BPO stands for Broker's Price Opinion. This is a valuation report that is done by a real esate agent or broker to determine price for a home in a particular market at a particular time. Even though they are used quite frequently by lenders getting ready to foreclose on a property, or allow a particular price for a short sale, this valuation report is not new to the industry. Prior to the dramatice increase in foreclosures and distressed sales, when a borrower was to refinance or regular loan servicing would be reasons for a lender to order a BPO.
Now that you know what they are, we want to tell you when it would be wise for you to utilize one for your own benefit. First if you are an investor and are considering a short sale of a property, it would be prudent for you to order your own BPO so you will know approximately what the bank expects or may be willing to price their home.
How do you get one of these BPO's? If you do a google search of your area of agents that perform these reports, you can contact them individually to order one. There are also BPO Companies that work for the lending industry and have at their disposal in most cases, agents though out the country that perform bpo's for them.
If you have any more questions, or are in need of a BPO in the Lee County FL area, you can call us directly as we are "Certified Property Valuators" and will be happy to answer questions you have and also quote you a price on what your valuation report would cost you. Call us at 239-368-8520 or email at tammyjrodriguez@gmail.com for more info.
