Broker Price Opinions
What Exactly Are Broker Price Opinions (BPOs)?
A BPO is a realty home valuation report that is a quick, cost helpful alternative for financial institutions that’s primarily used when a formal appraisal isn’t required.
BPO is an abbreviated term used for Broker Price Opinion. A BPO report is a licensed realty professional’s written opinion of a subject property’s listed and anticipated sales price. Not to be confused with the (CMA) Comparative Market Analysis you use everyday in your practice. A BPO is a more detailed report that gives the home buyers of these reports (usually lenders) an overall snapshot of a property’s value, condition and market statistics.
Who Orders BPOs?
The majority of Brokers Price Opinions also known as BPO's orders are from financial institutions trying to value their non-performing loans and REO properties, but in truth, anyone who wants a detailed report on a property without the cost and time delay of a formal appraisal can order a BPO – it’s not only for REO servicing companies or REO departments. It might be:
Lenders Themselves – Some BPO inspections may be used to validate appraisals, AVMs (Automatic Home valuation Models), evaluate purchase offers on a property in Pre-Foreclosure or to determine the value of a property that is a potential Short Sale.
Wall Street / Financial Institutions - BPO can be used to analyze secondary mortgage market loan portfolios for purchase and sale.
PMI Companies - Private mortgage insurance companies use BPO inspections to analyze and insure lenders against defaulted loans or when there are PMI loan removal requests.
Lacey Lingenfelter
"Real Estate Knowledge You Can Trust"
(425) 268-0347
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