BrokerPriceOpinion / First Valuation: AGENT BEWARE


bpo cryingNot all BPO companies are created equal. Some companies pay you within a few weeks and other companies seem to “forget” to pay you.

BrokerPriceOpinion dot com has been in business a long time. They have a great URL name. A great mission statement and their platform is user friendly. But…”Buyer Beware” oops, I mean, “AGENT BEWARE!” If you do join their network, be sure you track payment received for work you complete. BrokerPriceOpinion is notorious for not paying real estate professionals. Many of our network friends, including myself, have done BPOs for BrokerPriceOpinion and were never paid or paid months later after complaining of nonpayment.

STRIKE 1: According to the BBB, they are rated A-. However, they have 446 complaints filed against them in the last 3 years. Almost every complaint has to do with nonpayment. Yes, many of these cases were resolved, including mine but only after a formal complaint was filed and months and months of waiting. If you don’t mind waiting 9 months or maybe never getting paid, join their network and start doing free BPO.

STRIKE 2: BrokerPriceOpinion is AKA First Valuation. BrokerPriceOpinion is located at 8700 Turnpike Dr, Suite 300, Westminster, CO 80031 and First Valuation is located at 8700 Turnpike Dr, Suite 300, Westminster, CO 80031. Are you being marketed by both companies?

STRIKE 3: There is a ton of negative reviews on BrokerPriceOpinion/First Valuation. In fact, there’s been a Class Action Lawsuit Filed Against them. Read more. Tina Anderson, Keller Williams Realty, Las Vegas, NV notified realtors through Zillow Advise that in order to get paid from BrokerPriceOpinion, one must complain to the BBB. What a hassle! There are 18 non-payment reports found on RipoffReport against BrokerPriceOpinion. The list of non-payment complaints go on and on and on. Read More. The latest BBB complaint was on May 5, 2014. Who knows, you might be next.

In closing, As I said before, not all BPO companies are created equal. There are some good BPO companies out there. Some of our favorites are Asset Valuation & Marketing (AVM), Summit Valuation/DispoSolutions, Old Republic Default Management Services (ORDMS). They all pay within a few weeks. Learn more about BPOs [HERE]

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27 comments for “BrokerPriceOpinion / First Valuation: AGENT BEWARE

  1. Sue Knight
    November 10, 2014 at 12:43 pm

    I have been on their waiting to pay list for over two years.
    Same response every month, trying to rectify payments.
    Please do not work for them, they are totally unethical.

  2. Debbie
    September 3, 2014 at 2:51 pm

    I also did three bpos last year for Valuation Vision. They are another one that never pays. They owe me a whole $100, but when I call they always say they are waiting for another company that they are supposed to be merging with. It has been almost a whole year since the last one. I keep getting requests for bpos, but I don’t have time to work for free. I may give them another call, and aggravate their customer service people one more time, and then file a BBB complaint.
    I also do work for Inside Valuation, and they pay within a month every time. Like he said, all companies are not alike.

    • Debbie
      November 12, 2014 at 2:28 pm

      Just to update you. I did finally get paid. It only took me a whole year to get 80.00. Pretty pathetic.

  3. Juan
    July 11, 2014 at 9:18 pm

    Broker Price opinion owes me $85.00 in Bpo’s. I filed a BBB Complaint and was contacted by someone promising payment within 30 days, this was in April 2014, No payment as of yet. An update on the BBB rating they are C+.

  4. Parker Lay
    June 21, 2014 at 11:22 am

    The only way to stop companies like this is to file complaints, post on blogs, join the Class Action Lawsuit, contact BBB.

    You should try a complaint with CFPB. The Bureau’s Office of Consumer Response (Consumer Response) hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions, and assists in addressing their complaints.
    http://www.consumerfinance.gov/complaint/

    This bulletin provides guidance to national banks and federal savings associations (collectively, banks) for assessing and managing risks associated with third-party relationships. A third-party relationship is any business arrangement between a bank and another entity, by contract or otherwise.

    Find the banks ordering the work, the Office of the Comptroller of the Currency (OCC) expects a bank to practice effective risk management regardless of whether the bank performs the activity internally or through a third party. A bank’s use of third parties does not diminish the responsibility of its board of directors and senior management to ensure that the activity is performed in a safe and sound manner and in compliance with applicable laws.

    http://www.occ.gov/news-issuances/bulletins/2013/bulletin-2013-29.html

    Company senior management from the website and other internet posts

    Walt Coats 303-991-9919 or 303-419-2244
    walt.coats@firstvaluation.com

    Brandy (Coats) May 303-991-9919 or 303-637-0202

    Gary Ferguson – SVP
    gary.ferguson@firstvaluation.com

    Michael Poole- CFO
    michael.poole@firstvaluation.com

    Chris McLain- SVP Sales (720) 240-0364- Florida
    chris.mclain@firstvaluation.com

    Jordan Wilde 720-240-0712 -Dallas
    jordan.wilde@firstvaluation.com

    Amanda Daume
    amanda.daume@firstvaluation.com

    Class Action Lawsuit- join this:

    On December 2, 2013, three law firms in New Jersey, Washington and Colorado teamed together to file a class action complaint on behalf of real estate agents and others allegedly owed unpaid fees for broker price opinions ordered by BrokerPriceOpinion.com. The complaint also names three-related companies First Valuation, LLC, First Valuation Services, LLC, and First Valuation Technology, LLC as defendants on the basis that they are “alter egos” of BrokerPriceOpinion.com and do not have true corporate separateness in their operation. The lawsuit was filed in federal court in Colorado, where the defendants are based.

    Beth E. Terrell
    Whitney B. Stark
    TERRELL MARSHALL DAUDT & WILLIE PLLC
    936 North 34th Street, Suite 300 Seattle, Washington 98103-8869
    Telephone: (206) 816-6603 Facsimile: (206) 350-3528
    Email: bterrell@tmdwlaw.com
    Email: wstark@tmdwlaw.com

    http://www.appraiserlawblog.com/2013/12/class-action-lawsuit-filed-against.html?m=0

    Suzann Bacon
    Vice President of Operations
    BBB
    Tel: 303-996-3970
    Fax: 303-577-8117
    Email: sbacon@denver.bbb.org
    http://www.denver.bbb.org

    John Suthers
    Office of the Attorney General, 1525 Sherman St., 7th floor
    Denver, CO 80203
    Main Switchboard – 303-866-4500, attorney.general@state.co.us

  5. June 6, 2014 at 1:28 pm

    Do not deal with this company they do not pay even after they said they would I have also sent in a complaint to the Colorado attorney general regarding their practices

    John Dodson
    Realtor/Short Sale Expert at Realty World -Premier Associates
    http://johndodsonrealtor.com/

  6. Pam
    June 4, 2014 at 11:02 am

    After filing a complaint with the BBB, BPO.com agreed to pay monthly starting in Jan,2014, $250 a month to settle the $1700 they owe me. I have received 3 payments. It took a year, but I’m finally getting paid. AGENT BEWARE!!

    • Pam
      November 12, 2014 at 10:23 am

      An update…… I received my last payment from them on July 3, 2014 (it was dated May 16, 2014). Since then I have been calling on a weekly basis to be told NOTHING! The same response is “a couple of weeks”. I would like to know, how many months are in their week?

  7. Olga Suarez
    June 2, 2014 at 12:49 pm

    I have been working with Clear Capitol, E mortgage Logic, RRReview , and Inside Valuation since 2007. They always paid on time and I consider them as the best companies for BPO’s and Appraisals referrals in the market now .

    Olga Suarez
    Real Estate Associate
    Miami/Fort Lauderdale Area

  8. June 2, 2014 at 12:42 pm

    This is VERY OLD news about BPO.com or brokerpriceopinion.com. If only NAR would simply put together a list of these companies and publish them to help new BPO agents avoid the grief. NAR shouldnt have to worry about liability since the complaints are all over the web.

    I stopped accepting BPO.com orders over 3 years ago! And they are still getting away with it!

    Also note that class action lawsuits generally result in the company going bankrupt with only the attorneys getting paid. See Evaluation Solutions or evalsolutions.com. I think it was Chase or one of the big 5 that owed THEM about a million bucks.

    The BBS and individual suit suggested here sounds like the only way to get paid. BBS is right. If you look at BPO.com’s BBB record, the BBB considers a complaint resolved when BPO.com puts the agent on a 90 day payment plan. Then you have to refile when they dont pay up.

    Cece Fox
    REO SPECIALIST, REAL ESTATE SALES in Akron Ohio Area

  9. May 30, 2014 at 7:25 pm

    I have received a bunch of requests to do BPO’s from this company in the last month or so but I just delete them. I do not work for free…..Jeanne, BPO’s are easy these days, not like a few years back and you can make a good monthly check if you get into it. This kind of business requires volume in order for it to be worth the time. Of course, this company can go fly a kite for all I care because I will not do business with them no matter what sort of promises they make.

    Judi Fiolle
    Broker /Owner at Fiolle Realty

  10. May 30, 2014 at 11:29 am

    Great information. I never got into BPO’s. Seemed like too much work for so little. We all don’t work for free & I hope you all get satisfaction.

    Jeanne Little
    Real Estate Consultant, SRES, CDPE, CRS, SFR, ABR, Seniors Real Estate Specialist
    Washington D.C. Metro Area
    http://www.myhomesdb.com/JeanneLittle

  11. May 29, 2014 at 2:35 pm

    Would it not be possible to file a lien on the property you did work on? Contractor’s and HOA’s do it.

    Bryanna Widener
    Independent Insurance Adjuster / Broker Associate at Exit Realty Martin and Associates
    Guthrie, Oklahoma

    • May 29, 2014 at 4:08 pm

      @Bryanita I don’t think that would work because with a mechanics lien the work has to be done on or to the property under a contractors lic or general contractor. Another lien would have to be done after you sued the owner and obtained a judgement, unlikely a judge would issue for work a 3rd party ordered that the owner did not share a direct benefit in, nor had no knowledge of.

      Dale Hite
      CEO Integrity Pro Real Estate Services
      Greater Los Angeles Area

  12. May 29, 2014 at 2:16 pm

    I just accepted an interior bpo from Valuation Vision and logged into my account. Checked with my bookkeeper, they never paid us the whopping 2 assignments we did for them last year. Told them to cancel the current one as obviously I have no intention of doing it now and advised them that they can either send me my check from last year or I’ll file a complaint with the BBB and ripoffreport.com. It’s not the money it’s the principle that they hire us and steal from us essentially. So my suggestion to all agents, file a complaint on ripoffreport.com and the BBB. It only takes a few minutes and when they go to file a class action suit they will have your contact information. Additionally, I would think the companies employing these bpo mills will think twice before hiring them when they know there are xxx of agents not getting paid. I’m sure our diligence will cost them at least one client and it’s well worth the 10 or 15 minutes of your day to at least sting them back a little. Just my two cents.

    Kelly Eads
    Broker at E&E Realty
    http://www.eanderealty.com/

  13. May 29, 2014 at 12:42 pm

    Great article! I’ve had this experience and it really soured me to working with BPO assignments. Thanks for sharing this. I’m following up with the companies you’ve recommended.

    Denise Nuño REALTOR, AREO, BPOR, CDPE, CIAS, SFR, SRES, TAHS,
    Dallas/Carrollton/Farmers Branch/Addison REALTOR, AREO, BPOR, CDPE, CIAS, SFR, SRES, TAHS, TCLS Taylor Realty Associates
    http://www.taylorrealtyassociates.com/

  14. May 29, 2014 at 9:56 am

    These folks at first valuations will not pay without threats and then they take a year or more don’t take any orders if you want to be paid

    Darrell S.

    Real Estate Broker and Owner, DJA Enterprises
    http://dmdrealtydfw.com/

  15. May 28, 2014 at 10:42 pm

    They owe me 26 assignments and Valuation Vision owes me like 20.

    Juan Loubriel
    Loubriel & Associates Realty, Inc.
    http://www.loubrielassociatesrealty.com/

  16. May 28, 2014 at 9:26 pm

    I did a few of these for them a you are right, they never did pay me for 2 of them.

    Judi Fiolle
    Broker /Owner at Fiolle Realty

  17. May 28, 2014 at 9:11 pm

    “First Valuation” is a new one to me – THANKS for the heads up Poncie!

    Frank Popeleski
    Broker at Schooner Properties, Inc.
    Tampa/St. Petersburg, Florida Area

  18. May 28, 2014 at 9:09 pm

    Nicole Taylor, MBA I too am a victim of this company. I have over $2000 worth of BPOs performed for this company since October 2013 and I still have not …

    Nicole Taylor, MBA
    Owner at LNR Consultants, LLC
    Greater Atlanta Area

  19. Logan L
    May 19, 2014 at 3:21 pm

    They still owe me $170 for a few bpo’s. I turned them in to the local BBB and someone called to clear things up, but then they stiffed me once again for payment. They should not be in business.

  20. Dale Hite
    May 19, 2014 at 12:52 pm

    I had to send them to collection and report to Credit Bureau… Once letter went out they paid within 10 days much faster than Complaint with BBB with really should be BBS With the middle “B” being BULL i’m sur everyone can figure it out.

  21. Sylvia & Frank
    May 19, 2014 at 9:34 am

    Does anyone have or get some kind of contract or agreement for payment? If not why not?

  22. Anonymous
    May 17, 2014 at 2:33 pm

    They owe us somewhere around $1700 for work we did 2-3 years ago back in Houston Tx. They keep saying they’re going to pay. Then they don’t.

  23. May 16, 2014 at 4:55 pm

    great job on putting the word out +Poncie Realestate, those people should not be in business.

  24. May 16, 2014 at 4:53 pm

    That is terrible…

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