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How to use or fill out RESIDENTIAL BROKER PRICE OPINION. NHS Broker Price Option Form

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Click ‘Get Form’ to open it in the editor.
Begin by entering the Loan # and REO # at the top of the form. This information is crucial for identification purposes.
Fill in the PROPERTY ADDRESS and select whether this is an Initial, 2nd Opinion, or Updated BPO. Specify if it's an Exterior Only assessment.
In the GENERAL MARKET CONDITIONS section, assess current market conditions and employment status by selecting appropriate options. Provide percentage changes in market price over recent months.
For SUBJECT MARKETABILITY, indicate the range of values and marketing time. Answer questions regarding financing availability and previous market activity.
In COMPETITIVE CLOSED SALES, list comparable properties with their details such as sale price, proximity, and adjustments needed for accurate valuation.
Complete the MARKETING STRATEGY section by indicating occupancy status and identifying potential buyers.
Itemize necessary repairs in the REPAIRS section to enhance property value before listing.
Finally, summarize your findings in THE MARKET VALUE section and provide any additional comments or concerns before signing off on the document.

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What is a residential broker price opinion?

A broker price opinion (BPO) is a subjective valuation of a property, made by a licensed broker, as it pertains to a potential purchase, sale or lease[i]. To provide a valid BPO in California, the broker must be a licensed broker making the valuation within the ordinary course of the brokers business[ii].

Who generally writes a brokers price opinion?

For both types of BPOs, write notes in regards to the visual appearance, including damage and cleanliness, on the forms. For an internal BPO only, record notes on the condition of each room. List any damages, the current amount of normal wear on items such as wood and carpet and describe any architectural flaws.

What does a broker price opinion include?

Some of the factors that a broker will consider when developing a price opinion include the value of similar surrounding properties and sales trends in the neighborhood. The location of the property and its place among its surroundings factor into the opinion.

How to write a broker price opinion letter?

To fill out a broker opinion letter, one must provide details such as the property address, a description of the property, current market conditions, comparable sales, and the brokers analysis and opinion of value.

What is the most common reason that a broker price opinion is used?

BPOs are conducted by real estate agents or brokers who provide quick and inexpensive property value estimates, but not all states allow them. Appraisals are formal assessments performed by certified appraisers who must meet certain educational and training requirements.

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