How do you do a broker's price opinion?
How Do Broker Price Opinions Work? To determine the broker price opinion, a broker or real estate professional uses real estate comps, or comparable homes. This process looks very similar to completing a comparative market analysis.
How is BPO calculated?
To determine the BPO, a real estate agent or broker will use his or her 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.
What is the difference between a broker price opinion and an appraisal?
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 generally writes a broker's price opinion?
A broker's price opinion is a report that is performed by a licensed real estate agent, broker or appraiser. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO.