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Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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I'm laughing here. Some asset manager calls me last week and wants a BPO done on a property about 10 miles from me. I tell him I'll do it for $75. He directs me to a website to log in and register. I go there. They want $100 to register. I call the asset manager back and voicemail him, I'm not going in the hole $25 to do his BPO (If it comes to a listing, I don't want the property anyway) but if he can do a workaround, I'll still help him out. Property has been on the market for 497 days! Starting price was $589K, now it's a $250K short sale.
3 days go by and no response. The weekend comes and goes. Tuesday he calls and asks why the BPO isn't done. I tell him I can't log into his website and he tells me that they waived the fee, so I should go ahead and log in. Click. Uhhh dude what should I use as a password? Do you think you might have told me that a couple of days ago? Hours pass. I call him back and he gives me the rest of the information. I log in to the website!
I start doing the BPO and he calls and says can you have it done today? Well, no my friend I can't and I'm taking my car 90 miles away to the dealer tomorrow for service, so I'll have it for you by 9:00 this AM.
I come in this morning at 8:00 have the BPO done by 8:30 and I have 4 email messages reminding me I'm "late". No problem, I did what I said I would do.
20 minutes later, I get an email saying log back in, the value you gave us varies from a BPO done 6 months ago. OK, no problem. I go back in and the previous BPO used 2 properties that aren't even close (proximity and type) to the subject property. I point this out in the comments section.
You don't like my number? Too bad, it's the number that the place is gonna sell for, find someone else to sweet talk you. Oh wait, I'm the only agent you know within 40 miles of the subject property? Your previous BPO was for $235K and you don't like my 200K? I thought I was being pretty generous.
I'm laughing here. Some asset manager calls me last week and wants a BPO done on a property about 10 miles from me. I tell him I'll do it for $75. He directs me to a website to log in and register. I go there. They want $100 to register. I call the asset manager back and voicemail him, I'm not going in the hole $25 to do his BPO (If it comes to a listing, I don't want the property anyway) but if he can do a workaround, I'll still help him out. Property has been on the market for 497 days! Starting price was $589K, now it's a $250K short sale.
3 days go by and no response. The weekend comes and goes. Tuesday he calls and asks why the BPO isn't done. I tell him I can't log into his website and he tells me that they waived the fee, so I should go ahead and log in. Click. Uhhh dude what should I use as a password? Do you think you might have told me that a couple of days ago? Hours pass. I call him back and he gives me the rest of the information. I log in to the website!
I start doing the BPO and he calls and says can you have it done today? Well, no my friend I can't and I'm taking my car 90 miles away to the dealer tomorrow for service, so I'll have it for you by 9:00 this AM.
I come in this morning at 8:00 have the BPO done by 8:30 and I have 4 email messages reminding me I'm "late". No problem, I did what I said I would do.
20 minutes later, I get an email saying log back in, the value you gave us varies from a BPO done 6 months ago. OK, no problem. I go back in and the previous BPO used 2 properties that aren't even close (proximity and type) to the subject property. I point this out in the comments section.
You don't like my number? Too bad, it's the number that the place is gonna sell for, find someone else to sweet talk you. Oh wait, I'm the only agent you know within 40 miles of the subject property? Your previous BPO was for $235K and you don't like my 200K? I thought I was being pretty generous.
What was he thinking? Asset managers and relo companies are living in some kind of dreamworld. I applaud you for sticking to it....did you have to complete one of those idiotic ERC forms? They are a royal pain as well.
I did one two years ago for an AMC (Asset Management Company) I valued the house and the land at $12,000. It was a little out of the way.
I gps the location, I drive 20 minutes, I look at the lot, I shake my head, I take pictures, I drive back to civilization, I find a clerk and ask about the the Romero's place.
Oh, yea. He took apart the double wide and moved to Oklahoma, maybe Texas. I thought it was funny. He told me the guy took a chainsaw got himself a flatbed and moved his place in two trips. He thinks Anita has a picture of it rolling down county line road.
ok. I go home and do the evaluation online. I upload photos. I submit the valuation as land only value. There is a concrete foundation. I am no engineer. I am a real estate broker.
Two days later...The valuation manager calls me and tells me to value the property, not just the land. He can up the fee to $75.00 to do an interior.
I said to him, you want me to find your owner in OK or Texas and do an interior inspection? He said yes. I want an interior inspection of this house.
I said ok. I'll need a plane ticket and rental car.
I said look at the 3rd photo - the one that looks like a concrete pool. Yes, I see the pool. How much do think it would cost to clean that out? No, that is not a pool, that is where the house was. Those are foundation walls. It's gone. There is no house. The guy in town said he took it out of state.
You guys sure put up with a lot of BS for $75. About the 1st time someone gave me grief I believe I would hit the delete key and tell them my price just tripled.
OMG! Sucks that you had this experience, but I'm glad to know I'm not the only one this happens to.
This is what I do for a living. I take issue with someone sitting at a desk in another state who knows nothing about my market questioning my bpo values. And nothing burns me up more than the old "your value differs from this bpo that was done 6 months ago, please explain YOUR value". Are you kidding me? It really gets to me when they actually send a copy of the previous bpo and it looks like a 4 year old completed the report! Are you really comparing my work, which puts the other reports to shame, to THAT??? UGH!
Quote:
Originally Posted by DMenscha
I'm laughing here. Some asset manager calls me last week and wants a BPO done on a property about 10 miles from me. I tell him I'll do it for $75. He directs me to a website to log in and register. I go there. They want $100 to register. I call the asset manager back and voicemail him, I'm not going in the hole $25 to do his BPO (If it comes to a listing, I don't want the property anyway) but if he can do a workaround, I'll still help him out. Property has been on the market for 497 days! Starting price was $589K, now it's a $250K short sale.
3 days go by and no response. The weekend comes and goes. Tuesday he calls and asks why the BPO isn't done. I tell him I can't log into his website and he tells me that they waived the fee, so I should go ahead and log in. Click. Uhhh dude what should I use as a password? Do you think you might have told me that a couple of days ago? Hours pass. I call him back and he gives me the rest of the information. I log in to the website!
I start doing the BPO and he calls and says can you have it done today? Well, no my friend I can't and I'm taking my car 90 miles away to the dealer tomorrow for service, so I'll have it for you by 9:00 this AM.
I come in this morning at 8:00 have the BPO done by 8:30 and I have 4 email messages reminding me I'm "late". No problem, I did what I said I would do.
20 minutes later, I get an email saying log back in, the value you gave us varies from a BPO done 6 months ago. OK, no problem. I go back in and the previous BPO used 2 properties that aren't even close (proximity and type) to the subject property. I point this out in the comments section.
You don't like my number? Too bad, it's the number that the place is gonna sell for, find someone else to sweet talk you. Oh wait, I'm the only agent you know within 40 miles of the subject property? Your previous BPO was for $235K and you don't like my 200K? I thought I was being pretty generous.
OMG! Sucks that you had this experience, but I'm glad to know I'm not the only one this happens to.
This is what I do for a living. I take issue with someone sitting at a desk in another state who knows nothing about my market questioning my bpo values. And nothing burns me up more than the old "your value differs from this bpo that was done 6 months ago, please explain YOUR value". Are you kidding me? It really gets to me when they actually send a copy of the previous bpo and it looks like a 4 year old completed the report! Are you really comparing my work, which puts the other reports to shame, to THAT??? UGH!
The worst one I got was: "but zillow has this value ...."
Well, I have one but with a Panamanian twist so a tad different. Had a property listed where the buyer wanted financing. Okay - no biggie. Now keep in mind we have no MLS, so all I could do was get with people who had sold comparable properties, in similar location and go old school and break everything down for the bank's appraiser - ours is concrete block/steel, high end finishes, sent extensive photos and did the same thing with the one's that had sold and what they had sold for. Provided documentation of the cost of construction, everything that would support the agreed upon purchase price, hotel was generating income, established clientele/referral base, etc. etc. etc. Comparable properties built in wood had sold for around the same amount as the agreed upon purchase price for our much higher quality built property.
The appraiser for the bank didn't even get off his fat a## and fly down to personally look at the hotel, see the quality construction or its prime location; just simply tossed aside everything I had sent him, tapped into the public registry where the numbers aren't necessarily 'real' as prices/values don't always get updated and essentially was comparing it to somewhere out in the middle of the jungle - not prime in-town location. So of course the appraisal came in at about 1/2 of what it cost to build the hotel several years before (and construction materials had, duh, gone up since then). I know the guy heard me screaming all the way to the City. The bank wouldn't see reason and buyers got freaked because 'well if the bank's appraiser says it's only worth X, then . . . " Needless to say that particular bank is on my list.
Last one we had we did the same thing BUT the appraiser for the bank actually reviewed supporting comps, flew in and appraised it higher than sale price. Needless to say that bank is on my recommended list of lenders 'cause they actually work, review documentation and, duh, look at the property before giving an appraisal.
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