Companies hire a real estate broker to prepare an opinion of value. The representative of the broker, generally a real estate agent, compares three similar properties that have recently sold to the subject property and adjusts up or down for differences. The final result in an opinion of market value.
Broker price opinions are sometimes controversial, especially if the agent preparing the BPO has little experience or knowledge about the neighborhood. But BPOs typically cost less than a full-blown appraisal.
Don't panic it's normal procedure. You should also expect an appraiser from the buyers bank to come by to do an appraisal.
The agent they sent does contract work for the bank. You can still its your home for sale with the agent of your choice.
Sounds like you are in good shape, you have an approved short sale with an offer.
Best of Success to you!
Kawain Payne, Realtor
This is a BPO (Broker Priced Opinion). The bank sends a broker out to give a value to your property so they understand the current offer in relation to the property and the market.
Sohail A. Salahuddin | Group Founder
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
"Locally Known, Globally Recognized"