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Patti Lyles' Blog

By Patti Lyles | Agent in Santa Cruz, CA

Bank of America-will have no more BPOs (Broker Price Opinion)

Others warned me but I didn’t believe it. The agents in our area from Capitola to the San Lorenzo Valley area that do BPO’s (Broker Price Opinions) for BofA have NOT got an assignment from them this whole first week of May 1 to May 6, just proved it.

Late Friday I spoke with a Bank of America negotiator who's in Delaware. She says many changes are coming to BofA, one of them, no more BPOs or appraisals....they are moving into using AVA or AVM (like Zillow).  Can you imagine how that will screw things up? Holy crap no actual human being looking at our listings...?

 

B of A used to be the easiest approval letter to get for me...getting a little worried here. So I asked her to tell me what AVM they will be using and she gave it to me.

Here is the website that BofA is using to replace BPO’s and appraisals now. http://realestatecenter.bankofamerica.com/tools/marketvalue.aspx?cm...

Happy Trails to you . . . until we meet again, ♫

Patti Lyles - the REAL Performer
Century 21 Showcase, REALTORS ®
831-335-2100
Patti@PattiLyles.com
http://www.SantaCruzCountyShortSales.com


Comments

By Lauri Beamish, SFR,  Sun May 22 2011, 06:44
This is unreal! Just put in a new possible listing address and this thing is about $100,000. off (too much). They (B of A) have already done an appraisal on the house. Wonder which one they will go by. Thanks for the tip.
By Patti Lyles,  Sun May 22 2011, 07:58
The whole world of Short Sales is unreal, incredible, weird, inconsistent, illogical . . . . . .this change will cause as much problems as it solves. If they don't pay for BPO's anymore . . . it may be all about money and not about getting a good idea of value. .
By Timothy M. Garrity,  Sun May 22 2011, 09:15
Interesting. Doesn't sound like a very reliable method.

Thanks for sharing, Patti.

TG
By Annette Lawrence 727.420.4041,  Mon May 23 2011, 06:50
Patti,
Thanks for the heads up!
Checked two of my recent sales (not shown in stats) and evaluation was within 3k (100K purchase) or one and 10k (225K sale) for the other. The latter had 17k in tangible assets that could influence the value upward 10K.
It may be worthwhile for agents to hold off on taking that BPO certification course...don't you think?
Annette Lawrence
ReMax Realtec Group
Palm Harbor, FL
By Scottsdalescott,  Mon May 23 2011, 11:24
Wow! Now major industry is giving credence to the Zillow Zestimates of this world so they can save a buck and cost us more! This will just help further erode home values in neighborhoods in my opinion.

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