Posted by:
CJ Harrington
Keller Williams Realty
www.cjharrington.com
cjharrington.crs@gmail.com
440.336.0612
Date: 08/31/08
BPO stands for Broker Price Opinion. For many agents this is a completely new and foreign term. Honestly, many brokers, agents, appraisers or members of the general public know about.
Technically speaking, a Broker Price Opinion report is an opinion of value that is conducted by real estate professionals or appraiser to determine the estimated current market value of a property. A typical BPO form is a few pages, which is either an exterior or interior inspection. This is seen within the valuation industry as an option to a full appraisal report.
Some of the reasons lending institutions will ask that a Broker Price Opinion be done on a property are: refinancing loans, home equity loans and lines of credit. This gives everyone choices so they do not have to pay for a full appraisal.
Also, some BPO's are used to these same institutions determine the Current Market Value, for a property that they are financing to help determine if a property should go into pre-foreclosure or foreclosure.
I hope this helps educate....
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