Profile picture for chippers2

What is a BPO and how is it used in a traditional listing?

Can it be used to determine current market value of a home? It is the current market value of the home based on recent assessment from my servicer on behalf of my mortgage company. It is not for short sale or foreclosure purposes.
  • August 26 2012 - Morris Township
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Well put Bernard.
  • August 27 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for chippers2
Thank you.
  • August 26 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It stands for Broker Price Opinion. Really a mini-appraisal carried out by a licensed real estate agent. They are produced using standardized forms and the agent is generally required to complete them within a few days of instruction. Mostly (not always) they are external or "drive-by". The agent has to provide multiple photos and a number of recently sold, pending and active comps.

Much cheaper for a lender than using an appraiser. Not as accurate generally but the lenders seem happy with them. Not used in purchases but often to determine valu before agreeing to a short sale, listing a foreclosed home, or for re-fi purposes.
  • August 26 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.