Broker Price Opinion

When preparing a home to list on the market, a real estate professional will often give a broker price opinion on how much the home should sell for. This opinion is usually based on a market analysis of similar homes and can incorporate a more detailed evaluation of the home’s interior condition. A broker price opinion is most frequently used to inform the home’s eventual list price. BPOs are sometimes ordered by banking asset managers when borrowers default on their mortgage payments. BPOs are more affordable than a full appraisal and are commonly used to estimate property value for foreclosures and short sales.