Get the free broker price opinion form

Freddie Mac Exterior /Curb Side Interior Access Denied BPO Firm Name BROKER'S PRICE OPINION Freddie Mac Loan # Service Loan # BPO # Phone Inspection Date Reason Broker SUBJECT PROPERTY DESCRIPTION

How to fill out bpo forms

How to fill out broker price opinion form:

1. Start by providing all necessary property information, such as the address, property type, and any unique features or characteristics.
2. Assess the current market conditions and determine the appropriate valuation method to use for the property.
3. Conduct thorough research and analysis to gather relevant data on comparable properties, recent sales, and market trends.
4. Analyze the property's condition, taking note of any necessary repairs or renovations.
5. Consider any additional factors that may affect the property's value, such as location, amenities, or potential for future development.
6. Utilize appropriate valuation techniques, such as the sales comparison approach, income approach, or cost approach, to estimate the property's value.
7. Clearly document and explain your findings and valuation conclusions in the broker price opinion form.
8. Review and double-check all information provided in the form for accuracy and completeness before submitting it.

Who needs broker price opinion form:

1. Real estate agents and brokers who require an estimate of a property's value for various purposes, such as listing a property for sale or assisting clients with purchasing decisions.
2. Financial institutions and lenders who need an impartial assessment of a property's value before approving mortgage loans or refinancing.
3. Homeowners or property owners who are interested in knowing the current market value of their property for insurance, property tax evaluation, or estate planning purposes.

• Who needs a Broker's Price Opinion form?
• What is Broker's Price Opinion form for?
• Is Broker's Price Opinion form accompanied by other forms?
• • When is Broker's Price Opinion form due?
  • How do I fill out Broker's Price Opinion form?
  • Where do I send Broker's Price Opinion form?

Who needs a Broker's Price Opinion form?

Any person interested in selling or buying real estate can order evaluation of property of their interest. This assessment is carried out by the appraiser using the BPO form. Also, this real estate appraisal could be performed for transactions related to obtaining credit or changing its conditions.

What is Broker's Price Opinion form for?

This form gives the idea of the overall condition of the property and its value. All the types of repairs that must be done are taken into account. Also, the interior BPO form contains reviews of a competing property and several deals closed in the area. This information allows estimation not only of the property itself, but also of the overall situation in the real estate market in the area.

Is Broker's Price Opinion form accompanied by other forms?

The Drive-by BPO form in not accompanied by any other forms.

When is Broker's Price Opinion form due?

Expiration term of this evaluation — six months. In case of such a long period, you have to consider that the assessment may not reflect the actual state of the object.

How do I fill out Broker's Price Opinion form?

This fillable BPO template contains the following points to be filled out:

• Subject property description;
• Estimate of repairs needed for subject property;
• Neighborhood review;
• Value Estimation;
• Competitive listing and closed sales.

Where do I send Broker's Price Opinion form?

Completed Broker’s Opinion should be directed to the property owner.

Video instructions and help with filling out and completing broker price opinion form

Instructions and Help about brokers price opinion form

Hello everyone I'd like to thank you for joining us for the broker price opinion BPO training session for the short sale specialist network training program here this is Mike Lincoln auger with First Coast Realty Associates and the short sale specialist network I have Ethan joining me is the in Gregory with First Coast Realty Associates I do a lot of processing here first ability associates for all of our short sales as well as a number of the EPP OHS for different companies and then I have some experience as well myself and doing some BPOs so that's just you know the main thing that this session is going to be on here is discussing different kinds of property valuations for distressed properties and what you can expect through the process now let's start it out first off we're going to talk about some of the forms that you're going to see on on the site right there now we have a couple different kinds of editable you know fully editable personalized BPO forms now there's two different forms here you can use these and put your own logos on them you can put your own information and they are fully editable generic forms so we have two different ones of those next we also have there's a good dozen or so lender specific forms BPO forms there that will also some of them will also have lender specific guidelines on what they ask out of their BPA's as well so those are some of the forms that you're going to have there right in front of you on the site there so first let's start off about talk you know just talking about why agents should be doing broker price opinion see even sure a little bit about that yeah first and foremost is ad short sales here doing a BPO is paramount obviously you're doing evaluation when you go out to the property for the first time and list it and looking at whatever value you think is fair but once you get that offer is a good idea when you submit your full short sale package to have the BPO that justifies that offer now and that's what we're teaching this course sure because if you're able to send this to Fatman trailer at least you're getting your your voice in there of what you think the value is absolutely and that's really the main thing with the short sale packages you're going to state the case you're going to be stating your homeowners case that look your sellers into hardship here's all the documents to back it up and here's a reasonable offer mark you know current as is market value offer to purchase along with a broker price opinion justifying that offer so like Ethan just said you're really just stating the case so this is just one thing that will help you know complete a short sale package here and I'll tell you this much right now - this is one thing that a majority of agents leave off of short sale packages but is very important because there are some lenders out there that will just flat-out approve a short sale without doing their own valuation it happens it does happen and doing these BPO and submitting...

People Also Ask about broker price opinion example

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.

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.

For what reason is a broker price opinion most often requested?

A broker pricing opinion has been most commonly used when there are more short sales and foreclosures. Missed mortgage payments will trigger the request. When borrowers fall behind on their mortgage, a lender will request a broker price opinion to understand the present value quickly.

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.

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.

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.

For pdfFiller’s FAQs

Who is required to file broker price opinion form?

Brokers who are involved in the sale of a property are required to file a broker price opinion form. The form is used to estimate the current market value of a property and is typically required by lenders and other financial institutions.

How to fill out broker price opinion form?

1. Start by entering your name, company name, contact information, and signature at the top of the form. 2. In the "Property Information" section, provide the address of the property, the reason for the BPO, the type of the property (commercial, residential, etc.), the age of the property, and any other details that are relevant. 3. In the "Description of Interior & Exterior" section, provide a detailed description of the property's interior and exterior features, including the number of bedrooms and bathrooms, the type of flooring, any special features, the condition of the property, and any other details that are relevant. 4. In the "Local Market Conditions" section, provide information about the local real estate market, including the average sale price of similar properties, the average time it takes for properties to sell, and any other relevant information. 5. In the "Comparable Properties" section, provide a list of up to three similar properties that have recently sold in the area, including their addresses, sale prices, and the dates when they sold. 6. In the "Analysis & Valuation" section, provide an analysis of the property and your opinion on its value. 7. Sign and date the form to complete your Broker Price Opinion.

What information must be reported on broker price opinion form?

A Broker Price Opinion (BPO) form typically includes information about the property's location, features, condition, and size as well as comparable sales data, market trends, and estimated values. The BPO form may also include photographs of the property, interior and exterior, as well as a detailed narrative describing the property and the reasons for the BPO value.

What is broker price opinion form?

A broker price opinion form (BPO form) is a standardized document used by real estate brokers or agents to provide an estimate of the value of a property. It is an alternative to a formal appraisal and is typically requested by lenders, banks, or asset management companies. The BPO form includes details about the property, such as its location, size, condition, and comparable sales in the area. The broker or agent conducts a comparative analysis and provides their professional opinion on the property's value based on their expertise and knowledge of the local real estate market.

What is the purpose of broker price opinion form?

The purpose of a broker price opinion (BPO) form is to provide an estimate of the value of a property being sold or refinanced. It is commonly used by real estate brokers or agents to provide lenders or third-party investors with an educated opinion on the market value of a property. The BPO form typically includes information about the property's condition, comparable sales in the area, and an assessment of the property's value based on these factors. Lenders use BPOs to assess the collateral value of a property before approving a loan or making investment decisions.

What is the penalty for the late filing of broker price opinion form?

I'm not a legal expert, but the penalties for late filing of a broker price opinion (BPO) form vary depending on the jurisdiction and the specific circumstances of the situation. In some cases, there may be financial penalties, such as fines or fees, for failing to submit the form on time. Additionally, late filings may result in a delay or denial of specific benefits or privileges associated with the BPO, such as access to certain real estate services or opportunities. It's important to consult the applicable laws, regulations, and guidelines in your specific jurisdiction to determine the exact penalties for late filing of a BPO form.

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