What is a BPO?

Great, simple post. Perfect for the consumer with questions. I just reblogged it :-) Thanks for allowing the reblogging!

I am going to reblog also!  I have to explain these things all the time ;)

Terrific, clean cut explanation Chris Ann. Sometimes I think the BPO's are more accurate in the market than an appraisal.

Chris Ann,  What a concise and accurate definition and explanation of the term BPO!  Unfortunately, in the state of West Virginia, it is illegal for a broker to be paid for a BPO.  Brokers may do them in hopes they will get the listing, but cannot be compensated for this service. 

And I whole-heartedly agree with Gary, above.  Not always, but oftentimes, an accurate BPO is a much better assessment of resale value than an appraisal.  Given the issues we're seeing with out-of-area appraisers during the loan process, the last thing banks need on their REO properties is innaccurate valuations.

I noticed Pat left you a comment about the agent she talked to this weekend that had never heard of a BPO but she had a short sale listing.  Scary that this far into the short sale and foreclosure mess that an agent has no clue.

We have big issues with agents doing BPO's here in Hawaii and most have stopped doing them.

Chris Ann - Great Post - Yes, that question is asked all the time.  I also agree with Gary and Amy that BPO's are sometimes more accurate.

Chris Ann --- I agree with the others --- this is such a clean concise explanation of a BPO -- so many people don't have any idea.  Thanks.

Good explanation of a BPO.  It's funny the way agents throw terms like this around and think nothing of it since we hear them all the time.