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What's the difference between a BPO, a CMA and an Appraisal?
What's the difference between a BPO, a CMA and an Appraisal?
BPOs (Brokers Price Opinons) are normally done by real estate agents (or brokers). A bank will order a BPO before or during a foreclosure process, to get an estimate of what the agent or broker thinks the house is worth in today's market. The agent or broker may or may not be experienced in this kind of work! It is no more than a "guesstimate" of value, in most eyes.
The lender wants to agent or broker to give them an estimate of value, in case the lender must take over the property and sell it either to an investor or on the market. The lender usually will look on the internet for local agents, call one and order a BPO. Many firms pay an agent $25-75 to perform this task. The agent will go to the house, most times just drive by and take photos, then fill out a bunch of paperwork for the lender. The agent does it for the small payment, plus in the hopes that if the bank forecloses, the agent might get the listing. The lender is looking for an inexpensive way to have someone ... more

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