The BPO, or Broker Price Opinion, is a tool used by lenders and mortgage companies to value properties in situations where they believe the expense and delay of an appraisal is not necessary. Real estate brokers are given an order to do a BPO by the lender, mortgage company or loss mitigation company. The broker does either a Drive By BPO or an Internal BPO in most cases. Learn about doing BPOs here, when they are used, the types and requirements of each.
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Lenders and mortgage companies might use a BPO for many reasons. Learn the primary reasons for their use here. It isn't just for foreclosures.
Don't make the mistake I did. I joined an association, took tests and got certified to do BPOs in my state. The problem was that it isn't legal for me to do so. Yes, I'm a broker, so that wasn't the problem. Find out about it here.
By far, two major types of BPO, or Broker Price Opinion, are used by lenders and loss mitigation companies nationally. Learn the types, requirements for each, and what you might get paid.
A Drive By BPO, or Broker Price Opinion, is a common tool for lenders in foreclosure and refinance situations. Learn what you might be called upon to do and report when doing a Drive By BPO.
The more thorough type of BPO, the Internal Broker Price Opinion requires a great deal more in the way of information, valuation work and photos. Learn what most Internal BPOs require, as well as additional services brokers frequently perform.
For those wishing to learn about doing BPOs, or Broker Price Opinions, this is a good place to start. You won't feel your membership fee is wasted, as you'll also be placed on a network so that BPO purchasers can find you. Learn about NABPOP here.