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I am an independent, Massachusetts real estate broker servicing Methuen, Andover, Woburn, Haverhill, North Andover, Lawrence, Dracut and surrounding communities throughout The Merrimack Valley and eastern Middlesex County.
Recently, I saw a request for a drive-by BPO of a SFR with such extensive requirements & long/detailed BPO form that it was effectively an appraisal without the cost approach. . .and $50 was all the compensation that was being offered! $50! Why pay $350 for a full appraisal of a SFR when they can pay $50 for a drive-by or (hold your breath) $80 for a BPO with an interior inspection!? As long as struggling real estate agents are willing to accept such poorly compensated assignments lured by the dangling carrot of obtaining an REO listing, the sweat-shop market of BPOs will continue to thrive.
