BPO Definition: BPO is an acronym for a "Broker Price Opinion." A lender, bank or loss mitigation company my have homeowners with delinquent mortgage payments. In the period before foreclosure, the lender will pay a real estate broker to complete a BPO on the property. Usually the lender has specific forms and criteria for how the valuation will be verified. Typically, we’ll find 3 active listings of comparable homes, and 3 sold listings within the last 12 months. Recent activity within 3-6 months are preferred.
While we do CMA's, or Comparative Market Analysis, for our real estate clients, BPO's are different. A BPO is more extensive, a type of “mini appraisal” or opinion of the properties market value. We also will conduct a “drive by” of the property to determine exterior condition, neighborhood appeal, and collect several photos. Typically a front view, side view, and neighborhood street views photos’ are required. Critical to the drive by is capturing the address of the property to confirm accuracy.
Here are a few photo's on the way to the BPO Subject subdivision...
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