BPO stands for Broker Price Opinion. For many agents this is a completely new and foreign term. Honestly, many brokers, agents, appraisers or members of the general public know about.
Technically speaking, a Broker Price Opinion report is an opinion of value that is conducted by real estate professionals or appraiser to determine the estimated current market value of a property. A typical BPO form is a few pages, which is either an exterior or interior inspection. This is seen within the valuation industry as an option to a full appraisal report.
Some of the reasons lending institutions will ask that a Broker Price Opinion be done on a property are: refinancing loans, home equity loans and lines of credit. This gives everyone choices so they do not have to pay for a full appraisal.
Also, some BPO's are used to these same institutions determine the Current Market Value, for a property that they are financing to help determine if a property should go into pre-foreclosure or foreclosure.
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Providing the latest Real Estate information on Cuyahoga, Medina and Lorain Counties, consisting of : market news, real estate news, real estate listings,school information, neighborhood information, mortgage news, title information, buying information, selling information and much more... For more information... Contact me via 440.336.0612 or cjharrington.crs@gmail.com or stop by our website at www.cjharrington.com
CJ Harrington
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