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Marvin Von Renchler's Blog

By Marvin Von Renchler | Managing Broker in Tigard, OR

BPO AGENT CONFESSIONS--a continuing series

What a week, dozens and dozens of new BPO orders. Almost all interior orders from a few major banks that are trying to take short sale offers.  More games though. Real estate agents calling me to ask why the lenders are telling them the BPOs were not finished. I have the proof that they were completed and I was even paid on them!

Lenders not wanting to accept my values or suggestions.  Hacking away at me to lower my estimations for repairs, etc.   If you walk around a home and the termite pellets have dropped out of the walls to such a degree that it looks like a one foot wide bathtub ring around the entire structure, I thiunk you can assume there is inner wall damage, yes? Nope. I was told by one investor that unless I SAW the termits and inner damage that I couldnt bring it up.  Boy oh boy. (Or girl oh girl---its equal opportunity)

More horror stories from a the few BPOs for people still trying to do loan mods. What a joke. Just change the borrower name and the story is the same, as Ive blogged here before. I cant tell them that Ive only met one person who actually received a positive mod.

Now Im finally running into owners who wont let me in. They are tired of dealing with the lenders. They are tired of frustrated short sale buyers having to wait weeks for an answer, etc.
  Im being stood up for appointments. Some are openly hostile and think Im from the bank. All these short sale BPOs are interiors which make sense because I can evalutate the homes true condition. They pay about $11 more than a drive by so the money is better but the frustration level is much higher. Its hard to contact the parties responsible for letting me in. On drive by BPOs I can go when ever I want with no restrictions. On interiors Im subject to them whims of others and many take a LONG time to compolete, which counts against my overall score with the BPO company, regardless of the reason. Very unfair but thats the way it is.

Im noticing more people leaving personal items nowthan ever before. Its harder to find rentasls. Rents are higher. People dont have the time or money to try and save everything they own. Im seeing refrigerators, aquariums, furniture etc all left. Many report that the lenders 'cash for keys' offer was low and required a quick exit from the property. Seems about $1,500 is usual.

I dont understand any of this! The news reports that the recession is over and we are in recovery!  Pres OBummer says we have created more jobs!  How can all these people be losing their homes?

Just more of the same old swill being forced down our throats. TAKE THE B.O. OUT OF THE WHITEHOUSE! 

All you regular real estate agents out there be aware that ignorant, stupid or inept BPO agents may greatly harm your sales.

Comments

By Anja Kerstens,  Tue Jul 17 2012, 11:15
This and your last post are eye openers. I didn't realize the BPO market was so cut throat. Working with short sales and bank owned properties I only see one side. Thanks for showing us the other side of the story.

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