I just completed a 2nd opinion BPO for an asset about to come to market listed with another broker. I have never been asked to do one before. Is this common for every REO about to be listed, or only when there is a particular reason? And if so, what are some of the common reasons?
During the submission of the report, something really interesting happened. One of my pendings became a sold! When I first submitted the entire report to the company, at that moment, the MLS printout they wanted showed "pending." Ten minutes later, I was sending a separate email with color photos off the MLS, as requested, and by then, the status had changed to "S" for sold! Has this ever happened to you? This is another reason for us to complete our reports quickly, besides getting a better score!
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  • Frank, the listing that became pending wasn't pending when I submitted the report. It became pending 10 minutes after I submitted the report, and I found out the next day that the REO Mgr accepted it as it was. Yesterday I found out why my report hasn't been accepted yet, although they've had it 9 days; the company ordered a 3rd BPO, which hasn't yet been reviewed.
  • It is not uncommon to see 2 or 3 BPO's done on a new listing REO property in this area. Why would you use a PENDING listing????? I have NEVER done that. I know in some markets if things are tight one can get an OK to do so, but my clients do not allow for that. It is either sold or listed - I find that strange.
  • Thanks for your comments. They are helpful and reassuring. The REO Mgr did reply to me today that she had what she needed (no revision apparently necessary, although the company has yet to mark my report on their web site as approved. Maybe they left early because of the holiday...??.) She did acknowledge she had the report showing it was pending, which I printed out literally within minutes of the change of status. Well, there is always something new to learn about this business!
    Marie, I was in your neck of the woods in Sept. I attended Five Star for the 2nd year. Juan, I see your office is in the LA area. Are you going to the REOMAC dinner in December in LA?
  • Marie describes the reason for a 2nd opinion well. And yes, I recall the status changing from pending to sold once or twice. I remember at the time thinking, oh boy, more work. However, it actually worked out because the comp was very similar to subject and justified my suggested value well as a sold comp.
  • Yes it's very common. I'm a primary list agent and a 2nd BPO is ordered on every property I get. Sometimes, if it's a high priced property, an appraisal may be ordered. They just want another opinion.
    Sometimes this can cause me problems if the 2nd BPO agent isn't familiar with the area, doesn't know what he's doing, or thinks that if they produce the highest value possible, that they may get the listing. In these cases I'll get an email telling me what the 2nd BPO value was and asking why these is so much difference. They do not tell me what comps were used or any of the adjuctments so I just have to explain why I chose the comps I used and why I made the adjustment I did.
    Get your MLS printouts when you pull the comps and then you will not have a problem with a change of status.
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