What is a BPO?

The BPO (Broker Price Opinion) is a tool used by lenders and mortgage companies to assist in the valuation of properties (residential or commercial). It is a more timely and economical means of valuing properties as compared to that of a full appraisal. Who knows the value of your local market than you!!

Some of the considered criteria include: value of comparable properties, sales trends in the neighborhood, estimate of related repair/renovation costs.

Please be aware that a BPO is not an Appraisal, but merely an opinion of value as the name suggests.

Now, this is where you come in!!!

Broker Price Opinions are conducted by Licensed Real Estate Professionals (LREP) to give a valuation of properties.

Requests may be made for either Exterior or Interior valuations. Exterior (drive-by) valuations are the ones most often requested.

You will be required to take pictures as instructed by the companies. The required Exterior photos may include: Front View; Address Identification; Street Views; Side/Rear Views; Across View.

The more you do, and the more often you do, the better you will get at it. And if you are conscientious and determined, you will be successful at this business.

Each company has its own criteria and will explicitly indicate its requirements upon assignment of an order.

The online Report usually consists of:

• Subject Information
• Comparable Sales
• Comparable Listings
• Repairs (if necessary)
• Valuation of Price
• Comments (which may include information regarding market area, condition, area growth/decline, hazards, repairs)