What is a Broker Price Opinion (BOP)?
Today Kristin LaVanway and Dean Ouellette of the East Valley Team talk about what a BPO is and how accurate they are.
A BPO is a Broker’s Price Opinion. It is a market valuation of a property, ordered by the bank oftentimes in the event of a short sale. Unlike an appraisal which is conducted by a certified appraiser, a BPO is conducted by a real estate agent and will sometimes be based on nothing more than a drive by evaluation of the property.
Because the accuracy of the BPO’s varies so much, these “mini-appraisals” can sometimes cause real problems in the bank’s analysis of a short sale approval. A short sale listing agents needs to make sure when the BPO is done they meet the person doing the BPO at the property and provide them with backup evidence on why the price is right such as repair costs, comparable properties, showings that occurred at the price and how many price drops.
A bad BPO is often the killer in a East Valley short sale situation.
Thanks to Sasha Lopez for keeping Kristin in line and keeping it nice and short.
Who says you can't teach a rocket scientist new tricks. Since Kristin left her former profession for her new one she has built one of the fastest growing businesses in the East Valley. Kristin is known for her Youtube videos, make sure you check them out. 
After a long career in political consulting Dean transitioned to real estate and has not looked back. Dean is one of the sick ones who enjoys fighting with banks to get short sales approved and to help homeowners avoid foreclosure. Dean also loves making videos on the subject.
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