I'm still in the wait list since May

I think we can all agree that IAS does not have a QC dept, right? I remember being told they did when I first started with them. Most of the vm's are satisfied with the bpos I do, even when I get those additional comments when things don't meet guidelines, and then there are others that just QC over the most dumbest reasons. Just had one where I had no QC issues, but the VM came back and said he wanted 2 new comp within .50 miles, when all of them were within .75miles.

Where I am often there isn't even another house within a mile, let alone one that is similiar enough to be a comp and has any recent listing or sales activity!

Sometimes I just sit in the room and stare at at wall for hours trying to figure what they realy want as I have feling they themself do not know what they want!

Maybe it varies from VM to VM but I don't really seem to have a problem. I know their requirements are stranger than some other companies but once you learn what they want it is not that difficult to deliver on it. A simple explanation of why the requirements cannot be met usually suffice as well.

I agree they don't know what they want. It takes me three times the amount of time to complete one order for this company. I had enough! My VM said she rejects 95% of the orders that come to her. Here is what is attached to the email order:


Please read the attachment and then these--Mandatory Requirements (x6) ALL INFO GOES IN THE SUBJECT COMMENTS:
1. Sales within the past 3 months if possible and a compelling explanation for using older sales when it’s not.
2. If you do not have 2 lists and 2 solds from the immediate area or complex for condos/townhomes. I need the following answering all on the bpo: Approximately how many homes / units are there in the area? When was the last sale in the immediate area? When did it sell? What did it sell for? What is its GLA, bedroom and bath count? If that sale is not a comp for the subject, when was the last sale of a comp for the subject? When did it sell? What did it sell for? What is its GLA, bedroom and bath count?
3. We have to have more informative information for our clients per their request. A tutorial has been provided. IF YOU CROSS ANY OF THESE THINGS- (this means crossing rivers, rail road tracks, highways, or major roads of any kind ON THE MAP for comps provided) THEN you need to provide comments on the bpo as to why and name the major streets, tracks, rivers, ect....
4. The comps are similar to the subject in overall appeal, OR The comps are located in a competing neighborhood, OR The comps would compete with the subject for buyers.
5. Don't forget the CMA in PDF format (if you go on to cnetdownload.com, the PDF converter is free) and give the parameters you used if you travel over a mile.
6. Make sure your comp distances match what is on the IAS MAP for your comps. In a nut shell, these are the new requirements.

And they will also change requirements after the order is submitted, what in the world...

I just did 5 orders for them for bpos, and every one came back for QC. They were short sales, and they said my suggested price cannot be over the current list price. I'm sorry, when a property is priced at 125k, and its worth 175k and they owe 200k, they want me to say its worth less than 125k just because its listed that way? They said put in the lower value, then put in alot of notes to say otherwise. It seems counter productive. Hopefully the bank reads my notes and does not agree to the short sale... Oh, and the other red flag, the owner and they agent are the same people for each of these bpos, tenant occupied investment properties.

No wonder there are agents making up comps. "A compelling explanation". How about "There are no other comps available" Is that compelling enough? Why do these mills keep asking for the impossible? They ask for our "OPINION". Then they want a disertation if all the comps don't fit into a neat little box. Do you know why? Because the QC morons DO NOT HAVE A CLUE. They have no real estate experience, never has a real estate license. So if all the comps do not bracket perfectly, they get all confused and want compelling, extensive comments. If they would just take the real estate course maybe they would have an idea of how we work. Merry Christmas All.

i cant speak bad about them, they just gave me 2 listings... The lady i talked to kept saying, im sorry, this is what our client wants, so i think they are under alot of pressure on these, but a little help explaining to the bank would be nice, instead of just kicking it back for QC.

When dealing with the the short sale subjects that are listed way lower then values are showing on the comps I always put some sort of comment about the values being higher then current list price due to possible short sale listing being priced under market to get offers. Broker value is based upon comps not current subject list price. I've never had one sent back after that.

i tried that, apparently the bank client on this one would not accept that.

huh. Difficult bank. At least they will end up listing it very low and it will sell fast if you get those listings.

I just had a listing from them that was listed as a Short Sale prior to becoming an REO. I valued the property slightly higher than the previous Short Sale listing price. The Short Sale was priced under market but didn't sell, simply because it was a Short Sale with an unresponsive Loss Mit department. Of course the Valuation Mgr was concerned that my value might be too high because it was higher than the previous list price, but I emphasized that Short Sale list prices often do not reflect true value for numerous reasons. She approved my BPO value... I listed it and received 3 offers within 48 hours of hitting the MLS and it sold OVER list price! I find their REO department to be very EZ to work with and they have GREAT communication.

As far as their BPO department goes, their forms are more tedious than most others, but the VMs do read comments thoroughly. Once you learn exactly what it is they are looking for, the QC hassles will diminish. Comment, comment, comment. It's a large company, so some VMs are easier and more realistic than others, but overall, it's a GREAT company! I have few, if any complaints!