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Asking A Real Estate Agent Or Broker If youre working with a real estate agent or through a broker, you can ask them to do it. They may even create a BPO free of charge if youre already working with them on a purchase or sale.
What does a BPO stand for in real estate?
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.
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.
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 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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