This can be done with an appraisal, but is often done with a less expensive broker price opinion
, or BPO.
At that point, I began a BPO (Broker Price Opinion
) business from 2006-present.
Three days before the trial, the Partnership submitted a broker price opinion
, which was prepared by a licensed appraiser and broker and valued the property at $280,000.
* In some cases, if a significantly large variance between the AVM and the prior valuation was found, the buyer would elect to "bump" to a broker price opinion
(BPO) or desk review.
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.
Ray is also certified in The Broker Price Opinion
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.
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.
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.