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What are BPOs?
BPOs, or rather, "Broker Price Opinions," are professional valuations of properties. BPOs are less expensive and less time consuming than full appraisals and are completed to estimate the value of real estate. A BPO is generally two to three pages in length and includes specific information and characteristics about a subject property and other properties that impact the assumed value.
Why Do Companies Request BPOs?
Companies request BPOs primarily because they are less expensive than an appraisal. A BPO is the most economical way a financial institution can make a calculated financial decision on their real estate holdings. The foreclosure crisis has lead to banks needing BPO agents now more than ever before! A great way for Real Estate Professionals to increase their income NOW!
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