http://firsttuesdayjournal.com/alterations-to-fannie-mae%e2%80%99s-appraisal-selection-standards/ Tue, 22 May 2012 11:15:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://firsttuesdayjournal.com/alterations-to-fannie-mae%e2%80%99s-appraisal-selection-standards/comment-page-1/#comment-84474 Steve Smullins Tue, 20 Jul 2010 17:11:21 +0000 http://firsttuesdayjournal.com/?p=5239#comment-84474 On the above comment, as one who has done 100's of BPO's there is some truth to Joseph's comments. But you must keep in mind that the banks set the guidelines for the structure of the BPO and ultimately is end value. On a recent BPO i had a home that was valued by the BPO guidelines at the low $420's and because of the type of home, a slicked up modular dropped in a very good area prior to its incorporation, real value is about $350K. A concern, yes, but for the most part the BPO process in a tract home inviornment is very accurate. A larger concern is the out of area appriaser that doesn't have a clue of trends or values they will explode mores deals than a BPO. On the above comment, as one who has done 100′s of BPO’s there is some truth to Joseph’s comments. But you must keep in mind that the banks set the guidelines for the structure of the BPO and ultimately is end value. On a recent BPO i had a home that was valued by the BPO guidelines at the low $420′s and because of the type of home, a slicked up modular dropped in a very good area prior to its incorporation, real value is about $350K. A concern, yes, but for the most part the BPO process in a tract home inviornment is very accurate.
A larger concern is the out of area appriaser that doesn’t have a clue of trends or values they will explode mores deals than a BPO.

]]> http://firsttuesdayjournal.com/alterations-to-fannie-mae%e2%80%99s-appraisal-selection-standards/comment-page-1/#comment-84472 joseph sarria Tue, 20 Jul 2010 15:17:30 +0000 http://firsttuesdayjournal.com/?p=5239#comment-84472 It is abouit high time, that the so called automated appraisals, not be used as a bible to close a deal specially the infamous BPO's given by brokers in the area, they have proven to be quite inaccurate when it comes to real values. What happened to the regular on site inspection with all the pertinent data about the property, to be analysed in person by an experienced appraiser? It is a good practice that the appraiser be fully knowledgeable of the area and its comparables, giving an honest opinion of value. this way the buyer and seller are aware of the real value of the property they are dealing with, and can save themselves a lot time and frustrations. It is abouit high time, that the so called automated appraisals, not be used as a bible to close a deal specially the infamous BPO’s given by brokers in the area, they have proven to be quite inaccurate when it comes to real values. What happened to the regular on site inspection with all the pertinent data about the property, to be analysed in person by an experienced appraiser? It is a good practice that the appraiser be fully knowledgeable of the area and its comparables, giving an honest opinion of value. this way the buyer and seller are aware of the real value of the property they are dealing with, and can save themselves a lot time and frustrations.

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