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How does a broker price opinion work?

A broker price opinion (BPO) is an unofficial assessment of a propertys potential market value based on expert judgment. A BPO is often based off of qualitative and subjective factors such as neighborhood characteristics, curb appeal, and if the market is hot or not.

How accurate is a broker price opinion?

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 broker opinion letter?

A broker price opinion can be requested by a lender who wants an assessment of a property for such needs as the refinancing of a mortgage or a foreclosure. The owner of a property could also seek such an opinion if they are looking to make changes either through a sale or a refinancing of their mortgage.

What does a broker opinion of value look like?

A brokers opinion of value begins with a walk-through of the property. The broker will tour the site with the owner and inspect the interior and exterior condition of any structures. The broker uses the collected data about the property and the market in which its located to make a property-specific analysis.

What is the difference between a broker price opinion and an appraisal?

A Broker Opinion of Value is typically requested by a property owner and completed for free. An appraisal could be requested by a lender or property owner and comes with a cost. In addition, an appraiser must follow strict guidelines when determining value versus a broker who is not required to adhere to the same code.

broker price opinion example

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How do you get a brokers opinion of value?

Creating a broker opinion of value usually begins with a walk-through of the property. A broker will tour the site with the owner, inspecting both the interior and exterior condition of the property. The next step would be data collection.

What is the process for creating a broker price opinion?

What is the process for creating a brokers 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 the most common reason that a broker price opinion is used?

Broker price opinion definition A broker price opinion, commonly known as a BPO, is a real estate professionals opinion of a propertys 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.

What does a broker opinion of value look like?

A brokers opinion of value begins with a walk-through of the property. The broker will tour the site with the owner and inspect the interior and exterior condition of any structures. The broker uses the collected data about the property and the market in which its located to make a property-specific analysis.

How do you prepare a broker price opinion?

To determine the broker price opinion, a broker or real estate professional uses real estate comps, or comparable homes.The following items usually go into the report: Age of the home. Size of the property. Neighborhood surrounding the property. Zoning requirements. Condition of the property.

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