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A broker's price opinion is the process used by a hired sales agent to determine the potential selling price  or estimated value  of a real estate property. A BPO is popularly used in situations where a financial institution believes the expense and delay of an appraisal is unnecessary.
Broker's price opinions are initiated by financial institutions. The BPO is performed by a real estate professional who is acting on behalf of the financial institution.
A real estate agent or a broker is hired to complete a BPO report on a property. A BPO may be occasionally requested without a fee in hopes that the financial institution, bank, or lender will receive a sales listing for the property. The BPO professional then conducts the investigation. Many factors affect the price of a property:.
The result is a brief report, usually two or three pages in length. This report includes analysis of the property and neighborhood, photographs, comparable properties "comps" , and local and regional market information. In an automated valuation model AVM , a computerized mathematical model evaluates basic features of the property, compares to area sales, and determines a rough value. The calculation takes into account information about property size, bedrooms, and bathrooms.
An AVM is a basic evaluation — "just to make sure that the property value is in the right ball park" — and may be replaced by a full real estate appraisal. An individual who is looking to sell or purchase a home might request that an agent perform a comparative market analysis CMA  to determine a reasonable listing price or offering price.
Unlike a BPO professional, a real estate appraiser must be licensed or certified in most countries. A BPO is less thorough than an appraisal, [ citation needed ] although the process of deciding a price is similar to a residential real estate appraisal. From Wikipedia, the free encyclopedia. Retrieved February 28, Retrieved 3 July The Art of Real Estate Appraisal: Dearborn Financial Publishing Inc.
National Association of Realtors. What do all the different valuations mean? Consumer Financial Protection Bureau. A Professional Association with Training and Certification". Retrieved from " https: All articles with dead external links Articles with dead external links from July Articles with permanently dead external links Use dmy dates from February All articles with unsourced statements Articles with unsourced statements from February Views Read Edit View history.