I had a different comp marked as most similar. So now, in addition to telling us which comps they want used, they are also qualified to tell me which comp is the most similar? Without any knowledge of the market?

I wasn't in the best mood today even before that email. So I changed it (today, I don't care about principals, I just want peace and quiet). In the form, where it asks why it is the most similar, I wrote "Because QC says it is". They accepted it.
Posted by: REO driven

Re: Stupid QC comments and BPO requirements. - 02/20/13 02:34 PM

CC's QC is completely out of control with comp suggestions, bad market data and all types of strange requests. I think that if they have a value in mind they should just provide up front and save there vendors the grief of changing real market data.
Posted by: CentralFLbeepo

Re: Stupid QC comments and BPO requirements. - 02/21/13 01:29 PM

Subject has an in ground pool. Due to lack of suitable comps with pool within reasonable proximity to the subject, only 1 sale comp and 1 list comp with pool were provided. The other comps were adjusted accordingly:

S1: no pool >>> adjusted
S2: no pool >>> adjusted
S3: pool >>> not adjusted

L1: no pool >>> adjusted
L2: no pool >>> adjusted
L3: pool >>> not adjusted

QC request: Please provide a pool adj for L3.

????????????????????
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 02/21/13 02:19 PM

I'd give them a $0.00.

What did you give for an adjustment on S3 ?


I'm surprised that this Firm is asking for adjustments on the current listings. Is this eml ? Form "j" ?

Most of those that I do where adjustments are required, limit this business to just the Sold Comps.
Posted by: CentralFLbeepo

Re: Stupid QC comments and BPO requirements. - 02/21/13 04:31 PM

I'm in a low income, low value area, low everything area - for subject's neighborhood, a pool adds around 6k if it's caged. Many buyers are saying these days "Ugh, it costs to maintain and drives up utility bills". It's not as much of an asset as it used to be.

Yep, EML, not sure which form. I really understand that they do have bad days, make mistakes or mis-read something. Happens to all of us and I don't mean to [censored] about it either. I just thought it was funny. He/she never replied to me pointing out that I was unable to make the adjustment.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 02/21/13 06:12 PM

I think they introduced the "adjustments" feature just to compete with other firms who had been doing it for a long time; like SLS and FINITI.

Their Form "j" ought to have stayed in beta testing until they knew what they were doing . . . . and of course, why they were doing it.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 02/21/13 08:13 PM

Originally Posted By: CentralFLbeepo
I'm in a low income, low value area, low everything area - for subject's neighborhood, a pool adds around 6k if it's caged. Many buyers are saying these days "Ugh, it costs to maintain and drives up utility bills". It's not as much of an asset as it used to be.


I'm in the Tampa Bay market and if the subject is in an armpit neighborhood, the pool will actually have a negative impact on the property. However GL selling that to the mill.

Low income neighborhoods are usually tenant dominated. Thus the most likely purchaser is an investor who will use the house as a rental. Therefore the pool has liability and upkeep issues that many landlords will not want. So in those instances I usually state the pool is an over improvement for the tenant dominated area thus given no value; with such an amenity being very atypical for the immediate area.

EML, CC, and the like have never penalized me for submitting a BPO of that nature. YMMV with a mill with the similar characteristics of the neighborhood in question.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 02/27/13 10:08 PM

Working on one now...3,000 sf residence used as a 2-unit with 4 bedrooms up, 2 down, 2 tenants. Company wants it comped as a single family "with accessory unit." This in a rural county with about 16 sales of 2 unit properties in the past year. And now I'm supposed to find SFD with in-law apts? C'est impossible. I think this is a re-assign from an agent who used 2-unit comps. I think they rejected the prior. Ugh.
Posted by: New Jersey Realtor

Re: Stupid QC comments and BPO requirements. - 02/28/13 04:28 PM

Just got this QC: "We have found the following 5 sold comparables which are closer in proximity to the subject. Please select the 3 most comparable to the subject and upload new photos."

My response: "Yes, indeed the comps you provided are closer, however, they are all 2 family homes and the subject is a 1 family."

Good grief!
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 02/28/13 04:54 PM

Originally Posted By: New Jersey Realtor
My response: "Yes, indeed the comps you provided are closer, however, they are all 2 family homes and the subject is a 1 family."

That's so cruel; somebody devoted a lot of time searching for those replacements. Why quibble over the number of units? Have some compassion.

That's what the world needs . . . . more compassion; Fair and Balanced.
Posted by: barb43

Re: Stupid QC comments and BPO requirements. - 02/28/13 09:31 PM

"Is list comp 1 re-ally only listed at $3900?" Yes
"You can't use that comp! It's too low!" But I'm telling you the Subject is in the same condition - it's a tear down.
(this was a phonecon)
Posted by: New Jersey Realtor

Re: Stupid QC comments and BPO requirements. - 03/01/13 09:06 AM

"For comp #2 your OLP is $170,000 and current LP is $225,000. Please correct your data to show OLP $225,000 and current LP as $170,000."

My reply: "If I do that I would be lying." (sigh)
Posted by: MArealtor

Re: Stupid QC comments and BPO requirements. - 03/03/13 01:06 AM

I like when a QC person asks, " why didn't you use the following comps, etc....and explain in detail why you didn't use them..."
Posted by: MArealtor

Re: Stupid QC comments and BPO requirements. - 03/03/13 01:07 AM

I like when a QC person asks, " why didn't you use the following comps, etc....and explain in detail why you didn't use them..."
Posted by: OH REO

Re: Stupid QC comments and BPO requirements. - 03/03/13 10:12 AM

My least favorite part of a CL form is the section at the end that has the prior reports and the "why doesn't your report match these?" comment area. (Which used to be ok, since you could pull up the comps used, which you can't do anymore so how the heck are you supposed to know why they don't match?) Anyway...today I finished an order, go to last page...and there are 2 priors that are totally different properties. One is a 2 story cedar house (which is the same as the one I did) and then there is a photo of a little house with yellow vinyl siding. I wonder why they leave 2 priors on there when one of them is so obviously not even the right house? I've seen this several times before.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 03/07/13 11:38 PM

I had one a couple days ago...QC'er wanted to know how come distance guidelines were exceeded...this for an almost waterfront property on a large lake. I responded that there were no comps directly to the west within 1 mile because it was mostly under several feet of water. I thought I was being funny. QC'er responded that I should put that in the order instead of emailing that to him. So I did. Duh!
Posted by: johnnyloans

Re: Stupid QC comments and BPO requirements. - 03/07/13 11:46 PM

these QC people are something else.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 03/19/13 02:42 PM

So now I've got one of those orders that just doesn't want to go away. My GLA does not agree with the number on prior orders or tax records. They want to know my source....it was the appraisal YOU provided to me for a prior order.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 03/22/13 08:35 AM

Subject is unusual-a large, detached, suburban,single family house that is also a condo. Luckily, there are two sold comps and one active from subject complex, so very similar, and easy to price.

QC wants me to consider their 4 selections. Highrise condos from distant downtown of a large metro area, or regular single family detached homes. One of their suggestions is spot on-from subject complex.

But, I already have it as Sold #3. Not sure what they want me to consider it for-Am I supposed to move it to Sold #1 or Sold #2?
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 03/27/13 01:56 PM

This keeps popping up on the New CC form for no reason.
Range of listing values in neighborhood: High Please make sure the Current List Price of each listing comp falls within this range

All my comps are within neighborhood price range.
Even sent them emails to take order.But still no luck submitting order.
Posted by: jbt4re

Re: Stupid QC comments and BPO requirements. - 03/27/13 03:42 PM

They're probably referring to the RealAVM value that with a little digging can be found in most MLS. We had this come up under another topic recently. I just learned this last week thanks to this forum.
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 04/02/13 09:15 AM

Originally Posted By: MassBPOer
This keeps popping up on the New CC form for no reason.
Range of listing values in neighborhood: High Please make sure the Current List Price of each listing comp falls within this range

All my comps are within neighborhood price range.
Even sent them emails to take order.But still no luck submitting order.


iMortgage!!! I hate their friggin popups! And they keep popping up even when you are within the right numbers. ARGH!!! And now mine is not calculating the distance from the comps and is requiring the street extension. Dang it!
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 04/30/13 02:13 AM

Just got this from RRR.
Our system is showing you are 5,255 miles from the subject, please advise how far you are located from the subject.
I guess they think I took a plane there. LOL.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 04/30/13 03:07 AM

Originally Posted By: MassBPOer
". . . Our system is showing you are 5,255 miles from the subject . . "

Someone forgot to put their "Thinking Cap" on when they got out of bed.

One should always do that BEFORE engaging one's mouth.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 05/21/13 01:24 PM

I didn't think I ever had an issue with FARVV changing my reports, but they kicked one back to me today for an adjustment for garage.
I see they have made a couple changes to make the wording more pc. So post office and fire station have become "post and station." Is this ridiculous or what? They also removed my address verification photo and note that the actual address is different than the address on the order, plus my explanation of same.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 05/30/13 12:32 PM

Now the new CC form wants me to put in the subdivision name for the subject and comps none of which are in a subdivision.
So for the subdivision name I just typed in none for the name and it went through.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 05/31/13 10:23 AM

Originally Posted By: MassBPOer
Now the new CC form wants me to put in the subdivision name for the subject and comps none of which are in a subdivision.
So for the subdivision name I just typed in none for the name and it went through.


The space in the tax records corresponding to "subdivision" is blank? I find that hard to believe.
Posted by: Alexandra

Re: Stupid QC comments and BPO requirements. - 05/31/13 12:43 PM

Originally Posted By: Artiste
Originally Posted By: MassBPOer
Now the new CC form wants me to put in the subdivision name for the subject and comps none of which are in a subdivision.
So for the subdivision name I just typed in none for the name and it went through.


The space in the tax records corresponding to "subdivision" is blank? I find that hard to believe.


Tax records vary from region to region. We don't have subdivision fields in our tax records either. Sometimes you can find it by going to the town clerk's office and pulling up an old deed. For $50, not going to happen.

When not available, just type in the street name.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 05/31/13 01:17 PM

I usually just put in N/A; but the topic reminds me of a local Sub-Divider around here who just passed away a couple weeks ago . . . . Marcel Roberts.

I don't know how many total sub-divisions Marcel did, or how many lots he created in total (thousands); but I do know that he created about 235 lots illegally involving about 19 large parcels (mostly farms) . . . . so many parcels were involved that our State had to pass legislation entitled "The Innocent Buyer Act" just to deal with the repercussions from the legal mess he created, as it affected so many people.

So it would be really neat to put in that a Subject was located in one of the many "Marcel Roberts Sub-Divisions" . . . . that would cause a chill to run up one's spine.

But I suppose that would be cruel.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 06/01/13 03:23 AM

Originally Posted By: Artiste
The space in the tax records corresponding to "subdivision" is blank? I find that hard to believe.


In happens Artiste in the semi-rural and rural areas that I work about 30 miles away from Tampa. The legal description will often say, "beginning with the SE corner of" and just goes on and on from there. Like Vermont I will either type in "none" or "N/A" in the subdivision field. I've never had a QC fail because of that.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 06/01/13 03:28 AM

I think Artiste was making for a little joke . . . . like an understatement.
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 06/24/13 07:04 AM

Just got a qc from RRR.
I did not upload the adress for a condo.
The thing is I uploaded the the photo of the unit number.
But they wanted the photo of the adress of the condo complex.
Glad I took it before I left.
Posted by: OH REO

Re: Stupid QC comments and BPO requirements. - 07/03/13 03:15 PM

I got one back today that beats all I've ever seen. SS order, single story home built 1900. Got a QC back that said "replace sale 2 as it is a double wide". HUH? I clearly stated that the comp was 113 years old, SFD, with MLS number from the local MLS. I sent email back "NO, it's not a double wide, it's 113 years old". Got the same email back two more times "Sale comp 2 looks like a double wide, it needs to be replaced with a stick built". I sent them a copy of the MLS, and a copy of the tax card. I get an email back "the tax card isn't for the right house. Please replace sale 2, as it is a double wide". The tax card states "county road 17", and the MLS states "salem rd". But the MLS also says in the directions "turn on county road 17, AKA Salem Rd". I pointed this out and sent it back, again. Hopefully that's the end of it.

Ummm...I don't believe that they were building double wides in 1900. Some days I think that if these guys in QC reject an order so many times, they must get a free toaster or something. grin
Posted by: MassBPOer

Re: Stupid QC comments and BPO requirements. - 07/12/13 01:42 PM

Got this from RRR today Subject and all comps were ranch home on a slab no basement. So I made up some numbers for the basement so that it would go through. But the basement numbers were not close enough to each other so I had to make up numbers that were closer to each other and submit it again.
Posted by: neudot

Re: Stupid QC comments and BPO requirements. - 07/12/13 10:16 PM

When I have ranches on slabs, I've never had a problem putting "unknown" for the basement sf.
Posted by: 12 step 4 BPOs?

Re: Stupid QC comments and BPO requirements. - 08/07/13 05:21 AM

My sold comps were $165,000 to $168,000. They just sent it back to me asking which comps I placed the most weight on to establish a value. Well...gee, not much of a choice.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 08/18/13 07:33 AM

"After researching additional data sources, we found potential comps that are more proximate to the subject. Given that this customer relies heavily on comp proximity when assessing the accuracy of a report, we want to make sure that the most proximate comps are being provided."

BPO doesn't allow short sales, yet QC's suggested comp is a short sale, of which they are aware-"We do realize this is a short sale", and it crosses two boundries.

QC's idea of MORE PROXIMATE is .24 mile. My comps are .19, .04, and .06 mile, and all in the same area as subject
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 10/24/13 09:00 AM

) We have noticed that there is blue note on door. Is subject actually occupied? Did you see what note was regarding?

2) Please include this sale in place of one of the 2000 sales. 08/05/2003 Sold $110,000 64.2% $148 Public Record

Thanks!!
Posted by: REagentCA

Re: Stupid QC comments and BPO requirements. - 12/18/13 11:06 AM

i received a request from RRR asking for the street sign vs the actual address on the house. Then I received a call not even 5 minutes later from someone that barely knew English and located in Uruguay asking me for the same thing. Apparently house numbers will no longer suffice.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 07/16/15 12:58 AM

"Please provide adj in the View for S3,L1 and L3."

Those are the three comps with "Equal" selected from the drop down menu. I'm at a loss as to how much and in which direction to adjust for something that is equal to subject.
Posted by: Vermont

Re: Stupid QC comments and BPO requirements. - 07/16/15 01:14 AM

If it's the VIEW that's equal, will their system accept a "$0.00" adjustment ?

Otherwise, (assuming that no 2 views can actually be "equal") I'd adjust superior comps by -$1000 and the inferior ones by +$1000, and let them chew on that bone for a while.
Posted by: PamsVAS

Re: Stupid QC comments and BPO requirements. - 07/21/15 06:25 AM

Let me guess . . Solution Star? Yes, ever since xome took over QC, the corrections are outrageous.
Posted by: PamsVAS

Re: Stupid QC comments and BPO requirements. - 07/21/15 06:48 AM

Here is one I received . . as well as the response I provided. I feel as if I am teaching the QC dept how to perform their own job:

“It appears an adjustment was not made for Total room for Comp 3 Listing 1,3even though it differs from the subject property. Per your engagement letter please provide commentary stating why an adjustment was not necessary.”

• In regards to adjustments,
o If you adjust per individual room, you cannot again adjust for the total number of rooms as this would be a double adjustment. Example:

Subject has 3 beds and 1 bath (7 total rooms due to living, dining and kitchen)
&#61607; Comp 1 has 4 beds and 1 bath (8 total rooms) No adj needs to be made because it falls within BPOSG guidelines
&#61607; Comp 2 has 5 beds and 1 baths (9 total rooms) adjustment should be made for bedroom only
&#61607; Comp 3 has 5 beds and 2 baths (10 total rooms) so, adj should be made for individual bedroom, but not for bath as the bath falls within the guidelines.
&#61607; Comp 4 has 5 beds and 2 baths and a den (11 total rooms) adjustment is made for 1 bed and now an adjustment can be made for total room count
o I hope you follow. If you were to adjust for 1 bedroom and then make another adjustment to the total, you are basically making 2 adjustments for the same room

After I emailed, order was accepted ;)
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 07/28/15 04:24 AM

Another one from SS.

In the Pool / SPA / Fireplace / Porches / Patio / Deck / Fences / etc section. Subject has a patio, two of the comps have decks. I am to make a -200 adjustment, because decks are better than patios.
Posted by: reolady123

Re: Stupid QC comments and BPO requirements. - 08/10/15 08:21 AM

Thinking the QC people are trying to create work in order to validate a need for the existence of their jobs.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 10/02/15 08:05 AM

Neighborhood built up in 1950s. Subject built 1999, so much newer than most. There was one comp available built in 2013, so I was able to bracket age. I also explained why no comps of a similar age were used. CC wanted me to explain WHY the subject was built in 1999, was it to replace a house that burned down?
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 10/06/15 08:26 AM

Originally Posted By: NextStep
Neighborhood built up in 1950s. Subject built 1999, so much newer than most. There was one comp available built in 2013, so I was able to bracket age. I also explained why no comps of a similar age were used. CC wanted me to explain WHY the subject was built in 1999, was it to replace a house that burned down?


Seems like you accepted the BPO assignment without looking up the subject data beforehand. It's not worth it to accept hard to comp properties!!! Look 'em up before you accept. Now you have to waste more time on this file with these types of QC issues. That's not cost productive to your bottom line.
Posted by: Artiste

Re: Stupid QC comments and BPO requirements. - 10/11/15 03:51 AM

Originally Posted By: Analog Man


Seems like you accepted the BPO assignment without looking up the subject data beforehand. It's not worth it to accept hard to comp properties!!! Look 'em up before you accept. Now you have to waste more time on this file with these types of QC issues. That's not cost productive to your bottom line.


Analog Man is right! Best leave them to the other agents to stumble over, work on for hours, get QC'd to death and end up with a crummy rating as their reward.
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 10/12/15 02:30 AM

Thank you both, so much, for your advice.
Posted by: RandomREODudeOK

Re: Stupid QC comments and BPO requirements. - 05/18/17 03:53 AM

QC: "Please re-evaluate subject property as average condition, and adjust comps and value accordingly."

ME: "No. Please review subject photos provided."

PHOTOS: [F%&K and NO TRESPASSING spray-painted across front of house; windows broken; garage door falling down; all exterior paint faded and peeling.]

QC: [Never responds. Simply submits order and processes my payment.]
Posted by: TheBPOExpert

Re: Stupid QC comments and BPO requirements. - 06/19/17 01:42 AM

my favorite is when they suggest comps and one of their suggested comps is already in my bpo
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 06/27/17 10:55 AM

Notice Date:
06/27/2017

Update:
I know your due date is 06/27, however this is a reassignment and our client is asking for their orders. Would you be able to submit your report to us 24 hours after your appointment? 06/24 instead of 06/27?

Not only did she send me the above notice through their website, she also send me an email directly, asking me to submit the order 3 days ago.
Posted by: Analog Man

Re: Stupid QC comments and BPO requirements. - 06/28/17 07:42 AM

Originally Posted By: NextStep
Notice Date:
06/27/2017

Would you be able to submit your report to us 24 hours after your appointment? 06/24 instead of 06/27?



24 hour TAT equals a rush fee. No rush fee? I'll go out of my way to turn it in just before 6/27 !!!!!!!!
Posted by: NextStep

Re: Stupid QC comments and BPO requirements. - 07/01/17 05:14 AM

I accepted the order on the 20th, so the TAT would have been four days. The issue is, they asked me if I could submit it on the 24th, on the 27th.
Posted by: LoganRealty

Re: Stupid QC comments and BPO requirements. - 07/01/17 08:24 AM

LOL. Perhaps they are looking for some fixer-upper angle. Just needs some TLC. Minor wear.
Posted by: CentralFLbeepo

Re: Stupid QC comments and BPO requirements. - 07/18/17 06:42 AM

"SUBJECT MUST BE PHOTOGRAPHED. For Gated Communities, client expectation is to be resourceful to gain access."

So, I hire Ocean's 11 to get in?
Posted by: Mike Tango

Re: Stupid QC comments and BPO requirements. - 07/25/17 04:00 PM

CentralFL I know your feelings, I have the same issue with some EML orders but I found this, last time I went to a gated community I forgot to take out my Uber sign from the windshield and the gate keeper opened the gate without any questions.... I did my photos and went out. Hope this will work for you.