In other words, the Broker Price Thoughts and opinions, or BPO, is an examination or estimation of a property completed by a real estate dealer or other accredited personnel.
The BPO is a “middle of the road” appraisal; and is more thorough than the AVM (Automated Value Model), a process that calculates a value in minutes with no property visit depending on historical price, market conditions, and comparable. To get more tips to influencing your BPO you can also visit at http://www.nexgenagency.com/.
But not as thorough as a full-blown appraisal done by a certified and certified appraiser (which could cost twice as much).
For the brief deal agent or agent, a BPO is normally ordered by the lender or lender when contemplating a short deal offer. The BPO value provided by the agent that is clearly a consequence of the BPO inspection is normally utilized by the lender to compare resistant to the short sales offer that was designed to find out if the offer is affordable.
Here’s the kicker: a BPO, like any other appraisal, continues to be subjective. In the end, it is named an agent price view. Like other things in real estate, as it pertains to estimating, there is absolutely no real “number” for a house, the best there is certainly is an acceptable range.