What does a BPO stand for?
Broker's Price Opinion
What does that mean? When a bank gets wind of a potential short-sale, i.e. the seller has gone through the required steps so the bank actually gives them the OK to proceed...they'll ask a local real estate agent to do a BPO. The agent will then perform a comparison with recent sales, market data, the house condition, etc when they set their recommended price.
Hmm Bonnie I am not quite sure how you go about that. I will speak with some of my associates and get back to you.
Hi Rachel, I'm just wondering because we made an offer on a $155,000 property full price, and then the lender countered offer for !65,000 plus 3.5% closing cost, for the reason that they said, the BPO price of that property around that area is $165,000. I told my agent, why did the listing agent of that house listed that for $155,000 in the first place. The counter offer of the lender is too high. We countered offer for $162, 500 and will pay 1% closing cost. It has been a week and we have not heard from the lender. Isn't the lender is asking too high? Pls. I need your advice.
BPOs seem to be low return on investment for time spent. Couldn't that time be put to more dollar productive activities?
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