Get the free residential broker price opinion form

To interpret Fannie Mae s response to the valuation open the document you saved from the download. The BPOEVALSTATCD column on your report will provide the status of your case. The below table provides the status along with a definition and applicable next steps. Status APPROVED Definition System generated passed core validation edits for business rules and model Suggested Action or Result Work with the realtor/broker to determine an appropriate deal/sale based on the FNMA List Price Guidance...

How to fill out residential broker price opinion

How to fill out a residential broker price opinion:

1. Gather relevant information about the property, including its location, size, and any recent renovations or upgrades.
2. Research recent sales of similar properties in the area to determine the market value.
3. Evaluate the condition of the property, taking into account any necessary repairs or maintenance needed.
4. Consider any unique features or amenities that may add value to the property.
5. Analyze market trends and economic factors that may influence the property's value.
6. Compile all the gathered information and complete the required forms or documents for the broker price opinion.

Who needs a residential broker price opinion:

1. Homeowners looking to sell their property and determine an appropriate listing price.
2. Prospective buyers who want to assess the fair market value of a property they are interested in purchasing.
3. Real estate agents or brokers who need an objective opinion on the value of a property for their clients.
4. Lenders or financial institutions who require a professional evaluation of a property's worth for loan purposes.
5. Investors who want to evaluate the potential profitability of acquiring or selling a particular property.

People Also Ask about

Who writes a brokers price opinion?

A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker or appraiser. A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO.

How does a BPO differ from an appraisal?

The two main differences between appraisals and BPOs involve time and cost. Home appraisals are conducted by trained experts, while BPOs are done by agents or brokers. The appraisal accuracy will be much higher because appraisers must meet certain educational guidelines and benchmarks.

What does a broker price opinion include?

A broker price opinion (BPO) is an unofficial assessment of a property's potential market value based on expert judgment. A BPO is often based off of qualitative and subjective factors such as neighborhood characteristics, curb appeal, and if the market is 'hot' or not.

How accurate is a broker price opinion?

Similar to a home appraisal, a broker price opinion helps establish what your home is worth. But a broker opinion of value is considered less accurate than an appraisal and may not be allowed to substitute for an appraisal.

What is the process for creating a broker's price opinion BPO?

The broker price opinion is created at the request of a property owner who wants to sell their property. The realtor or broker creates it for free. An appraisal is similar as it is created by analyzing the recent selling prices of similar homes in the area.

How accurate are BPOs?

BPO versus Appraisal. Studies have shown BPOs are just as accurate as appraisals. BPOs are less expensive and take significantly less time to get.

Who may provide a broker opinion of value or BPO?

To determine the BPO, a real estate agent or broker will use their expertise to assign a dollar amount to a property based on certain factors. BPOs are normally performed by a broker who is familiar with the local housing market.

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What is residential broker price opinion?

A residential broker price opinion (BPO) is a professional opinion provided by a licensed real estate broker regarding the estimated value of a residential property, typically used for real estate transactions, financing, or foreclosures.

Who is required to file residential broker price opinion?

Typically, licensed real estate brokers and agents are required to file a residential broker price opinion when requested by lenders, financial institutions, or clients seeking a valuation of the property.

How to fill out residential broker price opinion?

To fill out a residential broker price opinion, a broker needs to provide details of the property, including its location, size, condition, and features, compare it to similar properties in the area, and include their estimated value based on market analysis.

What is the purpose of residential broker price opinion?

The purpose of a residential broker price opinion is to provide an estimated property value to assist lenders, buyers, and sellers in decision-making regarding real estate investments, financing, or sales.

What information must be reported on residential broker price opinion?

A residential broker price opinion must report information such as the property address, characteristics, condition, comparable sales, market trends, and the broker's estimated value along with their qualifications and analysis rationale.