Understanding Home Valuations – Broker Price Opinions (BPOs)
This Video segment covers the “BPO” AKA Broker Price opinion.
- What is a BPO?
- How is it conducted?
- Who orders a BPO?
- How many BPOs are ordered?
These are some of the topics covered. In the segment that will follow this, I will explain how these values are used with Short Sales and Bank Owned homes. I will show you how to figure if a Short Sale even has any chance of being accepted, based off the listing price.
Recently the Appraisal industry has tried to block the real estate industry from conducting BPOs claiming this is outside the scope of licensed Real Estate activity. Frankly, I believe this to be a very short sighted view and that both groups need each other. Appraisers are not actively engaged in the day to day activity of selling and marketing properties and Real Estate agents are not trained to evaluate homes on the same level as an appraiser, but the voids of the two professions cross over and require cooperation on the part of both groups to get home values right.
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Author – Ted Mackel Simi Valley Real Estate Agent – Keller Williams RealtyTed Mackel is a top producer at Keller Williams Realty Simi Valley,specializing in Simi Valley Real Estate(805) 432-7705