Broker Price Opinion:

A BPO can be looked at as an expanded CMA (comparable market analysis) that is performed for a bank or an asset manager instead of for a homebuyer or seller. BPOs require as little as some field work and gathering some comps on a property, but they can also require preparing a property for sale, arranging repairs, or investigating the condition of a home whose occupant is delinquent on mortgage or lease payments. Many times, BPOs require considerable expenditure on the part of the agent upfront, and weeks or months before those expenses are reimbursed.

The BPO of a residential property is conducted by a local, licensed real estate professional. The report combines information from a drive-by exterior examination, external data sources, previous sale data, property assessment data, recent comparable sales and current neighborhood listings, as well as a photograph of the subject property.  Photographs include subject and street scene photographs. Front photographs of all comparable sales are also available for an additional fee. This product is not an appraisal and does sometimes include an inspection of the interior of the property.