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词条 Broker's price opinion
释义

  1. Involved parties

  2. Uses of a BPO

  3. Overview of the BPO process

  4. Types of BPO’s

  5. Comparison to other kinds of value analysis

  6. See also

  7. References

{{Use dmy dates|date=June 2018}}

A broker price opinion is a report that is performed by a licensed real estate agent, broker or appraiser. 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. When doing a BPO, the real estate pro researches the ‘subject property,’ they take pictures of it, they also scope out the neighborhood as well as pull 6 comparable properties (3 Active Comps and 3 Sold Comps) in their MLS (Multiple Listing Service). They then take all of this information, the pictures they took of the subject and their knowledge of the local real estate market and they input it into a BPO form. The final BPO is used to support their professional opinion that will help determine the potential selling price[1] or estimated value[2] of a real estate property.

Involved parties

Broker price opinions are initiated by financial institutions.[1] Examples are

banks, mortgage companies, and loss mitigation companies.[4][1][2]

The BPO is performed by a real estate professional who is acting on behalf of the financial institution.[1] Such a professional could be a real estate agent, a real estate broker, an appraiser, or other qualified person.[2][1] Through BPO’s, real estate professionals can improve their skills in property inspection, market knowledge, evaluation, and property pricing.[3] At a price of US $30–$100 per BPO,[2] the work can provide side income or steady income for real estate agents.[1] Agents may also create working relationships and a rapport with financial institutions.[1][4] Some BPO agents work through a BPO company that provides a single point of contact to the client and oversight of agents and their reports.[1]

Uses of a BPO

A financial institution may order a BPO for:

  • situations that do not support the cost or time of a full real estate appraisal[1][1][18]
  • real estate owned (REO) properties[1]
  • pending foreclosures[1] or foreclosure[1]
  • short sales[1]
  • an addition or a cross check to an appraisal
  • home equity loans[1] and a home equity line of credit[1] of less than $250,000{{cn|date=February 2015}}
  • refinancing[1]
  • appeal to cancel lenders mortgage insurance (LMI or PMI)[1]
  • due diligence by financial institutions[1]
  • asset evaluation and bookkeeping by financial institutions[1]
  • a selling or purchase price for an individual property[29] or a portfolio of home loans (sometimes for thousands of loans)[1]

Overview of the BPO process

A real estate agent or a broker is hired to complete a BPO report on a property. A BPO may be occasionally requested without a fee in hopes that the financial institution, bank, or lender will receive a sales listing for the property.[5]

The BPO professional then conducts the investigation. Many factors affect the price of a property:

  • characteristics of the individual property, such as structure type, size, room use, age, lot size, and parking[6][7]
  • how the property fits into the immediate neighborhood[6]
  • compliance with local zoning requirements[6]
  • characteristics of the neighborhood[6]
  • values of similar properties in the surrounding area[2]
  • the amount of cleaning, repair, and preparation needed to make the property marketable[8][7]

The result is a brief report, usually two or three pages in length. This report includes analysis of the property and neighborhood, photographs, comparable properties ("comps"), and local and regional market information.[5][6]

Types of BPO’s

A broker may do a drive-by BPO or an interior BPO.[9] In drive-by BPOs, the professionals do not have access to the interior of the property;[2] they rely on exterior appearance, neighborhood information, comparables, and other documentation.[6] The interior BPO is more in-depth; it requires the agent to make contact with the borrower or point of contact (POC) to schedule inspection, and when arriving the agent looks the property over and notes all repairs needed to bring the property to average condition fair market value (updates and upgrades are not allowed, unless the agent can show that the local market calls for updates or upgrades ie granite countertops stainless appliances and hardwood floors). A photo of the front, rear and both sides of exterior are taken, as well as a photo of each room of the interior, as well as all mechanicals and appliances. When completing the report, value is chosen for 30 day quicksale, and 60-90 day values, and a suggested list price for each is calculated based on market conditions and list to sale ratio for that market. The repaired fair market value is then reduced by itemized repair costs to find the as-is value. [2][7]

Comparison to other kinds of value analysis

Automated valuation model

In an automated valuation model (AVM), a computerized mathematical model evaluates basic features of the property, compares to area sales, and determines a rough value. The calculation takes into account information about property size, bedrooms, and bathrooms. An AVM is a basic evaluation – "just to make sure that the property value is in the right ball park" – and may be replaced by a full real estate appraisal.[10] Because an AVM does not involve a site visit, it does not include factors such as condition or upgrades.[11]

Comparative Market Analysis

An individual who is looking to sell or purchase a home might request that an agent perform a comparative market analysis (CMA)[11] to determine a reasonable listing price or offering price.[12] The process of deciding a CMA price is similar to a BPO.[5] However, a BPO – whether the exterior drive-by BPO or the full interior BPO – is more thorough than most CMAs.[13]

Real estate appraisal

Unlike a BPO professional, a real estate appraiser must be licensed or certified in most countries. A BPO is less thorough than an appraisal.{{cn|date=February 2015}}

Only a licensed or certified Appraiser can execute a valuation or an appraisal.[14]

See also

  • BPO Standards and Guidelines
  • Your BPO Coach - Nicole Ocean
  • Free BPO, REO and Asset Management Directory
  • [https://axiasd.com/bpo/ Free BPO Software]

References

1. ^1 2 3 {{cite web | url = http://realestate.about.com/od/lendingandmortgages/qt/bpo_used_when.htm | title = When is a BPO or Broker Price Opinion Used?: Who Might Call You for a BPO and Why | first = James | last = Kimmons | publisher = About.com | accessdate = February 28, 2015}}
2. ^1 2 3 {{cite web | url = http://realestate.about.com/od/appraisalandvaluation/qt/bpo_2_types.htm | title = The Two Major Types of BPO or Broker Price Opinions: What Are Drive By and Internal BPO's? | first = James | last = Kimmons | publisher = About.com | accessdate = February 28, 2015}}
3. ^{{cite web | url = http://nabpop.org/CuriousBpo.php | title = Income doing Broker Price Opinions - BPOs; Increase Skills as a Real Estate Professional | publisher = National Association of Broker Price Opinion Professionals (NABPOP) | accessdate = February 28, 2015}}
4. ^{{cite book | first1 = William L., Jr. | last1 = Ventolo | first2 = Martha R. | last2 = Williams | title = The Art of Real Estate Appraisal: Dollars and Cents Answers to Your Questions | year = 1992 | publisher = Dearborn Financial Publishing Inc. | isbn = 0-79310-207-3 | type = Paperback |pages=25–73}}
5. ^1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 {{cite web | title = BPO Defined | url = http://nabpop.org/New-BPO.php | publisher = National Association of Broker Price Opinion Professionals (NABPOP) | accessdate = February 28, 2015}}
6. ^1 2 3 4 5 {{cite web | url = http://realestate.about.com/od/appraisalandvaluation/qt/drive_by_bpo.htm | title = What is Involved in a Drive By BPO or Broker Price Opinion? The Drive By BPO is a Bit More Than the Name Implies | first = James | last = Kimmons | publisher = About.com | accessdate = February 28, 2015}}
7. ^1 2 {{cite web | url = http://realestate.about.com/od/appraisalandvaluation/qt/internal_bpo_do.htm | title = What Is Involved in an Internal BPO or Broker Price Opinion? | first = James | last = Kimmons | publisher = About.com | accessdate = February 28, 2015}}
8. ^1 2 3 {{cite web | title = Broker Price Opinion - BPO |url=http://www.investopedia.com/terms/b/broker_price_opinion.asp | work = Investopedia | publisher = Investopedia, LLC | accessdate = February 28, 2015}}
9. ^1 {{cite web | title = All About The BPO or Broker Price Opinion | first = James | last = Kimmons | url = https://www.topproducers-realestate.com/od/appraisalandvaluation/tp/od-appraisalandvaluation-tp-bpo-basics/ | publisher = About.com | accessdate = 3 July 2011 }}
10. ^1 {{cite web | url = http://www.consumerfinance.gov/askcfpb/1875/during-my-mortgage-loan-application-process-i-was-given-three-or-four-different-valuations-what-do-all-the-different-valuations-mean.html | title = During my mortgage loan application process, I was given three or four different valuations. What do all the different valuations mean? | date = May 5, 2014 | work = Ask CFPB | publisher = Consumer Financial Protection Bureau | accessdate = February 28, 2015}}
11. ^1 2 {{cite press release | url = http://www.realtor.org/news-releases/2014/11/realtors-should-embrace-online-data-educate-consumers-about-valuations | title = Realtors® Should Embrace Online Data, Educate Consumers about Valuations | date = November 8, 2014 | location = New Orleans | publisher = National Association of Realtors}}
12. ^{{cite web | url = http://www.realtor.org/appraisal/responsible-valuation-policy | title = Responsible Valuation Policy | date = February 16, 2012 | publisher = National Association of Realtors}}
13. ^{{cite web | url = http://realestate.about.com/od/appraisalandvaluation/qt/bpo_nabpop.htm | title = NABPOP - The National Association of Broker Price Opinion Professionals: A Professional Association with Training and Certification | first = James | last = Kimmons | publisher = About.com | accessdate = February 28, 2015}}
14. ^Uniform Standards of Professional Appraisal Practice

1 : Real estate valuation
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