The last several years have already been filled with a lot of new abbreviations and lingo in real estate market that had not been common place since the early 1990s. One of these abbreviations is BPO.
BPO is short for Broker Price Opinion. The term BPO brings thoughts of a long, tiresome analysis for some brokers and a gold mine for others. If you understand the process, they are very easy, and at times, fun to do. To get more BPO questions and answer you can also visit at http://www.nexgenagency.com/.
Most realtors are aware of a comparative market examination (CMA). CMAs are usually produced for a retailer for an inventory presentation to be able to determine the property’s reasonable market value as well as for potential buyers looking for the offer price they’ll use to buy a specific home.
Focusing on how to produce a CMA for a buyer or owner is an art that does take time to development, but it is one of the very most essential tools that realtors have to look for the market value of a house.
Why Do Banking institutions Use BPOs rather than certified appraisals?
Finance institutions have been employing realtors for years to provide complete BPOs on properties where they will be the lender. In the world of BPOs and REOs (real estate owned, properties which may have been foreclosed on and are actually owned by the lender), BPO and CMA are being used interchangeably specially when referring to an inside BPO.