What is a Broker Price Opinion (BPO)?
A BPO is a real estate property valuation performed by a licensed broker. There are a few common types of BPOs. First, is a drive-by broker price opinion, wherein the broker only sees the property from the exterior. The broker might leave their car, but they will not attempt to enter the residence. Second, an internal broker price opinion is performed by gaining authorized access to the home and reviewing its condition and amenities. These often include taking photos of the property.
Some of the factors that a broker will consider when developing a price opinion include the value of similar surrounding properties and sales trends in the neighborhood. Comparable listings, recent sales, the location of the property and its place among its surroundings affect the price opinion for a property. Brokers will also take into account 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 broker price opinion is not the same as an appraisal.
Why Broker Price Opinions Are Sought in Real Estate?
A broker price opinion might be sought because the service can cost much less and be performed more quickly than an appraisal of the property. BPOs are frequently requested by lenders who want an assessment of a property’s value for such needs as the refinancing of a mortgage or a foreclosure. Broker price opinions are regarded as concise alternatives to an appraisal.
The owner of a property may seek such an opinion if they are looking to make changes either through a sale or a refinancing of their mortgage. Brokers occasionally submit a free price opinion in the hopes of winning a listing they are assessing. The broker might include a marketing plan for the property when they issue the price opinion to show how they would approach representing the property.
Why do you need Adam to perform a BPO for your real estate holdings?
Adam Zagel has vast experience in property valuations. He has performed several thousand Broker Price Opinions (BPOs) since 2008. Adam regularly offers BPO’s to lenders, financial institutions, attorneys and Wall Street investors throughout the Portland Metropolitan area including: Clackamas, Washington, Multnomah, and Northern Marion Counties.
He has performed BPO's for many large financial institutions within this area.
Are you in need of an impartial party to determine a property’s market value for Bankruptcy, Divorce or Estate Planning?
Along with performing BPO’s for large financial institutions, Adam Zagel has his own proprietary form to complete BPO’s for you and your clients. Each BPO includes interior and exterior photos, Multiple Listing Service (MLS) Client Full comparable sheets, and a final invoice.
Adam will complete BPO’s for residential and small multi-family properties as well as industrial buildings, land development, office, and retail spaces in the Clackamas County, Metro Portland and North Marion County areas.
Please call or text Adam to determine if he is the right person for you.
He has performed private party BPO's for: