Are you looking for information regarding Broker Price Opinions? Do you wonder “what is a BPO?” Do you have questions about the use of Broker Price Options? Are you curious about the details of Broker Price Opinions? If so, this site is for you.
A BPO is an abbreviation for “Broker Price Opinion”. The Broker Price Opinion is a report compiled by real estate agents and brokers to help a client determine a sale price for a specific property. It is similar to a comparative market analysis in that it covers how a property compares to other properties in the area, specifically currently listed and recently sold comparables. A company obtains a Broker Price Opinion report on a property by hiring a local real estate agent or broker to prepare the report.
There are many different types of Broker Price Opinion reports. A Broker Price Opinion generally requires three active (on the market) comparable homes and three recently sold comparable homes that are similar to the subject property. Often when properties are different, the report preparer will need to make adjustments in order to provide a value that is similar to the subject property. There are both standardized and unique formats for Broker Price Opinion reports.
Many different institutions utilize Broker Price Opinion reports to value real estate. Corporate organizations such as banks, lenders, mortgage companies, relocation companies and servicers are likely to order Broker Price Opinion reports. Basically any company that has a need to value real estate may order a Broker Price Opinion report on a property.
Broker Price Opinions (BPO’s) have gained popularity by banks and mortgage companies as the number of foreclosures have risen. A loss mitigation department may order a Broker Price Opinion report for many different reasons including short sales, foreclosure auctions and property condition valuation.
This site features additional information regarding the types of reports, content of reports and other details regarding Broker Price Opinions and the BPO process.