Earlier this year I had a scare when my 3yr old daughter started sneezing and later coughing up blood. I did my best to keep my cool, but I inside I was freaked out. What I needed as I drove to Kaiser was an accurate diagnosis of what was wrong so we could make the best decisions possible. At the time, the most important thing was getting good information.
Later this got me thinking about blast BPO companies (don't ask me why). Blast BPO companies are companies that specialize in valuations of real estate, otherwise known as "broker price opinions". In more recent times some of these companies have veered away from working with a network of experienced brokers and have found that it is cheaper if they send out the order to ALL realtor (good and bad). These blast BPO companies are paid by their client to compile the most accurate information possible, but instead send the order to the first person that raises their hand. What if instead of going to a qualified pediatrician for my daughter, I sent out a blast message to anyone who had taken a science class? What if I didn't choose the person with the most experience, or the person that had performed well in this area in the past, but rather I chose the first person to respond??
That would be STUPID!! I'd probably end up with some college dropout who took a semester of biology instead of a trained physician. Isn't it just as STUPID though when we're talking about a family's home? This BPO can decide whether that family gets a needed loan mod or gets rejected; whether they successfully short sale their home or go to foreclosure? Whether the underling investor loses 150k or 225k?
Just a thought, who do you think is more likely to be sitting in front of their computer all day fondling the refresh button hoping to capture an order? The successful broker who has sold tons in the area, or rather the lame-brain agent who last sold a home when Reagan was in office? I have seen countless homeowners foreclosed on because the idiot Realtor that sold 2 houses last year overvalues their home causing their short sale to be denied. In the midst of this failure, the BPO company that is ultimately the root of the problem has disappeared to screw another unexpecting homeowner.
Some of my hated BPO blasters are Bankers Asset Management, Clear Capital, Emortgage Logic, Altisource (portal name and DBA of Ocwen Financial), Mark to Market, Protk, and Mainstreet Valuations. Unfotunately the list of the companies switching to this ineffective and flawed system continues to grow.
With over 15 years of experience, I could write a book from all the stories I've collected regarding foreclosures.
Check out our blog for more updated brutally honest reviews of the REO, short sale, and real estate market today at http://agentacceleration.com/
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