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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.
How does a brokers 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 BPO?
BPO versus Appraisal. Studies have shown BPOs are just as accurate as appraisals. BPOs are less expensive and take docHubly less time to get.
Should I get a BPO or an appraisal?
If you need a thorough, detailed overview of a homes value, youd want to get an appraisal, not a BPO. If youre applying for a mortgage, you do not need a BPO because lenders require an appraisal, not a BPO.
Who typically performs a CMA or BPO?
Broker Price Opinion (BPO)- While the CMA is done by a real estate agent to come up with a list price for the owner/seller, the BPO is usually ordered by a lender or bank to value a property that could be in the process of being foreclosed, however this is not always the case and I have heard of some banks might using
freddie mac bpo form
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The amount of time and amount of substantive work, including detailed findings through appraisals, often takes a week or two to fully complete. On the other hand, both an external and internal BPO might take a much shorter amount of time in some cases, less than one day to complete.
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 does a broker price opinion not include?
A broker price opinion is based on the characteristics of the property being considered. A BPO is not representative of an official appraised value, nor will it necessarily correspond to a propertys market value.
Who may provide a broker opinion of value or BPO?
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 is a broker price opinion used for?
What Is A Broker Price Opinion? When a real estate broker or other qualified professional determines a propertys estimated value, its considered a broker price opinion. A BPO is used as part of the listing agreement when selling a house.
residential broker price opinion form
12 U.S. Code § 3355 - Broker price opinions
In conjunction with the purchase of a consumer's principal dwelling, broker price opinions may not be used as the primary basis to determine the value of a ...
Dec 29, 2021 — A broker's price opinion provides an estimate of price. They can be provided by a licensed broker or sales agent. A broker's price opinion is ...
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