The broker price opinion (BPO) is a popular way of estimating the value of a property. Typical reasons for ordering a broker price opinion include estimating value prior to purchase or sale, understanding collateral value when securing a new loan or refinancing, estimating liquidation value, buying out a partner’s interest in a property among many others. The primary difference between a BPO and an appraisal is cost. Because a BPO is less comprehensive, it is usually a fraction of the price of a full appraisal.
It’s important to understand that regulations around BPOs vary by state. For example, some states only allow broker price opinions to be performed for very specific use cases such as an opinion on a competitive listing price, but not for other use cases such as a tax appeal. Different states have different regulations and these can cause confusion. Applied Valuation Services can perform BPOs in all but a handful of states and are here to help you navigate state-specific regulations.
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