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Appraisal VS. BPO
Pricing of REO properties is critical if the bank is seriously trying to get it sold in 30 days. This statement may seem obvious to those of us in the business but it's not as easy as one might think. When a Lender assigns a property, one of the first tasks to perform is a  Broker Price Opinion or BPO. This requires pulling comps in the area of both listed and sold properties and coming up with an opinion of value. This is a full BPO with interior and exterior photos. The agents need to take into account any repairs the property may need and come up with an "as is" price and an "after repairs" price. The lender also sends out an independent appraiser to evaluate the subject property. If the agent's BPO value and the appraiser's value show too large of a discrepancy the lender will hire another local agent to perform another BPO as a "second opinion". The lender will make the final decision as to what the listing price will be. We as agents have a great deal of influence as to the outcome of this price point, but the appraisal seems to hold equal weight. I've been told by an asset ... more

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