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All About The BPO or Broker Price Opinion

By James Kimmons, About.com Guide

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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.

When is a BPO or Broker Price Opinion Used?

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.

When Brokers Might Be Called for a BPO

Make Sure That You Are Legal in Doing Broker Price Opinions

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.

Can You Do BPOs Legally in Your State?

The Two Major Types of BPOs or Broker Price Opinions

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.

Learn the Major BPO Types Here

What is Done in a Drive By BPO or Broker Price Opinion?

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 Elements of a Drive By BPO

The Internal BPO or Broker Price Opinion

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.

What is an Internal BPO?

NABPOP - The National Association of Broker Price Opinion Professionals

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.

Learn About NABPOP

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