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Showing a property that you did a BPO on????

Posted by Margaret A "PEGGY" Seme on May 17, 2010 at 9:30am

I was just informed by a BPO company that I CAN'T EVER show a property that I do a BPO on to any prospective buyers. This has never been handled this way. I was always told that I couldn't discuss with anyone client or not what the BPO value was being I had a responsiblity to my client indirectly the Bank/Mortgage Company.

Specializing in REO's and doing BPO's as a fill in,which also keeps me up to date on different market values is a good thing. It just blows my mind that this is something that this one company expects.

I knew that if I or anyone in my office had a client or self interested in the property NOW that I couldn't do the BPO--but not that I do a BPO this week and wind up with a buyer next week that the subject property meets their criteria I CAN"T EVER SHOW IT. This is even for still owner occupied properties--not even an REO or Short Sale

Any Thoughts on this???????????????

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Comments

  • Margaret A "PEGGY" Seme May 21, 2010 at 5:10am
    I think the ruling is office--but you best bet would be to ask the person you are doing them for.
    I had been asked by a different company to do an interior--it happened to be owned by an agent in my office--I was told that would be OK--I told him he better check with his supervisor--being this was on the phone--he called back and told me to forget it--I was right in telling him--yesssssssssssssss
  • Alain Thillois May 21, 2010 at 4:58am
    I just got a BPO assignment from Old Republic for $ 30 fees.... It has been accepted by another agent.... WOUAHH !!!!! THAT's A LOW PRICE !!!!!
  • Alain Thillois May 20, 2010 at 3:33am
    The more you will ask and the less you will get. Juste realized yesterday that I have completed 2 BPO at $ 40 each. One is listed with an agent located within 2 hours drive round trip from the property while the other one was also listed by another agent and recently sold for $ 1.4 million. I am so happy with my 40 bucks ! The facts as well is we should not do a BPO if anyone in our office has an interest and/or have already done a BPO. We are 300 agents with 8 offices. You can immaging when a BPO is popping on my email that I am asking to all my coleagues if they have already cashed 40 bucks for a BPO. If I am lucky enough as none has done it.... THEN ...I go back to my email and I will accept the order !!!! I do that every day !!!! Another one is we should not contact the owner after a BPO ia completed but I am doing mailing do some specific farm area with labels provided by title companies. Be sure to understand that my family and I ( including the cat) are each evening screening one label per one to be sure it does not go to a previously BPOed property. ***** I believe they are setting their own rule and have no idea about our business... This is just the nature of our business.
    I have asked if the limitation is to the office or extended to the company... They never came back to me. Don't Ask...Don't Tell.
  • Margaret A "PEGGY" Seme May 19, 2010 at 12:45am
    I know when I signed up with them I signed the standard privacy statement that they all have
    I do alot of BPO's for them--I would rather not state it here but will let you know
  • Deborah London May 18, 2010 at 2:29pm
    Peggy, I have never heard of this before. Do you want to say who the company is? I only work for 3 vendors at the moment, but none of them have that policy. It doesn't seem fair to me.
  • Margaret A "PEGGY" Seme May 18, 2010 at 8:00am
    I asked for it--never got it--was told they would just email it to me in a basic email not an attachment with company policy
  • Tony Linton May 18, 2010 at 7:49am
    I just gotta know Peggy, was this in writing or a verbal banter from a rep trying to quote his/her version of a company policy? If it was in writing.....or say e-mail, was it the company policy itself? Before you get your feathers ruffled too much simply request the policy that states that you can never..never..never show or sell a property you did a BPO on. My bet is that verbage does not exist, however; you might find some corporate stammer about doing a BPO on a property that you have a vested interest in. I'm interested to see what you come up with.
  • Margaret A "PEGGY" Seme May 18, 2010 at 2:57am
    I know that--I was shocked when told that I could NEVER show properties that I did a BPO on!!! I would never discuss the fact that I did a BPO on a property in any way. I've had agents and sellers call me and ask me what the BPO came in at and I will never discuss that--can't I've also had them try to tell me what the offer price is for the short sale and have told them that I can't know--that the value I put on the subject is based on teh condition and local comparables period. I've been approached by the owners when taking pictures asking me why. I explain that when they sign the mortgage they give the company the right to make sure the property is being maintained and that if a package of mortgages are being sold or just plain audited that they will randomly audit the info. By federal rules after the Resolution Trust back in the late 80's early 90's the feds require 4-5% to be randomly audited this way there is never a disclosure of any kind
  • Kristine LaDue-Klink May 18, 2010 at 2:42am
    I show and sell properties I've done bpo's on all the time! It's the market area I'm in. If I couldn't do this ah, er, duh, what would I sell? In fact I just got into contact as a buyer's agent on a property that I've done a couple bpo's on in the last couple years. It's a fair market deal, no mention of short sale or anything. Confidentiality is our friend :)
  • Margaret A "PEGGY" Seme May 17, 2010 at 3:35pm
    No I'm not the listing agent--Did the BPO and had a buyer who wanted to see it the next week--they really were just interested in the floor plan being it was priced higher than they wanted to spend. The BPO company then asked me to do an interior and I menitioned I had showed it--and was told that I can NEVER show one that I do a BPO --the property isn't even a REO property but a potenital Short Sale
    They told me that none of the agents that do BPO's for them worry about it and have no issue with NEVER showing there listings

    I did the BPO for company A that does nothing but BPO's they don't own or manage the assets even if REO's
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