Need an Opinion of Value on a Piece of Property? Try Our BPO Services.
BPO stands for for Broker’s Price Opinion. A Broker’s Price Opinion (BPO) is a method that a Real Estate professional uses to estimate the value of a Real Estate property or homes. The estimate of value is submitted in a BPO report that includes local Real Estate market information, neighborhood analysis, and property comparables (comps) that are most similar to the subject home that is being valued. This method of estimating a value has similarities to a Certified Market Analysis CMA and a residential Real Estate appraisal. It is less expensive and quicker to complete than an appraisal.
Here’s what you’ll get:
- A narrative on local market conditions.
- Thorough neighborhood analysis.
- Review of the subject property condition in question.
- Analysis and photos of three current comparable listings.
- Analysis and photos of three recent comparable sales.
- Suggested list and sales price.
Who uses Broker Price Opinions (BPO)?
The primary entities that use BPO’s are: homeowners, banks, lenders, mortgage companies, REO departments, loss mitigation companies, and asset managers. BPOs are used with refinancing, home equity loans, foreclosures and short sales. BPO’s give lenders a quick estimate of a homes current market value. Although a broker price opinion does NOT equate to an appraisal, it is a very useful tool to loan officers when a loan to value ratio may be in question and a “closer look ” is needed.
Why use MemphisREO?
We can provide a value range using the same real estate data available to appraisers and review recent sales found in the public records & MLS for Tennessee home values in the Greater Memphis TN area. We provide a quick, inexpensive way to find out what a property might be worth without involving an appraisal company.
There are multiple reason that a company may decide to utilize MemphisREO’s BPO services. These reasons may include, but are not limited to:
- Valuation of a Real Estate Owned (REO) property
- Foreclosure
- Short Sale
- As a supplement to an appraisal.
- To cross check an appraisal.
- Home Equity Lines of Credit
- Home Equity Loans
- Requests to remove private mortgage insurance (PMI).
- Due diligence for investors or investment bankers.
- To determine a selling price for a portfolio of home loans.
- To perform due diligence to purchase a portfolio of home loans.
- Any other reason that a bank or lender needs to make a financial decision on a property
WHAT ARE YOU WAITING FOR? GET STARTED NOW!
Simply fill out this form to get your BPO order started.