The Broker Price Opinion (BPO) form is a tool used to estimate the value of a property based on current market conditions and comparable sales. It helps lenders and real estate professionals assess property worth, especially in situations involving foreclosures or short sales. To ensure accurate evaluations, it’s important to fill out the form carefully; you can start by clicking the button below.
The Broker Price Opinion (BPO) form serves as a vital tool in the real estate industry, particularly when assessing the value of residential properties. This comprehensive document is designed to provide a snapshot of current market conditions, which can greatly influence a property's worth. It includes essential sections that address general market trends, such as employment conditions and supply versus demand for comparable listings in the neighborhood. The BPO also evaluates the subject property's marketability, detailing its condition, type, and any necessary repairs, while offering insights into the financing options available. Moreover, it compares the subject property with similar properties that have recently sold, allowing for a clearer understanding of the competitive landscape. By compiling all this information, the BPO not only assists lenders and investors in making informed decisions but also helps homeowners understand their property's position in the market. Ultimately, the BPO form is a critical resource for anyone involved in real estate transactions, offering a structured approach to property valuation that is both thorough and accessible.
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Understand the Purpose: The Broker Price Opinion (BPO) form is designed to provide an estimate of a property's market value based on various factors. It serves as a valuable tool for lenders, buyers, and sellers.
Accurate Data Entry: Ensure all fields are filled out accurately. This includes the property address, loan number, and relevant market conditions. Inaccurate information can lead to misjudgments in property valuation.
Market Conditions Matter: Evaluate current market conditions, such as whether the market is improving or declining. This context is crucial for determining the property's value.
Comparative Analysis: Include comparable sales data. Analyze similar properties in the neighborhood to gauge the appropriate price range for the subject property.
Repair Considerations: Identify any necessary repairs to improve the property's marketability. A clear list of repairs can help potential buyers understand the investment required.
Marketing Strategy: Decide on a marketing strategy that reflects the property's condition. Whether selling as-is or after repairs, this choice influences the final sale price.
Final Value Assessment: The suggested market value should align with the analysis of comparable closed sales. This ensures a realistic expectation for pricing.
RESIDENTIAL BROKER PRICE OPINION
Loan #
REO #:This BPO is the
PROPERTY ADDRESS:
FIRM NAME:
PHONE NO.
Initial
2nd Opinion
Updated Exterior Only
DATE
SALES REPRESENTATIVE:
BORROWER’S NAME:
COMPLETED BY:
FAX NO.
I.GENERAL MARKET CONDITIONS
Current market condition:
Depressed
Slow
Stable
Improving
Employment conditions:
Declining
Increasing
Market price of this type property has:
Decreased
%
in past
months
Increased
Remained stable
Estimated percentages of owner vs. tenants in neighborhood:
% owner occupant
There is a
Normal supply
oversupply
shortage of comparable listings in the neighborhood
Approximate number of comparable units for sale in neighborhood:
No. of competing listings in neighborhood that are REO or Corporate owned:
No. of boarded or blocked-up homes:
Excellent
% tenant
II.SUBJECT MARKETABILITY
Range of values in the neighborhood is $
to $
The subject is an
over improvement
under improvement
Appropriate improvement for the neighborhood.
Normal marketing time in the area is:
days.
Are all types of financing available for the property?
Yes
No
If no, explain
Has the property been on the market in the last 12 months?
If yes, $
list price (include MLS printout)
To the best of your knowledge, why did it not sell?
Unit Type:
single family detached
condo
co-op
mobile home
single family attached
townhouse
modular
If condo or other association exists: Fee $
monthly
annually Current?
Fee delinquent? $
The fee includes:
Association Contact:
Insurance
Name:
Landscape
Pool
Tennis
Other
Phone No.:
III. COMPETITIVE CLOSED SALES
ITEM
SUBJECT
COMPARABLE NUMBER 1
COMPARABLE NUMBER 2
COMPARABLE NUMBER 3
Address
Proximity to Subject
REO/Corp
Sale Price
$
Price/Gross Living Area
Sq. Ft.
Sq. Ft..
Sq.
Ft.
Sale Date &
Days on Market
VALUE ADJUSTMENTS
DESCRIPTION
+(-) Adjustment
Sales or Financing
Concessions
Location (City/Rural)
Leasehold/Fee Simple
Lot Size
View
Design and Appeal
Quality of Construction
Year Built
Condition
Total
Bdms
Baths
Above Grade
Room Count
Gross Living Area
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porches, Patio, Deck
Fireplace(s), etc.
Fence, Pool, etc.
Net Adj. (total)
+
-
Adjusted Sales Price of
Comparable
Fannie Mae Revised 03/99
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REO#
IV. MARKETING STRATEGY
As-is
Minimal Lender Required Repairs
V. REPAIRS
Occupancy Status: Occupied
Repaired Most Likely Buyer:
Vacant Unknown
Owner occupant Investor
Itemize ALL repairs needed to bring property from its present “as is” condition to average marketable condition for the neighborhood. Check those repairs you recommend that we perform for most successful marketing of the property.
GRAND TOTAL FOR ALL REPAIRS $
VI. COMPETITIVE LISTINGS
COMPARABLE NUMBER. 2
COMPARABLE NUMBER. 3
List Price
Sq.Ft.
Data and/or
Verification Sources
+ (-)Adjustment
+(-)Adjustment
Days on Market and
Date on Market
Leasehold/Fee
Simple
Adjusted Sales Price
of Comparable
VI. THE MARKET VALUE (The value must fall within the indicated value of the Competitive Closed Sales).
Market Value
Suggested List Price
AS IS REPAIRED
30 Quick Sale Value
Last Sale of Subject, Price
Date
COMMENTS (Include specific positives/negatives, special concerns, encroachments, easements, water rights, environmental concerns, flood zones, etc. Attach addendum if additional space is needed.)
Signature:
Date:
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CMS Publishing Company 1 800 235-1600 [0399]