A Broker Price Opinion (BPO) is a professional assessment of a property's value, typically conducted by a real estate broker. This form provides essential information about the property, its market conditions, and comparable sales to help determine an accurate price. For those looking to fill out the BPO form, click the button below.
The Broker Price Opinion (BPO) form serves as a crucial tool for real estate professionals, providing a comprehensive overview of a property's estimated market value. This form gathers essential information about the property in question, including its address, loan number, and the firm handling the transaction. It assesses general market conditions, detailing employment trends and the supply of comparable listings in the area. By analyzing the subject property's marketability, the BPO identifies its range of values and whether it has been on the market recently. The form also includes a section for competitive closed sales, comparing the subject property to similar homes that have recently sold. This allows for a clearer understanding of pricing dynamics. Additionally, the BPO outlines necessary repairs, occupancy status, and potential marketing strategies. Finally, it concludes with a suggested market value based on the collected data, ensuring that all relevant factors are considered in the valuation process.
RESIDENTIAL BROKER PRICE OPINION
Loan #
REO #:This BPO is the
PROPERTY ADDRESS:
FIRM NAME:
PHONE NO.
Initial
2nd Opinion
Updated Exterior Only
DATE
SALES REPRESENTATIVE:
BORROWER’S NAME:
COMPLETED BY:
FAX NO.
I.GENERAL MARKET CONDITIONS
Current market condition:
Depressed
Slow
Stable
Improving
Employment conditions:
Declining
Increasing
Market price of this type property has:
Decreased
%
in past
months
Increased
Remained stable
Estimated percentages of owner vs. tenants in neighborhood:
% owner occupant
There is a
Normal supply
oversupply
shortage of comparable listings in the neighborhood
Approximate number of comparable units for sale in neighborhood:
No. of competing listings in neighborhood that are REO or Corporate owned:
No. of boarded or blocked-up homes:
Excellent
% tenant
II.SUBJECT MARKETABILITY
Range of values in the neighborhood is $
to $
The subject is an
over improvement
under improvement
Appropriate improvement for the neighborhood.
Normal marketing time in the area is:
days.
Are all types of financing available for the property?
Yes
No
If no, explain
Has the property been on the market in the last 12 months?
If yes, $
list price (include MLS printout)
To the best of your knowledge, why did it not sell?
Unit Type:
single family detached
condo
co-op
mobile home
single family attached
townhouse
modular
If condo or other association exists: Fee $
monthly
annually Current?
Fee delinquent? $
The fee includes:
Association Contact:
Insurance
Name:
Landscape
Pool
Tennis
Other
Phone No.:
III. COMPETITIVE CLOSED SALES
ITEM
SUBJECT
COMPARABLE NUMBER 1
COMPARABLE NUMBER 2
COMPARABLE NUMBER 3
Address
Proximity to Subject
REO/Corp
Sale Price
$
Price/Gross Living Area
Sq. Ft.
Sq. Ft..
Sq.
Ft.
Sale Date &
Days on Market
VALUE ADJUSTMENTS
DESCRIPTION
+(-) Adjustment
Sales or Financing
Concessions
Location (City/Rural)
Leasehold/Fee Simple
Lot Size
View
Design and Appeal
Quality of Construction
Year Built
Condition
Total
Bdms
Baths
Above Grade
Room Count
Gross Living Area
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porches, Patio, Deck
Fireplace(s), etc.
Fence, Pool, etc.
Net Adj. (total)
+
-
Adjusted Sales Price of
Comparable
Fannie Mae Revised 03/99
Page 1 of 2
REO#
IV. MARKETING STRATEGY
As-is
Minimal Lender Required Repairs
V. REPAIRS
Occupancy Status: Occupied
Repaired Most Likely Buyer:
Vacant Unknown
Owner occupant Investor
Itemize ALL repairs needed to bring property from its present “as is” condition to average marketable condition for the neighborhood. Check those repairs you recommend that we perform for most successful marketing of the property.
GRAND TOTAL FOR ALL REPAIRS $
VI. COMPETITIVE LISTINGS
COMPARABLE NUMBER. 2
COMPARABLE NUMBER. 3
List Price
Sq.Ft.
Data and/or
Verification Sources
+ (-)Adjustment
+(-)Adjustment
Days on Market and
Date on Market
Leasehold/Fee
Simple
Adjusted Sales Price
of Comparable
VI. THE MARKET VALUE (The value must fall within the indicated value of the Competitive Closed Sales).
Market Value
Suggested List Price
AS IS REPAIRED
30 Quick Sale Value
Last Sale of Subject, Price
Date
COMMENTS (Include specific positives/negatives, special concerns, encroachments, easements, water rights, environmental concerns, flood zones, etc. Attach addendum if additional space is needed.)
Signature:
Date:
Page 2 of 2
CMS Publishing Company 1 800 235-1600 [0399]
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1. A Broker Price Opinion (BPO) is the same as an appraisal. While both documents estimate property value, a BPO is typically less detailed and is often used for internal purposes by lenders, whereas an appraisal is a formal valuation performed by a licensed appraiser.
2. BPOs are only used for distressed properties. This is not true. BPOs can be utilized for various property types, including those that are not in distress. They are often used in standard real estate transactions as well.
3. A BPO is not legally binding. Correct. A BPO serves as an opinion of value and does not carry the same legal weight as an appraisal. It is a tool for assessing market conditions and pricing strategies.
4. Only licensed real estate agents can complete a BPO. This is a misconception. While many BPOs are completed by licensed agents, others may be prepared by qualified individuals who have received proper training in real estate valuation.
5. BPOs are always accurate. Accuracy can vary. BPOs rely on the agent's knowledge of the market and comparable properties, which may lead to discrepancies based on subjective judgments or incomplete data.
6. A BPO can predict future property values. A BPO reflects current market conditions and values but does not forecast future trends. Real estate markets can fluctuate based on numerous factors beyond the scope of a BPO.
7. BPOs are not useful for buyers. This is incorrect. Buyers can benefit from BPOs as they provide insights into property values and market conditions, helping them make informed purchasing decisions.
8. The BPO process is quick and does not require much detail. Although BPOs can be completed faster than appraisals, they still require thorough research and analysis of comparable properties, market conditions, and other factors to ensure a reliable opinion of value.
The Broker Price Opinion (BPO) form is a vital tool for assessing the value of a property. However, it is often used in conjunction with several other important documents. Each of these documents serves a specific purpose in the real estate process, helping to provide a comprehensive understanding of the property and its market conditions.
Understanding these documents can enhance the effectiveness of the Broker Price Opinion and provide a clearer picture of the property's value and marketability. Each plays a crucial role in the real estate transaction process, ensuring that all parties are informed and prepared.