A broker price opinion is a report that is performed by a licensed real estate agent or broker. 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 comparable properties ( Active Comps and 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 firm. The final BPO is used to support their professional opinion that will help determine the potential selling price or estimated value of a real estate property.
Property Condition Report – This is a limited, non-invasive examination of the condition of a home. This report is important for clients seeking to know the condition of a property or real estate they may be purchasing, leasing, financing or simply maintaining. Once the exterior or interior inspection is completed, a written report along with pictures of the property is provided to the client. The Property Inspection Report addresses only condition and not value.
An appraisal is a more in-depth estimation of a properties current market value which is performed by a licensed appraiser which is obligated to follow the Uniform Standards of Professional Appraisal Practice (USPAP) and law.