A BPO stands for Broker’s Price Opinion. A Real Estate Agent or Broker performs it. The purpose of the BPO is to determine the value of the property. The fee from to the Mortgage Company is between $50.00 and $75.00 versus an Appraisal that ranges from $250.00 to $300.00.

BPO’s can be done by Drive By, where the Real Estate Agent drives by and takes pictures of the outside only or it could be a full interior BPO is where the “Agent” physically goes into the property and takes pictures. A drive by BPO consists of approximately 3 pictures. Picture 1 is the front of the property, picture two is the side of the property, and picture three is the street scene of the property.

An interior BPO is more extensive and includes pictures of the entire property, including all interior damage, which can affect the value of the property.

The Mortgage Companies have BPOs done on properties when the Borrower/Seller becomes delinquent on his payments. The purpose is to
1. Check the value.
2. See if the property is occupied or vacant. If the property is vacant, they may decide to contact a property management company to secure the property.

In some states, they can accelerate the redemption period and take possession of the property.

Would you like more inside information about BPO's?
Go to - BPO Gold Mine - 12 STEPS TO A SUCCESSFUL BPO/APPRAISAL

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Hunter
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