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What is a BPO form?

A broker price opinion, or BPO, is a report that can be prepared by a broker, appraiser, or agent to determine the approximate market value of a commercial or multifamily property. This report is also commonly known as a broker opinion of value, or BOV.

Who completes a BPO?

A BPO is typically completed by a real estate broker or agent and is not required to conform to USPAP or state appraisal law. A BPO can be completed by a licensed or certified appraiser, but then becomes an appraisal under USPAP and state law.

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 collection letter?

Chances are they are calling or writing to you because they are trying to collect a debt on behalf of the original lender or service provider, and believe you owe money. The original debt wont be to BPO Collections, which is why you might not recognise the name.

Who generally writes a BPO?

A broker price opinion is an estimate of a propertys value done by a real estate broker or other qualified professional. Though only an estimate, a traditional BPO is based on the sales of comparable properties in a given neighborhood.

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What is a BPO in simple words?

Business Process Outsourcing, or BPO, refers to the process of contracting standard business functions to be handled by a party outside of the company. Those in the BPO industry can provide this support thanks to their strong understanding of organizational processes that are similar across most companies.

What is a BPO letter?

A broker price opinion is an estimate of a propertys value done by a real estate broker or other qualified professional. Though only an estimate, a traditional BPO is based on the sales of comparable properties in a given neighborhood. Usually, a BPO is used as part of the listing agreement when selling a house.

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