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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Vicki Taylor > John GiammarcoNovember 22, 2013 at 4:38pm
Not to mention, we are providing a Price Opinion not a market value. We are not appraisers, at least I am not. If they want a market value, hire an appraiser. I agree with you, John, these people hire us to do these reports are in PA, CA and UT, etc are hundreds, in some cases 1000's miles away from me in MS and they have no idea what some of these horribly dilapidated properties will bring on the open market. Yeah it may 2200 SF with 4 bedrooms, but the shack next door, and the fallen in roof is a huge factor in "price". It can get very frustrating. I have come up with several buzz words and phrases that have helped my QC problems in my rural area. Just my thoughts.....
Joan Willis > John GiammarcoNovember 16, 2013 at 3:42am
I get the same thing from LSI, they send me over comps that have sold that are out of the distance parameters or were not in the MLS. It is hard enough finding comps in the MLS I do not have time to search the tax records in the area for comparables. And I agree with you John it is an opinion, why is it that when we give our opinion they always want us to change it.? I am so weary of doing them it is not funny. I find very few companies that are a pleasure to deal with anymore, pay well, are respectful of our time or respectful to us as a person. I also find it interesting that they send us orders after 5 pm want them done by 12 pm the next day. You need to drive 30 miles there 30 miles back, pull comps and do data entry and if you (as I do) adhere to their standards and do everything yourself, there is not enought time to get it all done on time. They do not think we should eat, sleep or have time with our families. Then they e-mail you or call you a few days later and tell you that ye need to make corrections/additions/replacements of comps in an hour. Do they not realize that they may have given us other bpos or that we work for other companies and may be on the road taking photos. I once had anAM call me while on the road with such a request and wheb I told her that it was impossible for me to get it done in an hour that I was takig photos and it would be 3 hours before I was back to the office, and she said that they did not have any other bpos in my que and I said they were not for them when she said "Oh, you work for other companies". I chuckled when she said that because I thought to myself do you think I can make a living on what I makefor a week doing bpos for you when I do not get paid for 3-6 months.
When I pull the tax records on our mls, there is a button I can hit that will bring up all the sales in the radius that i choose. Check and see if you have that option, it really saves a lot of time in the search for comps that are in close proximitiy to the subject.
I don't accept ANY orders that are more than 15/20 miles. It is not cost effective and I only deal with companies that pay within 30/45 days like clockwork. I've been doing the BPOS for a long, long time and have close to 10,000 done......If the comps that YOU choose are the best that are available, you have to stand your ground and say that you can't pull properties out of thin air.....
Colleen > Coleen M. HugneyNovember 16, 2013 at 4:12am
I never change mine, never. normally they back down.
Guys, I know this discussion is so big now that I couldn't easily find what I was looking for. I just got a call from AMS REO out of California. That isn't the same as the PA company, is it? Does anybody know anything about them?
Dale Kuzniar > David KeslerNovember 15, 2013 at 12:14pm
Yes Old republic was great to work for 6/7 years as they were doing a lot of Fannie Mae listings at that time...but now.....next!
Colleen > David KeslerNovember 15, 2013 at 10:59am
I get this type of response from these companies all the time, no wonder people do not want to do bpos for them any more. I kicked them to the curb awhile back. They are awful to deal with.
I agree with that, the pay is terrible. I loved Secured Lending, They paid very well and the form was pretty easy.... unfortunately they went out of business this year, Ironically, they paid most of what was owed me the month that they closed down. maybe one or two.........
I am interested in complying a list of people who have been cheated by Broker Price Opinion. Please e-mail to michael@cinemarealestate.com I intend to contact a collection agency in their main office area and put them in collection, also if we could determine their client list...include their clients in the action? Please advise. Michael Jones Responsible Broker for Cinema Real Estate
Replies
Not to mention, we are providing a Price Opinion not a market value. We are not appraisers, at least I am not. If they want a market value, hire an appraiser. I agree with you, John, these people hire us to do these reports are in PA, CA and UT, etc are hundreds, in some cases 1000's miles away from me in MS and they have no idea what some of these horribly dilapidated properties will bring on the open market. Yeah it may 2200 SF with 4 bedrooms, but the shack next door, and the fallen in roof is a huge factor in "price". It can get very frustrating. I have come up with several buzz words and phrases that have helped my QC problems in my rural area. Just my thoughts.....
I get the same thing from LSI, they send me over comps that have sold that are out of the distance parameters or were not in the MLS. It is hard enough finding comps in the MLS I do not have time to search the tax records in the area for comparables. And I agree with you John it is an opinion, why is it that when we give our opinion they always want us to change it.? I am so weary of doing them it is not funny. I find very few companies that are a pleasure to deal with anymore, pay well, are respectful of our time or respectful to us as a person. I also find it interesting that they send us orders after 5 pm want them done by 12 pm the next day. You need to drive 30 miles there 30 miles back, pull comps and do data entry and if you (as I do) adhere to their standards and do everything yourself, there is not enought time to get it all done on time. They do not think we should eat, sleep or have time with our families. Then they e-mail you or call you a few days later and tell you that ye need to make corrections/additions/replacements of comps in an hour. Do they not realize that they may have given us other bpos or that we work for other companies and may be on the road taking photos. I once had anAM call me while on the road with such a request and wheb I told her that it was impossible for me to get it done in an hour that I was takig photos and it would be 3 hours before I was back to the office, and she said that they did not have any other bpos in my que and I said they were not for them when she said "Oh, you work for other companies". I chuckled when she said that because I thought to myself do you think I can make a living on what I makefor a week doing bpos for you when I do not get paid for 3-6 months.
When I pull the tax records on our mls, there is a button I can hit that will bring up all the sales in the radius that i choose. Check and see if you have that option, it really saves a lot of time in the search for comps that are in close proximitiy to the subject.
I don't accept ANY orders that are more than 15/20 miles. It is not cost effective and I only deal with companies that pay within 30/45 days like clockwork. I've been doing the BPOS for a long, long time and have close to 10,000 done......If the comps that YOU choose are the best that are available, you have to stand your ground and say that you can't pull properties out of thin air.....
I never change mine, never. normally they back down.
Guys, I know this discussion is so big now that I couldn't easily find what I was looking for. I just got a call from AMS REO out of California. That isn't the same as the PA company, is it? Does anybody know anything about them?
Yes Old republic was great to work for 6/7 years as they were doing a lot of Fannie Mae listings at that time...but now.....next!
I get this type of response from these companies all the time, no wonder people do not want to do bpos for them any more. I kicked them to the curb awhile back. They are awful to deal with.
I agree and they pay so lousy too.
I agree with that, the pay is terrible. I loved Secured Lending, They paid very well and the form was pretty easy.... unfortunately they went out of business this year, Ironically, they paid most of what was owed me the month that they closed down. maybe one or two.........
I am interested in complying a list of people who have been cheated by Broker Price Opinion. Please e-mail to michael@cinemarealestate.com I intend to contact a collection agency in their main office area and put them in collection, also if we could determine their client list...include their clients in the action? Please advise. Michael Jones Responsible Broker for Cinema Real Estate
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