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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 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.

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 form?

What is Broker's Price Opinion form for? This form gives the idea of the overall condition of the property and its value. All the types of repairs that must be done are taken into account. Also, the interior BPO form contains reviews of a competing property and several deals closed in the area.

Who prepares the BPO?

The BPO is performed by a real estate professional who is acting on behalf of the financial institution. Such a professional could be a real estate agent, a real estate broker, an appraiser, or other qualified person.

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