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August 07, 2009

Broker Price Opinion

Broker Price Opinion refers to the process used to obtain property values. Mortgage lenders and bank loss mitigation departments utilize BPO reports in lieu of traditional property appraisals to obtain estimated property values of real estate which is entering into foreclosure or when borrowers wish to obtain a loan modification.

Broker Price Opinion is not the same as a traditional property appraisal. As the name suggests, the appraised value is an opinion based on a variety of predetermined factors. These can include the area where the property is located, square footage of the home, lot size, and the condition of other homes in the area; including the percentage of foreclosure or bank owned properties.

Real Estate Investing article on "Broker Price Opinion"