Banks are still practicing Flawed Broker Price Opinions and perpetuating Foreclosures against Homeowners!
Recently, the President of the GLVAR (Greater Las Vegas Association of Realtors), asked all Realtors to stand-up for what is right. Banks and Servicing Entities are again instructing BPO Agents to not include Foreclosures, REO properties, Short Sales, Properties in poor condition, and are including properties that are too far out from the subject property. They are also using, “As-Is” Language, which is not recognized in the State of Nevada, it should be “As-Disclosed!” Whatever happened to “Fair Market Value!” These same banks would not loan on a property based on the same valuation and criteria they are setting for Short Sales. This is a “To Big to Fail” Mentality and the BPO Agents are agreeing to it to get the work!
I attended a mediation hearing for a client, as a service we provide, where I pointed out to the mediator the flaws in the Bank ordered BPO and…
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