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Disclaimers
- Please complete agent/appraiser registration completely. Incomplete registrations will not be approved by FAS
- BPO, REO and appraisal assignments will be generated by subject's proximity to vendor's office location. FAS is required by clients to use an agent/appraiser that is in the closest proximity to subject property
- Access to the FAS system will be given to the Vendor upon their first assignment with FAS
- Email Login and Password for first entry into FAS' system will be the Vendor's complete email address.
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Comparables
Three sales and three listings are required. All comparables should be within the subject neighborhood and be as similar to the subject as possible in size and amenities. All comparable sales should be no more than 6 months old. If such comparables do not exist, it is acceptable to use comparables in a nearby tract, city, or county provided your comments justify their use. Please provide comments for each individual comparable. (ie: there is a shortage of comparable properties or you are located in a rural area.
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Deadlines
Meeting deadlines is critical. FAS will not pay for Broker Price Opinions ("BPOs") received after the due date. Exceptions will be made only if FAS is notified within 24 hours of assignment. Failure to complete the BPO on schedule will cause FAS to reassign the order and remove your name from our vendor database.
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Drive-by BPOs
Indicate on your BPO if the subject is vacant, occupied or unknown. If the property is listed, proceed with an interior inspection, notate the interior condition on the BPO and provide a copy of the MLS printout.
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Interior BPOs
If the BPO requires an interior inspection, comments about the interior condition are required. If the BPO form asks for repair amounts, include those repair items that will bring the property to its best market conditions. (ie: good condition)
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Neighborhood Factors
Provide thorough comments on the neighborhood, particularly if the neighborhood is in decline or there are boarded up houses. Comment on any external negatives, such as location on a busy street, near railroad tracks, commercial buildings, airport flight path, or high crime. If the neighborhood is not in decline, positive comments are also required.
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Payment
FAS will submit payment for all completed BPOs within 90 days. If you have not been paid within 90 days, please email arlene@fasinc.com and provide the subject property’s address, loan number, date completed and billing information. Please be advised that FAS does not pay for BPOs, if it is determined that agent is providing a BPO for the same property to another agency.
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Photographs
Exterior photos (4) should be of the front, side, house number identification and street view. Interior photos should be of every room, including any deferred maintenance (roof leaks, structural, curling or dated flooring, torn or stain carpets, etc.). Comparable photos are required for every comparable used, MLS photos are acceptable providing it is a clear, close photo. Please upload your photos in jpg format.
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Problems
Please contact your specific Account Manager immediately if you experience problems gaining access, locating the property, inclement weather, etc.
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Use the Correct Form
All BPOs must be on the BPO form provided by FAS. DO NOT leave any blank spaces when completing the BPO form. If a space does not require a comment, indicate: N/A, none, or zero. All BPOs must be typed in the vendor extranet. Non-typed BPOs will have a penalty of $20.
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Value Estimation
All BPOs should reflect fair market value based on the following marketing times. Be sure to complete all sections. If the amenity information is unavailable, please estimate the information from your experience of like comparables and knowledge of the area. Please note that the information has been estimated in the comment section of the report.
A. 90/120-day "As is" Value - This is the value at which the subject will sell in 90-120 with no repairs being completed.
B. 90/120-day "As repaired" Value - This is the value at which the subject will sell in 90-120 days once any recommended repairs are completed. For Drive-by BPOs this may be an estimated guess and must be included.
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Value Range
The estimate of value of the subject should be within the range established by the comparables. If your final estimate of value is appreciably lower (or higher) than the range suggested by the comparables, you must explain the reasoning behind your final value. All BPOs are reviewed by our quality assurance department before submission to the lender. If your BPO is incomplete or does not present a conclusive or logical path justifying your value estimate (or explaining any significant adverse conditions), you will be required to revise or redo your BPO immediately.
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VENDORS
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» Appraiser Instructions
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