What is a BPO in Real Estate?

BPO stands for "Broker Price Opinion." That's on real estate professional's evaluation, statement of value, educated opinion. They are often used to "replace" a full appraisal. They can be faster and cheaper. The BPO of a residential property is conducted by a local, licensed real estate professional. The report combines information from a drive-by exterior examination, external data sources, previous sale data, property assessment data, recent comparable sales and current neighborhood listings, as well as a photograph of the subject property. The BPO includes estimate of repairs to obtain fair market value, neighborhood information, and value estimate (90, 120, 180 day marketing time for "as is" and "as repaired" values). Photographs include subject and street scene photographs. Front photographs of all comparable sales are also available for an additional fee. This product is not an appraisal and does not include an inspection of the interior of the property. There are Residential BPOs and Commercial BPOs. In today's market, banks or brokers may want a BPO to negotiate a Short Sale. More questions? Call your financial wiz: Pat Townsley, Mortgage Broker. 415-485-1776. http://www.ptre.net/