Morris County Short Sales: What is a BPO?

Morris County NJ – If you have been reading about short sales, then you have probably heard the term "BPO" and wondered what it meant.

BPO stands for Broker's Price Opinion. A Broker's Price Opinion is when a licensed real estate agent gives their opinion of the value of a property.

That value is what the lenders use to process the short sale. Most short sale approvals or denials are based off of that opinion of value.

The agent goes thru all the recent sales of properties similar to the property they are valuating. They want to find the 3 closest comparable sales.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The more recent a sale is then the closer of a comparable it is considered to be. The same goes for properties that are close geographically (in the same neighborhood is preferred) and close in size and number of bedrooms or baths.

Most agents are not appraisers. Because an appraiser's license is required to appraiser properties they give their opinion of the value. Now, I'm sure you are wondering, " Why do the lenders use these rather than an appraisal?"

Here is why. Many people think they are more accurate of a valuation than an appraisal. Agents are more in tune with exactly what a property can sell for.

After all, whatever opinion of value they put for a property is usually supposed to be backed up later by a sale for that price. That causes agents to be more accurate with their valuations.

That accuracy is why the lenders use their valuations rather than an appraisal. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at merydith.endelman@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Merydith Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: What is a BPO? is provided as a courtesy to our viewers to help them make informed decisions.