I have read many blogs addressing complaints about BPO companies; BPO companies that don't pay, BPO companies and their low fees, etc but I don't think I have read one about corrections. I really think we should all share our "corrections experiences" simply because corrections are the spice to this stressful BPO business, don't you agree? Corrections make us cry, scream, curse and very often LAUGH.
I will begin by sharing my latest funniest experience and will post some more along the way:
On aerial view I can see that there is a detached structure on the rear east side of the subject. Can you determine what the structure is, check aerial view on all comparables and make the appropriate adjustments?
Really?
Comments
It was not in FL and it was an older gentleman. He sounded very confused and seemed hard of hearing . Maybe he did talk to them and just doesn't rememebr or didn't hear them we'll. When I said sir have you spoke to your lender his reply was 'what's wrong with my win'der (window). It took several tries to get him to understand what I was asking.
Actually I would believe that, in fact I have encountered a number of agents who seem to know nothing about real estate period..
Well if the Borrower was located here in Miami FL I would tell you he did know, LOL. Some Borrowers are doing whatever it takes to stay in there homes and if agreeing with the Lender on doing a BPO or listing the property is what it takes they will do it. Will it surprise you if I tell you that in 2013 a number of agents listing a short do not know what a BPO is? So they say...
I rarely do just bpos anymore because I'm swamped with REO listings and I have to do a lot of bpos, msr's, etc for those, however yesterday I got an urgent call about one with a better than normal fee. I agreed and got the info via email. The report had a 48 hour due date. Well when I logged in the the POC was the home owner and when I called to schedule he had no idea who I was or why I was calling. I wasn't sure what to tell him. I asked him if he had spoken with his lender recently and he said no. I know this isn't a corrcection issue but I'm just wondering how I was supposed to handle that.
In my case the rear unit of the duplex was burned, let me mentioned this was a second opinion of value for Wells Fargo REO through Core Logic. I completed the painful BPO which they returned to me asking to replace all comps with single families as the rear structure needed demolition. I explained that the property will always remain a duplex, that single family lots in the area were assessed at least 30% less than multi-family lots and that the appropriate approach was to use the comps I had provided, I argued with the rep at India for about 20 minutes and asked him to place the order on hold and that I needed to speak with head of QC here in the US. Days later I received an email not a phone call asking me again to proceed as a single family, I called, explained was never understood, placed order again on hold, same thing again a week later. How does someone in India makes a decision as to how to proceed is such special situation?
Lavina, I had a similiar one. I got an interior bpo on a house that had burned down. I called, they said complete anyway. Well a lot of fields were mandatory and I had to put a lot of zeros, n/a, etc. After I submitted along with pics and a value of about $15k they kept asking for corrections. I finally said enough I'm not changing value or adding imaginary bedrooms to a vacant lot. They didn't send it back after that and I did get paid.
One of my most interesting was a duplex. When I arrived at the property it had been demolished and there was nothing but a vacant lot. I contacted the company and they told me go ahead and do a BPO on both properties. I tried explaining to someone who had a bit of a problem with English. I finally completed 2 identical BPO's, using each adddress and submitted it with photos of a vacant lot. Surprisingly they didn't ask for corrections and paid for both properties.
Is there any way we can lower the star rating on BPO companies? Integrated Asset Services has three and they should barely have one and some agents are using that list to sign up for BPOs and I would say stay away from Integrated Asset Services because of the non or slow payment with my completed BPOs and I've been doing them for them for over 6 years now. Lower their star performance for sure.
LSI-boa has the worst form. They want complete long sentences. List those not selected. The grading is based on how many gets through qc 1st time. Their antiquated upload tool allows one image at a time. So a 18 room house with damage will take 30-45 mins to upload. They will say one is a dup (say total 25 images)+ 6 comps.
As for pricing, I have been one of the most accurate brokers for many years. So I state I never have been disagreed by any lenders for XX years and I can not be influenced in anyway. They shut up quickly.
And how about when the report kicks back claiming the photo of the subject is not the subject? Core Logic/FARVV specializes on this one! On one particular order the owner had enclosed the porch and painted the house, they sent me the photos of the prior, you could clearly see that it was the same house, but NOOO! the report kicked back 5, 6, 7 times I sent them extra photos, I sent them the images from Google Maps, I provided a million and one explanations, this one was not funny.
Another incredible one was when PCV used to input the subject's characteristics which you couldn't edit. The sent me a condo in a building where all units were 900sqft including the subject according to public records and all MLS listings. Well, according to their appraisal the subject was something ridiculous like 1,500sqft. I tried reaching PCV for 3 days to get an update on the issue, they finally called me back since the order was past due. I got into the biggest argument with the coordinator and told her the lender's "appraisal" was "questionable", to that she replied the borrower could have enlarged the unit. Enlarge the unit? really? in a building? I totally lost it!!
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