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Real Estate Broker Price Opinion - BPO |
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Broker Price Opinion (BPO): The estimated value of a property as determined by a real estate broker or other qualified individual or firm. A broker price opinion is based on the characteristics of the property being considered. Some of the factors that a broker will consider when pricing a property include: the value of similar surrounding properties, sales trends in the neighborhood, an estimate of any of the costs associated with getting the property ready for sale and/or the cost of any needed repairs. It is important to note that a BPO is not the same as an appraisal. BPO (Broker Price Opinion) is similar to a CMA report but with more detail. A BPO, or Broker Price Opinion, is a tool used by mortgage lenders, banks and others to value a property in the current market.The reasons and timing for using a real estate broker for a BPO might include: 1) The cost of an appraisal is to be avoided. 2) Delinquent payments and pending foreclosue. 3) Refinance Some BPO's are only exterior and just require an outside examination or drive by, while other BPO's are both interior and exterior requiring to enter inside the subject property. The National Association of Broker Price Opinion Professionals (NABPOP) is an association of Real Estate Professionals (Real Estate: Agents, salespeople, brokers, and appraisers) that perform professional Broker Price Opinions BPOs for financial institutions and private parties. NABPOP is a professional trade organization to ensure professionalism, competence, and the advancement of the BPO industry within the Real Estate industry. |
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Forums to discuss Broker Price Opinion (BPO) and REO |
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1. How much one can make from BPO?
BPO (Broker Price Opinion) Orders will pay between $45 and $125 per order!
There are mainly two different types of BPO's:
Interior:
Interior BPO's pay anywhere from $75 to $125 depending upon the complexity, distance of the property, availability of BPO suppliers, etc.
Exterior:
For Exterior BPO's, they require far much less time to do, sometimes not even requiring to go and take pictures of the property. They can be performed in as little as 30 minute. Banks usually pay out between $55 to $75 per order!
2. Benefits of Doing BPO’s
* Make money in between real estate sales
* Start up own full-time business that can grow with you
* Have more freedom and time on your hands
* Spend more time with your family and work from home
* Learn a business you can always fall back on
* Earn extra money doing something that will enhance your career
3. What you will need to start doing BPO: a. Active real estate license or An Active Broker's License or An Appraiser License b. Multiple Listing Service access c. A digital camera 18 Jul 2008 at 5:46pm
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