FAQ -- Why Was There a BPO Performed on My Home?
There are a wide range of reasons why a Broker Price Opinion (BPO) is performed on a property. Whether or not it is an indication of a future problem depends upon the circumstances.
A BPO is almost always ordered by the bank that holds the mortgage to the property. It is to determine the fair market value of the property. Banks order BPOs because they are less expensive than appraisals. They will contact a valuation service company who then passes the request on to a licensed real estate agent. The majority of BPOS are "drive by" or "exterior" valuations ... the agent takes pictures of the house and the neighborhood.
The reasons a BPO is ordered can be:
Once the BPO is completed, the bank knows the fair market value of the property, and this information can help them determine how to proceed. In the past, homeowners weren't even aware that this was happening. Now they have the right to this information, too. Contact us today ... we will be happy to discuss your situation with you and help you determine the best course of action. You can also request a FREE market analysis of your home so that you know the fair market value.
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Properties, LLC ... Residential Real Estate Services.