A Broker Price Opinion (BPO) is an estimate of probable selling price of a residential property that is based on selling prices of comparable properties in an area. BPO's can be either external (commonly referred to as a Drive-By) or internal (commonly referred to as a Comparative Market Analysis). Most BPO's will pay anywhere from $50 to $125 depending on type and company.
BPO's are typically ordered by Mortgage Servicers or Asset Management Companies as a more affordable alternative to full property Appraisals to determine the value of a property when a loan is placed in default (foreclosure) or loan terms are modified (refinance or home equity loans).
Each company has their own BPO forms and require certain data, but the majority of the information you will collect will break down in 5 sections:
Subject & Market Information (Information about Property being evaluated)
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