broker price opinion

Broker Price Opinion

An estimation of the value of a property by a real estate broker. A broker price opinion may take into account the quality of the property, values of surrounding properties and market conditions in the area. However, the estimation is not as detailed or as definitive as a full appraisal. A BPO may be done at the request of a bank when the owner of the property is attempting to refinance a loan or when it is attempting to find an alternative to foreclosure. It also may be done to help a seller determine the best asking price for his/her property.

broker price opinion (BPO)

In most states, only a licensed appraiser is authorized to offer a professional opinion as to the value of a property. Often, though, a real estate broker will be asked to offer an opinion regarding the price to ask when marketing a property.This is a fine distinction, but perfectly legal,as long as labeled as such.BPOs are frequently obtained by out-of-state lenders seeking to work out a sale of a distressed property.

References in periodicals archive ?
Net, a comprehensive workflow management system, has chosen Lincoln Appraisal & Settlement Services, a national Appraisal Management (AMC) & Settlement Services Company, to become an Approved Broker Price Opinion (BPO) and Appraisal Business Partner.
Ray is also certified in The Broker Price Opinion Resource (BPOR).
area, "to have my appraisal stuck beside an (automated valuation) or a broker price opinion,'' which will now be mandatory.
2551, legislation that would have significantly expanded the ability of the state's real estate professionals to provide broker price opinion and comparative market analysis services.
According to the company, AVPOs are not appraisals, but rather expert opinions that provide a second level of review for broker price opinion users, without the need to build in-house review functions.
Her experience combined with the knowledge she gained from earning the Broker Price Opinion Resource designation has made her an authority on local property values.
This transaction also broadens Stewart s bundle of mortgage services offerings to include a robust suite of collateral valuation products including appraisal, broker price opinion, and hybrid valuation products.
She says real estate agents are frequently involved; they either work with the "investor" to create a low-ball broker price opinion by concealing higher offers from the seller's lender and putting a low-ball price in the Multiple Listing Service (MLS), or by marking the property in the MLS as being under contract when in reality it's only under an "option purchase contract," which gives the investor exclusive rights to buy the home for a year at a specific price.
They responded by comparing photos from appraisal reports or Broker Price Opinion (BPO) photos to satellite images through multiple steps.
The company added that the deal also broadens Stewart's bundle of mortgage services offering to include collateral valuation products that include appraisal, broker price opinion and hybrid valuation products.
Along with the workflow management system, REO Pro Corp provides real estate agents an educational eBook package that includes information on: the basic knowledge of the REO industry, how to complete a broker price opinion, how to properly manage your REO business and how to market and sell your REO properties.
Zaio s database allows for sophisticated data modeling and accuracy in preparing industry standard forms like the 1004 URAR as well as specialty products like the Z-VAL that provide mortgage lenders, brokers and borrowers with a more accurate and cost effective alternative to Broker Price Opinion reports.