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A broker price opinion (BPO) is a real estate professional’s dollar estimate of a property’s worth. It is an opinion, but one often backed up by the selling prices of comparable homes in ...
A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser. A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO. A BPO can be either an exterior drive-by or a full interior report.
The purpose of this appraisal is to verify that the sale price of the property (upon which the underwriting of the loan is based) is equal to or less than the fair market value of the property. [ 2 ] Inspection fees , usually paid by the buyer [ 3 ] (although occasionally by the seller), charged by licensed home, pest, or other inspectors.
It is the underwriter's responsibility to review the appraisal and request any further information necessary to support the value and marketability of the property. If the home needs to be foreclosed upon, the lender must be able to sell the property to recoup their losses. The comparative analysis of the collateral is known as loan to value (LTV).
Before underwriting, a loan officer or mortgage broker collects credit and financial information for your application. A mortgage underwriter who works for the lender then verifies your identity ...
These standards and guidelines were created in 2008 by a group of competitors in the real estate industry to bring a commonly accepted set of standards and guidelines. [2] A broker's price opinion is a procedure that develops a two or three-page report containing the estimated value of the property after a real estate agent or broker, following the broker's price opinion standards and ...
Here, we break down some of the major differences between a home appraisal vs. a home inspection. ... the bank or mortgage lender will require the property be appraised. This ensures that the ...
Paid outside closing (POC) is the fees or payments rendered outside normal title insurance and underwriting fees due at the time of closing a loan. When acquiring a mortgage or refinancing, a lender or broker may show that an appraisal fee is POC because the fee is usually due at the time of service, prior to closing.