In today’s ever-evolving real estate market, the term BPO real estate has become a buzzword for many industry professionals. Broker price opinion, commonly known as BPO, is an evaluation of a property’s value conducted by a licensed real estate broker.
{Read the entire post at my Medium.com Solpreneur Success Guide}
BPO is a cost effective method to get most reasonable value using local realtors. It does not require measurement of properties. Banks and customers save tons of money using equivalent documentation for same information,
Sam Shueh
San Jose, CA
Jim, I have been in the bix for 27 years and never done a BPO, so this is very interesting. Welcome to ActiveRain!
Sam Shueh
San Jose, CA
On my slow days I do them to stay occupied. Most residential homes I know exactly what they are worth w/o much research. With the refin come to a stop due to high interest I have moved to commercial BPO, inspections. Some former commercial appraisers charge $5,000 a rpt. It is just as useful to pay a fraction to Sam. Just as accurate. Done several at Google Village redevelopment, former adult theaters.
Hello Jim Kimmons very good helpful report about Broker Price Opinion. In the past, I did many BPOs.
I've provided BPO's to seller's agents numerous times to reduce the asking price and have had other appraisals completed where the appraisal was as much as 50% greater than the BPO. So, I'm not convinced that a BPO is an effective tool since lenders won't accept BPO's to validate valuations or am I mistaken?
It is good for confirmation for years. Not all appraisers are accurate.
This is an excellent post with great information. Thanks for sharing it.
Have a super fantastic week!
Joe Jackson, Realtor-KWCP
I have done many BPO's in my years of real estate. It's a nice way to make additional income -- especially when business has slowed down (like now). Thanks for sharing this information! have a good week.
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