what is a bpo real estate
Best answer
Broker price opinion
People also ask
What is a BPO when buying a property?
Since a BPO is the opinion of a real estate broker agent, a comparison between the property in question and those which are similar is required. Review the current market for at least 3 properties that are of the same size, age and style.
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.
Can a broker or agent conduct a BPO?
Depending on the request, a broker or agent can conduct an interior or exterior BPO, sometimes called a drive-by BPO.
What is a BPO appraisal and how does it work?
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. When a BPO is ordered by a financial institution, it’s possible for the homeowner to be unaware of the valuation.