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What is the process for creating a broker's price opinion BPO?

What is the process for creating a broker's price opinion (BPO)? A) The broker prepares a report compiled from research of comparable properties. The broker drives by the property, takes a picture, and fills out the BPO form.

What is a BPO for PMI removal?

Hopefully, your mortgage company will give you a third option called a BPO (broker's price opinion). This option will only cost you about $200 (less than half the cost of an appraisal) and is your best bet when working to remove your PMI.

What is a BPO in real estate?

When a real estate broker or other qualified professional determines a property's estimated value, it's considered a broker price opinion. A BPO is used as part of the listing agreement when selling a house. A lender, loss mitigation company or mortgage company that wants an assessment of a property can request a BPO.

How does a BPO differ from an appraisal?

The key difference between a BPO and an appraisal is that an appraisal completes the service and their obligation under the Uniform Standards of Professional Appraisal Practice (USPAP) and law. A BPO is typically completed by a real estate broker or agent and is not required to conform to USPAP or state appraisal law.

What is a BPO for PMI removal?

Hopefully, your mortgage company will give you a third option called a BPO (broker's price opinion). This option will only cost you about $200 (less than half the cost of an appraisal) and is your best bet when working to remove your PMI.

bpo form

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Is a BPO better than an appraisal?

Similar to a home appraisal, a broker price opinion helps establish what your home is worth. But a broker opinion of value is considered less accurate than an appraisal and may not be allowed to substitute for an appraisal.

What is a commercial BPO?

What Is a BPO in Commercial Real Estate? A BPO, or broker price opinion \u2014 also known as a BOV, or broker opinion of value \u2014 is an estimate provided by a real estate broker to help a potential investor know how much to bid for a property.

How does a BPO differ from an appraisal?

The key difference between a BPO and an appraisal is that an appraisal completes the service and their obligation under the Uniform Standards of Professional Appraisal Practice (USPAP) and law. A BPO is typically completed by a real estate broker or agent and is not required to conform to USPAP or state appraisal law.

What is a BPO on a home?

When a real estate broker or other qualified professional determines a property's estimated value, it's considered a broker price opinion. A BPO is used as part of the listing agreement when selling a house. A lender, loss mitigation company or mortgage company that wants an assessment of a property can request a BPO.

What is the purpose of a BPO in real estate?

A broker price opinion, commonly known as a BPO, is a real estate professional's opinion of a property's value. BPOs are most often used when setting the list price of a property, similar to a comparative market analysis, and in the case of a foreclosure or short sale.

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What is the process for creating a broker's price opinion BPO?

What is a BPO for PMI removal?

What is a BPO in real estate?

How does a BPO differ from an appraisal?

What is a BPO for PMI removal?

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Is a BPO better than an appraisal?

What is a commercial BPO?

How does a BPO differ from an appraisal?

What is a BPO on a home?

What is the purpose of a BPO in real estate?

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