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A broker price opinion (BPO) is the estimated value of a property as determined by a real estate broker or other qualified individual or firm.
Is a BPO better than an appraisal?
In most cases, an appraisal is a better option. Yes, appraisals are more expensive, but they are also more accurate and in-depth, and are often required by the lender. A BPO might make sense, if youre selling your home through a short sale. BPOs take less time and cost less.
What is BPO in real estate example?
A broker price opinion (BPO) is a real estate professionals dollar estimate of a propertys worth. It is an opinion, but one often backed up by the selling prices of comparable homes in comparable neighborhoods.
How much does a BPO cost in real estate?
Cost: Broker price opinions are also less expensive than the cost of an appraisal. An appraisal can run anywhere from $300 to 800 or more, and a BPO costs half that and sometimes even less, roughly $50 or so, ing to Andrews.
What is a BPO used for?
A broker price opinion (BPO) is a real estate professionals official estimate of a propertys value. BPOs may be helpful when buying or selling a home. Buyers can use the BPO to help find out whether theyre getting a good deal. Additionally, the service may help sellers market their homes with an accurate price.
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The letter should include the following information: The address of the property The date of the opinion The legal description of the property The property type An explanation of the market conditions An estimate of the propertys current market value An explanation of the methodology used to arrive at
Related links
PDF version of FMIS BPO
Oct 31, 2015 SAMPLE FORMS MUST BE REGULARLY TESTED DURING THE COURSE OF. PRODUCTION AND VERIFIED FOR THE FOLLOWING: VISUAL - APPEARANCE, COLOR, REGISTER AND
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