(Seller Question) What is 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, 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.
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Tawana Bourne, SRS, SFR, RESE
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Berkshire Hathaway HomeServices NEP
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