A BPO requires a listing history and details about the Subject property. As the 2 MLS systems to which I belong have a 10-year memory, I normally can get a lot of data about a home, even if it is not currently listed for sale or as a rental.
What happens when there is no data in the MLS? Worse yet, when there are no comps?
One Thursday afternoon in February 2009, I accepted an exterior BPO order for a home in Sparta - had a 24-hour deadline. Armed only with the owner's name and the address, I scoured both GSMLS & NJMLS. Not an entry anywhere. So, I scurried to Sparta's lovely municipal building, where the staff jumps through hoops to provide assistance.
According to the Sparta assessor, the Subject was once a single family but had been a boarding house for many, many years. Conversions resulted in a 10 bedroom dwelling with multiple kitchens, too-few baths and no living room, no dining room, etc. Original part was over 100 years old, additions slapped on every so often. Oh, fabulous, finding comps will be a piece of cake!!! The assessor confirmed there was nothing even close within Sparta - and doubted I'd find another similar, legal boarding home in the county.
Then I had to check into the septic system to find out if it had a 10 bedroom capacity. Sparta's plumbing expert happened to be in the office and helped me wade through the septic - information in the file, that is. Upshot? He couldn't figure out what the story was; file had contradictions, incomplete schematic, etc.
Okay, now I have to take a few exterior photos of the Subject. The gravel drive had not been plowed and 
was just a sheet of ice. The home was set well back from the road. So, in my dress shoes (flats, thank heaven!), I slip and slide close enough to see the house. Pink. The enormous structure was most unusual and pink! I took photos of 3 sides but to this day cannot really say which was the front of the home. I will not upload my own pictures and identify it.
Spent 5 hours on this BPO, including town hall and efforts to locate comps. Met my deadline.
The following Tuesday, I get a call from the vendor who hired me for this BPO. The "client" isn't happy that I comped it as a boarding house. Now, one of my BPO tricks is to upload supporting documentation - in this case, the assessor's card and septic summary went along with my submission. "Sorry, but I went to great lengths and did a BPO based on reality and how the Subject is assessed. It is NOT a single family and has not been for more than a decade. It actually took me a lot longer because it is not a home."
And that is how I got a second, full payment to do another BPO on the Subject as a single family! :-)
Broker Price Opinions - Part 1: BPOs on Homes around Sussex County, New Jersey
That is all too real for me.
"helped me wade through the septic - information in the file, that is. Upshot? He couldn't figure out what the story was; file had contradictions, incomplete schematic, etc."
Wading through anything to do with septic systems sounds icky to me... We don't have much of that left here. It surprises me that you do. Is this info online? or did you have to go to some office to wade through the septic information?
So much for honesty, integrity and all that realtor ethical "stuff" Karen
Maureen,
I'm in a very rural area where most homes have septic and well. Alas, none of that info is online. A trip to the town hall often answers questions but sometimes no info is available.
Karen,
I'm not sure I follow you. Do you feel I shouldn't have asked for payment for the second BPO? The vendor didn't have any problem - agreed that I had provided good (and accurate) service the first time.
Wow Irene, what a story! I guess it's a "single" family home with room for everyone!
Silvia,
Or it could be the setting for a new reality show. Thanks for your visit.
Good job, Ms. Kennedy! Getting two BPO orders for the same place! BTW, can you share who the vendor was?
Mr. Waters,
Be really forward and call me Irene! Those were through Pro-Teck Valuation. I've done a lot of work with Pro-Teck and they claim I'm their premier vendor in Sussex County. At least that is what they tell me when they phone with impossible deadlines, re-dos on rejected opinions from other agents or different pink elephant properties.
Pro-Teck pays as promised, negotiates reasonable fees for special jobs and has very reasonable quality control staff. At least that is my experience.
Have you worked with Pro-Teck, Gary?
Irene - I have only worked with a vendor called clearcapital. They seem to keep me busy here in Florida. Thanks!
Have done many with Clear Capital as well, Gary. Equi-Trax is another that keeps me hopping, should you want to expand. Haven't gotten a ton of REOs from my BPO efforts, so slowed down. Now only do problematic ones for which I get a higher fee.
Irene - I would love tp call you to pick your brain if you don't mind. I just signed up for a BPO coaching class and would like some direction!
Bridget,
Please do give me a ring! Maybe from your office, as I see your cell phone has been swimming in ice water. Brrrr.