Great advise by our In-house AM - Let's do this and see which companies pay the best and which ones don't - here's my list of good paysEMortgageLogicEqui-traxTitanium SolutionsFranklin CreditFASInc
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Willy Olsen > AntionetteJanuary 21, 2014 at 6:53am
There are some companies that will question your values, comps used and even recommend some properties in place of the ones that you used. As much as I would like to mention those companies, there is one that I quit doing any BPO work for early last year because it became so frustrating that their so called "Asset Managers" would review your comps and values with what they found on Zillow. It quickly became obvious that their AM's had no clues as to what they were doing. They would come up with comps that were expired or canceled listings or were not even close to what the subject property was. If the GLA was way off or if the subject property was a single level and the comp they were asking why you did not use was a 2 story, they would say, "well just make adjustments to compensate for the difference". This one particular company and a handful of others are currently being investigated and a couple of lawsuits have been filed against companies that don't pay.
I work with a couple of companies that now and then will do that and I go ahead and tell them why I used the ones I did and why the ones they suggest don't work. And I also tell them I am sticking by choices. I have never had any issues after that. Corelogic even sometimes suggests properties right at the end of the report and gives a space to tell them why their suggestion doesn't work. I explain and submit the order.
After 2 yrs I have come to the conclusion that all we are here are 60 hr a week unpaid property babysitters for the banks. All I get are properties with unsolvable legal issues , sink holes that take forever to repair or properties that are uninhabitable. Inspections due every 5 days , wear and tear on vehicle, gas, ins. dues, mortgage on office, tel . etc with no income to cover these expenses. Closing doors.
Colleen > Richard & Mary Ann HouleJanuary 15, 2014 at 5:43pm
you are so right, if I could close half of my properties on time or at all, I would be rich. this is why I do bpos and now we are foraying into property management.
I did some work for Valuations visions in November and sttill have not been paid. I contacted them today to see when I would be paid and they sent me this email.Just wanted to let everyone know they may not pay.
We do sincerely apologize for the delay in payment. We are currently finalizing an acquisition which is what has caused the delay in payment. This should be completed within the next 30 days. We appreciate your patience and we will do everything we can to get payment to you as soon as possible.
Thank you. V2 Client Support Valuation Vision 3648 Ocean Ranch Blvd. Oceanside, CA 92056 Office: 760.203.6260 www.valuationvision.com
Valuation Vision
Valuation Vision provides Alternative Valuation Services for the Mortgage and Servicing Industries. Services include Broker Price Opinions, BPOs, Re…
Patti Baker > Shannon SimoniniJanuary 24, 2014 at 11:24am
BEWARE of all BPO companies in California....,
Vicki Taylor > Shannon SimoniniJanuary 19, 2014 at 3:50pm
They have been saying 30 days for about 3 or 4 months now. I think we can kiss those payments good bye for sure!!
Replies
There are some companies that will question your values, comps used and even recommend some properties in place of the ones that you used. As much as I would like to mention those companies, there is one that I quit doing any BPO work for early last year because it became so frustrating that their so called "Asset Managers" would review your comps and values with what they found on Zillow. It quickly became obvious that their AM's had no clues as to what they were doing. They would come up with comps that were expired or canceled listings or were not even close to what the subject property was. If the GLA was way off or if the subject property was a single level and the comp they were asking why you did not use was a 2 story, they would say, "well just make adjustments to compensate for the difference". This one particular company and a handful of others are currently being investigated and a couple of lawsuits have been filed against companies that don't pay.
I work with a couple of companies that now and then will do that and I go ahead and tell them why I used the ones I did and why the ones they suggest don't work. And I also tell them I am sticking by choices. I have never had any issues after that. Corelogic even sometimes suggests properties right at the end of the report and gives a space to tell them why their suggestion doesn't work. I explain and submit the order.
Willy, hit on the head good job!!!!!!
Fulton, true....they just get fatter and greedier...thanks for insight m/a
After 2 yrs I have come to the conclusion that all we are here are 60 hr a week unpaid property babysitters for the banks. All I get are properties with unsolvable legal issues , sink holes that take forever to repair or properties that are uninhabitable. Inspections due every 5 days , wear and tear on vehicle, gas, ins. dues, mortgage on office, tel . etc with no income to cover these expenses. Closing doors.
you are so right, if I could close half of my properties on time or at all, I would be rich. this is why I do bpos and now we are foraying into property management.
I did some work for Valuations visions in November and sttill have not been paid. I contacted them today to see when I would be paid and they sent me this email.Just wanted to let everyone know they may not pay.
We do sincerely apologize for the delay in payment. We are currently finalizing an acquisition which is what has caused the delay in payment. This should be completed within the next 30 days. We appreciate your patience and we will do everything we can to get payment to you as soon as possible.
Thank you.
Valuation Vision 3648 Ocean Ranch Blvd. Oceanside, CA 92056 Office: 760.203.6260 www.valuationvision.com
V2 Client Support
BEWARE of all BPO companies in California....,
They have been saying 30 days for about 3 or 4 months now. I think we can kiss those payments good bye for sure!!
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