Real Estate Terms - BPO
Posted by Paula Henry on Wednesday, August 20, 2008 at 6:43 AM By Paula Henry / August 20, 2008 Comment
BPO is short for Broker Price Opinion. A BPO is most commonly used by banks and investors when determining the property value of a home which is in the pre-foreclosure process.
In place of a full appraisal, the bank or investor will hire a broker or agent to evaluate the property and provide a written opinion of value. We use our market knowledge and listing data to assist the bank in determining fair market value based on variables within the area of the subject property.
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