What is a Broker Price Opinion (BPO)?
By Veronica Cabrera
June, 28 2012
Lenders order BPO's (Broker Price Opinion)
to estimate the value of any property that is in process of a loan modification, short sale or foreclosure.
It is usually used instead of an appraisal.
BPO's are less expensive than an appraisal and are performed by real estate agents.
A BPO is not an Appraisal!
to estimate the value of any property that is in process of a loan modification, short sale or foreclosure.
It is usually used instead of an appraisal.
BPO's are less expensive than an appraisal and are performed by real estate agents.
A BPO is not an Appraisal!
We realtors are hired to do these reports. Agents who decide to do them can have the proper training by signing up with the National Association of Broker Price Opinion, NABPOP. This training will help the agent provide professional, efficient and good quality reports. Lenders, asset managers, and BPO companies are very strict.
They like to see these type of certifications.
If a person is in the process of doing a loan modification, short sale or his/her property is in foreclosure, expect the lender to order a BPO report. It is always nice for the agent to have a cooperative owner and listing agent when the BPO is required. Lenders give a very limited time to perform the report, so promptness is very important.
Most of the time, the BPO is under the lender's expenses. It is always beneficial for the listing agent to be present at the time of the inspection to provide necessary information such as, HOA's information or problems with the property.
This will help the BPO person do the necessary adjustments.
Most of the time, the BPO is under the lender's expenses. It is always beneficial for the listing agent to be present at the time of the inspection to provide necessary information such as, HOA's information or problems with the property.
This will help the BPO person do the necessary adjustments.
Veronica Cabrera, Realtor
Realty ONE Group
Huntington Beach, Riverside, San Bernardino, CA
veronicasreohomes.com
(714) 809-6521
R.E. Lic. #0143140
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