What's a BPO?
As part of the short-sale application process, the bank will require a Brokers Price Opinion (BPO). This is an estimate of what the house will sell for in today's market.
Most BPO's are not as elaborate as a full appraisal, and are geared towards the price of houses recently sold in your neighborhood.
Remember, if you’re underwater with your mortgage, your goal is to get out from under your burdensome debt. A low or high BPO is not a concern when you are looking for a realistic price. The idea is to ensure all parties have a good understanding of the current market value of the property.
If contacted by the BPO agent, be honest regarding any repairs that may be necessary. Oftentimes, these things are not immediately obvious but yet can affect the total BPO value of the property.
𝐒𝐮𝐛𝐦𝐢𝐭 𝐲𝐨𝐮𝐫 𝐫𝐞𝐚𝐥 𝐞𝐬𝐭𝐚𝐭𝐞 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐡𝐞𝐫𝐞: 𝐡𝐭𝐭𝐩://𝐛𝐢𝐭.𝐥𝐲/𝟐𝐩𝐓𝟖𝐗𝐏𝟑
Tawana Bourne, Broker - REALTOR® - Investor
Representing Keller Williams Realty
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*Disclaimer. Q&A’s are for marketing purposes only and are not intended to offer real estate advice to non-represented parties. Please consult with a real estate professional under their contractual representation for answers to your real estate questions. Realtor Tawana Bourne DOES NOT guarantee the services or performance of these referred companies.