Broker Opinion of Value Form
What makes the fannie mae bpo form legally binding?
As the world ditches in-office working conditions, the completion of documents more and more happens electronically. The fannie mae broker price opinion isn’t an any different. Handling it utilizing electronic tools is different from doing so in the physical world.
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People also ask
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Who generally writes a broker's price opinion?
A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker or appraiser. A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO. -
What does broker opinion of value mean?
A broker price opinion (BPO) is the estimated value of a property as determined by a real estate broker or other qualified individual or firm. A broker price opinion is based on the characteristics of the property being considered. -
What does a broker opinion of value look like?
A broker's opinion of value begins with a walk-through of the property. The broker will tour the site with the owner and inspect the interior and exterior condition of any structures. The broker uses the collected data about the property and the market in which it's located to make a property-specific analysis. -
Who may provide a broker opinion of value or BPO?
When a real estate broker or other qualified professional determines a property's estimated value, it's considered a broker price opinion. A BPO is used as part of the listing agreement when selling a house. A lender, loss mitigation company or mortgage company that wants an assessment of a property can request a BPO. -
What is the process for creating a broker's price opinion?
What is the process for creating a broker's price opinion (BPO)? A) The broker prepares a report compiled from research of comparable properties. The broker drives by the property, takes a picture, and fills out the BPO form. Which of these is NOT an essential assumption in determining market value? -
Who orders a broker price opinion?
A broker price opinion can be requested by a lender who wants an assessment of a property for such needs as the refinancing of a mortgage or a foreclosure. The owner of a property could also seek such an opinion if they are looking to make changes either through a sale or a refinancing of their mortgage. -
Who generally writes a broker's price opinion quizlet?
Who generally writes a broker's price opinion? - BPOs are generally compiled by a real estate broker in order to give a lender an approximation of market price. -
What is the difference between an appraisal and a broker opinion of value?
While similar in several ways, a broker opinion of value (or “BOV”) is a much different process than an appraisal. A BOV is conducted at the request of the property owner, and on a more informal basis than an appraisal requires. As the name implies, any evaluation is strictly the opinion of the broker conducting it.
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