what is a bpo in real estate
Best answer
Broker price opinion
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What is ABA BPO in real estate?
A BPO or Broker Price Opinion is an estimated value of a property that is often created by real estate agents or brokers. Though the term is similar to Appraisal, it serves as an alternative to it. This is usually asked by the financial institutions to determine an estimated value of the property they hold the mortgage of, such as lenders or banks.
What is a Broker Price Opinion (BPO)?
What Is a BPO? A broker price opinion is an estimated property value that is often determined by a real estate broker or qualified agent. It serves as an alternative to a complete property appraisal and is often ordered by financial institutions, like the lender that holds the mortgage on the property.
What is a BPO and how is it calculated?
Because a BPO is calculated by a real estate agent, salesperson or broker rather than an appraiser, the professional experience comes from determining the home value and assigning the right asking sale price.
Do real estate agents offer BPO services for free?
Now it is very important to understand that a broker or a real estate agent can also offer BPO services for free in a hope that when the time comes, they would get the chance to represent the owner by listing the property.