Updated about 13 years ago on . Most recent reply
BPO(s)
The real estate industry swings up and down so frequently these days. How do you know if you're getting a good deal? I've seen many supposed "deals" go wrong because investors don't want to look into value deeper.
Anytime you are looking at investing in real property, either commercial or residential, do yourself a favor and order a BPO! One of these will run you anywhere from 45-85 dollars, pocket change. BPO's provide you with a professional opinion on value. Good BPO Agents (and I stress GOOD) will dig into market trends, price trends and sales trends. If you're interested in a REO value, they will provide that, Fair Market, Short Sale, etc.
A $85 BPO could be the difference in hundreds to ten's of thousands of dollars on your offer.
BPO's are the quick, inexpensive alternative to appraisals (and often time are more accurate). Do yourself a favor and look into this option, you'll never regret it!
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"Broker Price Opinion"
It's basically a formal comp analysis provided by agents/brokers to give an idea of what a subject property might be worth.