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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