A BPO and CMA are not the same thing, I've done thousands of both and they are not. I'm neutral here, not trying to get your business. If you are wanting to list your land or get an idea on it, have a local realtor do a CMA. BPOs are more generic, and if you order one (several companies let people order BPOs through their website, just google order a BPO), you don't know who will be completing the order, or what they will or will not be allowed to adjust for. Vacant lot BPOs are terrible because the forms the agent fills out allows for minimal adjusting, and sometimes the agent is required to give 90,120,180 and 180+ day values. In a CMA the agent can adjust for anything and everything that requires adjusting, and the value you get is current. Often you can get a CMA for free too, so that doesn't hurt. Good luck with the lot in Florida.
You have a good bunch here. I have done countless CMA and BPO's and yes they are not the same.The result may however be very similar if you use the same rules.
Pick any one of us and good luck. I have been working in Cape Coral for 10 years. One thing: I hope you bought it before 2004!
call me any time,
John is Right; however, it is important to understand that a BPO (brokers price opinion) is a CMA that banks use to determine the worth of a property that they are looking as selling, predominantly on short sales. A CMA from a local realtor may have some different spins on it as a local realtor will understand the values of certain things in your CMA.
At the end of the day, a CMA or BPO are going to give you an opinion of Value based on imperical evidence; but a BPO is what the bank is going to make thier decisions from, unfortunately, it was a fancy way to cut out the middleman, the appraiser :O)
As John said, get an experienced LOCAL realtor to do a CMA, BPO's are not always done by local brokers; however, that too has started to change.
As Realtors we have access to solds that we use as comparables to assess market value. We do this by using a CMA methodology.. A BPO is pretty much the same thing..
What is it that you want? To know how much you could sell your lot for?
I can help.. Just call me at 239-541-2535