I have been doing exterior BPO's in MS since 2012 when they passed the law that agents could be paid for BPO's. Recently I have been receiving more and more interior inspection request. I am sure it is because we are having an increase in foreclosures in my area. The ones I have done in the past a local agent is usually the contact person or there is a lockbox. However, over the last few weeks I have received two interior BPO's request that the borrower has been the contact person. I talked to the first borrower and they were doing a modification and I quickly said "I can not do this, in the state of MS, BPO's can not be used for new loans, mods, refi's...blah, blah, blah." The second I turned down because I didn't want to get involved with it again. The specific company is Protek. I have talked with the and told them the issue. Does anyone else live in a state with these specific laws for BPO's and new loans, etc, and if so, have you had any issues like mine? Just looking for feedback.
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never heard of such ridiculous laws....
I just don't do any interior BPOs anymore. You never know what the purpose is, access can be a problem, if it's for a short sale or loan mod you might get the owner or the listing broker calling and complaining afteward if they get denied. I used to only accept if I new it was a second opinion for an REO but I don't even do that anymore because the last couple I did the listing brokers were to lazy to go by and check if the property had been rekeyed (one told me, I'm so busy why don't you go check and call me when it's been rekeyed) so I just do drive bys now. Makes life easier not to have to schedule access or drive to find property hasn't been rekeyed. Most companies pay 40-50% more for an interior and I can usually do 2 exteriors faster than one interior so I figure why bother with them.
Normally when I do interiors I text the POC, (listing agent) to see if the property has been trashed out yet and get the lock box. Often times, it maybe in the process, so I let the company know and that gives me a few more days to line up other one in the area. I did have one recently where the agent gave me the wrong lockbox, in a very rural area, no cell service, but I called and got through to her and she gave me the correct one. I would have very pissed to have to make another trip out there. Maybe 1 out of 10 I have to meet with a home owner, which I'm not thrilled about with the scheduling ect and try to stay away from. This week so far BPO's have been slow, they seem to go in streaks, the middle of the month being the busiest, but I did pick one up for $70.00 I'll do this morning on my way to bring my dog to the vet for shots, so I like to think of as being paid to go somewhere. If this market ever turns around, it would be nice to get back to listing and selling. Doing BPO's, you see a lot of homes that have been on the market for years, and so many homes bought just before the housing crisis and recession going back to the bank can be depressing. In April and June of last year, my husband and I sold 2 homes we bought around 2000. He paid $120,000, (due to his work we had 2 homes) we sold for $89,000 on a LC . My home sold for $89,000 also, and I paid $95,000. On a good note be bought our dream house through a "shortsale" and made up for our losses 2 years ago.
I have about decided I am not going to do them anymore either!!
The reason I ask is because Mississippi has made it clear that we can not do BPO's for anything other than foreclosure and asset management. I will not jeopardize my license for a measly 150.00 for interior. That is why I ask. It is a red flag to me to me when the borrow is the contact for an interior.
I have not seen anyone pay $150.00 since 2006, I have worked for protek and they ask a lot for the money and always have, I have never again been paid that kind of money from them, unless travel is included and you have to ask for it.
My low fee for Proteck is $75.00, and I try to get that from most companies as a bottom line, but I will complete orders for Clear Capital for $50.00 or more if I can get it. I average between $100.00 & $125.00 per order from Protect on exterior orders. I've completed over 20+ orders in the last 3 weeks, and made over $2,000. Proteck always offers $40.00 and I decline it, with my fee and because I live in a very rural area, most are from 30-100 miles away. I started doing BPO's for a lot of company's and kind of cornered the market around here, not to many agents will do them. I love them and spend one day taking pictures, lunch with friends, shopping, than the next day or two at home working on reports. Normally when I go out I make sure I have about 3-6 lined up.
My low fee for Proteck and all companies for exterior is 75.00 too. You need to negotiate with clear capital. They send over those 50.00 fees right and left and I decline with my fee of 75.00. I usually get 100.00 for orders that in another county with the exception of a few here and there. I too am in a very rural area, but I can't go out 100 miles because our local MLS over covers the 2 counties that I service in other real estate business, so the furthest I can go is 30. Which is ok with me!! :)
Our MLS is joined up and is statewide. Normally I do negotiate with Clear Cap for a higher fee, but if I'm going to be the area for other ones, I sometimes just pick them up for fillers. On interior for Clear Cap, they normally offer $80.00, and sometimes they will negotiate to $125.00. I think I like doing BPO's for Protect the best. Nice to have the direct deposit on the 12th & 27th.. I had mention before, I don't kept track of all the work I do for company's, when the check come they come. I used to get all bend out of shape and call them, but not worth the stress. I recently got a check for one I did last fall for $100.00, for a company I've never done work for in the past.:))
I am jealous, I wish MS would go to a statewide MLS. But the two states I have practice, MS and AL, do not have it, but I know it must be great!! Proteck, LPS (now ServiceLink) and CC are my fav's for sure. Well, single source is good too.
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