Exterior Broker Price Opinion BPO # Forms in Word
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People also ask
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Is a BPO a broker's price opinion?
A broker price opinion (BPO for short), is a real estate professional's estimate of a property's value. It is an opinion, but one often backed up by the selling prices of comparable homes in comparable neighborhoods. -
What is the process for creating a broker's price opinion BPO?
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? -
Which of the following would most likely request a broker's price opinion BPO )?
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?
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. -
How is a BPO done?
A BPO is done by an agent whose commission is based on the sales price, rather than an objective, third-party professional. A BPO may be restricted by some state and federal laws. State laws vary on when and how a BPO may be used. -
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. -
Is a BPO the same as an appraisal?
The two main differences between appraisals and BPOs involve time and cost. Home appraisals are conducted by trained experts, while BPOs are done by agents or brokers. The appraisal accuracy will be much higher because appraisers must meet certain educational guidelines and benchmarks. -
Is a BPO better than an appraisal?
Similar to a home appraisal, a broker price opinion helps establish what your home is worth. But a broker opinion of value is considered less accurate than an appraisal and may not be allowed to substitute for an appraisal.
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