Seem lately I have been getting nothing but difficult BPOs to the point where I look at the order for the one thing or things that are going to make it work instead of mowing down the comps. An A-Frame in the middle of nowhere. A house on 5 acres where in 20 miles there aren't any on 5 acres. A really small house on a really big parcel.. The list goes on. So my new pet theory is that banks are using automated valuation programs to do a good number of BPO's themselves and then kicking the ones that the computer spits out to the humans. Any insights welcome.Actually I just had an insight about this whole thing. The REO wave is moving away from the subdivisions that were built during the easy money days as most of those homes have already gone REO and been bought. Perhaps one reason for the BPO's getting harder is that the default wave which generates BPO's is passing through as predicted, the alt A and pick your pay loans. Many of those homes were bigger, fancier, more unique, not so much subdivision financing. I think this observation has some truth to it. I'm seeing a lot more distressed and/or vacant big, upgraded homes in my BPO journies of late.
It depends on the company too. Are you just starting out with some of these companies? The bpo's will be the left overs that the heavy hitters don't want. Is it a mill or an asset management company? Each one of mine has their own distinct personalities. I really don't think the auto-accepters have any jump on us because it only shortens the input time, they don't pick and choose the orders they are accepting. It's more your position and rating with these companies when it comes to the complexity of the orders.
I do mostly commercial bpo's, (staff does residential) and they're all difficult, because commercial financing has been non-existant, commercial brokers don't typically use mls, and when they do, they don't fill in half the info-like actual income. Back in the day....it was so much easier, but I guess that's why they pay us the big bucks-lol
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