BPO's

BPO's
On average, every other day I have a BPO to perform. Today I have a BPO to perform and have no desire to do it.

You might be asking yourself what is a BPO? I'll explain.

BPO is an acronym for Broker Price Opinion. Broker Price Opinion's are essentially the same thing as an appraisal.
If your not familiar with what an appraisal is I'll define it for you.

ap‧prais‧al [uh-prey-zuhl]
A valuation of property (e.g. real estate, a business, an antique) by the estimate of an authorized person.

The reasons I'm hired to perform a "BPO" can vary and I'll give the top 3 reasons in the order which is most common.
1. The property has been foreclosed on
2. The property is part of an estate
3. The property is being sold and the buyers/sellers mortgage company would like to make sure the property is being sold for a reasonable price.

In the state of Ohio an appraisal can only be certified and conducted by a licensed appraiser.

A licensed appraiser has the same credentials as a licensed real estate agent and more.

However, any experianced and educated real estate agent usualy can perform a BPO which would provide roughly the same value that a licensed appraiser would.

The difference is the amount of compensation an appraiser receives compaired to the amount of compensation a real estate agent receives for performing a BPO.

Please don't get me wrong and think appraisers are overpaid. you do get what you pay for.
Appraisers have better programs and usually provide more detail in their reports than would be received in a BPO.