Broker Price Opinion
List of sections that are included in the BPO template
Broker Price Opinion is also known as broker opinion of value which is used to estimate the property value. The key reasons of going for broker price opinion are to estimate the value of the property before selling or purchasing any property, perceiving its value when is put as collateral for taking a loan, to estimate the liquidation value, etc. There are different types of broken price opinion templates available in the market. You can download the best template to prepare your own report. Usually, this BPO is carried out by the real-estate broker on the order given by the lenders, mortgage companies, and insurance companies. Usually, the regulation of BPO varies from one state to another. So, while preparing BPO, you need to adhere to the laws of your state. For instance, there are a few states, where you need to do a BPO for certain purposes such as for competitive listing price, but not for tax appeal. Each state has a different set of regulations. However, you need to have a clear idea about the BPO regulations of your state. It is important to take the assistance of a lawyer prior to doing BPO to perceive, if there are any instructions that are existing in your state for doing BPO.
The BPO report totally relies on the property requirements. Each BPO is totally different to that of others. The below are a few sections that you found in the BPO template
- Information and location: This includes the information about your property such as location, state, zip code, aerial, type of building, etc.
- Site description: This includes the detailed description about your property such as visibility, ownership, and access to the property
- Market trends and overview: This includes the real-estate market condition in your area such as population, employment opportunities, construction activities, vacancy and lease rates, traffic moments, demographics and local news.
- Property condition: This describes about the condition of your property in detail to estimate the value.
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- 2nd lien holder offer request – Poor condition
- Bill of Sale
- BPO Letter to bank
- Cover Letter to Loss Mitigation Department 1
- GENERAL WARRANTY DEED
- PROPERTY LOAN INFO VERIFICATION SHEET-ShortSale
- SALES CONTRACT FOR BUYING SUBJECT-shortsale
- Short Sale Stipulations
- ST Letter of Agreement Buy
- TERMINATION OF SALE – MUTUAL RELEASES-ShortSale