A property's potential market value based on professional judgment.
- 30 min30 minutes
- Varies per PropertyVaries per Property
- Alexis Lok | Orlando | Kissimmee Office
THIS IS NOT AN APPRAISAL. A broker price opinion (BPO) is the estimated value of a property as determined by a real estate broker or other qualified individual or firm. A broker price opinion is based on the characteristics of the property being considered. A BPO is NOT representative of an official appraised value, nor will it necessarily correspond to a property's market value. A broker price opinion is usually requested when: 1. Lender who need an assessment of a property for such needs as the refinancing of a mortgage or a foreclosure. 2. An owner of a property could also seek such an opinion if they are looking to make changes either through a sale or a refinancing of their mortgage. 3. The service is cost effective and performed more quickly than an appraisal of the property. 4. Brokers may perform what is known as a drive-by broker price opinion, wherein they only see the property from the exterior. The broker might leave their car, but they will not attempt to enter the residence. 5.Broker price opinions have been regarded as concise alternatives to Comparative Market Analysis Some of the factors considered when developing a price opinion include the value of similar surrounding properties and sales trends in the neighborhood. The location of the property and its place among its surroundings factor into the opinion. Comparable listings and recent sales affect the price opinion for a property. Also taken into account an estimate of any of the costs associated with getting the property ready for sale and/or the cost of any needed repairs. It is important to note that a broker price opinion IS NOT the same as an APPRAISAL.
Alexis Lok | Orlando | Kissimmee Office
Keller Williams Legacy, Park Pond Way, Kissimmee, FL, USA