How much does a BPO cost? Who can I get to do a BPO? How accurate do you think they are?

Asked by Fb, Charlottesville, VA Wed Jun 10, 2009

Also, does anyone have the market trends graph going back further...into 2008, for example?

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Felix Hung’s answer
Felix Hung, Agent, Huntington Beach, CA
Fri Sep 17, 2010

I have lots of friends in Greene County, right next to you. I would contact the TOP agents in your area for market condition graphs and reports. Call them directly - if you don't know who they are, call 3-4 of the largest brand names and have them give you the info. RE/MAX, C21 for VA. VA is where I started my career.

As far as a BPO...why would you need one? Get a FREE CMA or go for a full blown appraisal.
0 votes
Kevin Olson,…, Agent, Colorado Springs, CO
Wed Sep 15, 2010
Hello Fb,

If you are looking for a value on your property, and your lender is not involved, getting a CMA is better and cheaper. BPOs often do not allow agents to adjust for everything they need to adjust for, and you have no control over what agent does the BPO. With a CMA, you can interview and pick the agent, and there are no restrictions for adjustments. Many times an agent will do a CMA for free, so you save some money too! BPOs cost between $125.00 and $225.00 when you order them depending on how detailed you want them. There are several companies online that you can order a BPO through, just google "order a BPO" and you will get a bunch.
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1 vote
Cecilia Sher…, Agent, Rocky River, OH
Tue Jan 14, 2014
If you contact a good, experienced agent, they will be able to give you a good price opinion on your property. We have access to the MLS and can go back pretty far with comps if needed. I would go with an agent or appraisal over a BPO, as a CMA (Comparative Market Analysis) will provide a better look at expired properties, for sale and sold.
0 votes
Jim Duncan, Agent, Charlottesville, VA
Wed Jun 10, 2009
BPOs typically vary in cost, from $45 - $100 in my experience and they are used by lenders and banks for myriad reasons.

As far as market graphs, what locality/data are you looking for? You may find the link below useful - it is to market stats from over the years.
0 votes
Lexie Longst…, Agent, Charlotte, NC
Wed Jun 10, 2009
A BPO is a Broker Price Opinion. It is basically a Home Valuation - but not as detailed as an appraisal. A lot of banks will ask real estate agents to do BPO's so they have a "basic" valuation of a home to determine it's value in a short sale, or pending foreclosure situation. The banks usually pay a BPO Manager a fee of maybe $150 and then that company hires the local agent and pays them $50 - $75 to fill out their form. Many agents do this in hopes that they will get the listing in the future, but usually that will not happen and they are only doing it to make a few bucks. About 85% of the BPO's do not require that you go into the house. They only want the agent to drive by and make sure the house is in fact there, and not a total disaster.
If you are just looking for an opinion of value for your home I would call a real estate agent. Most agents will do a CMA for free in hopes of making a connection with you and gaining your business. In, NC, real estate agents are allowed to do CMA's (Comparative Market Analysis) but not BPO's, as they are competing with the Appraisers. So you should just ask for a CMA.
If you are looking for a BPO because you may have a short sale situation on your hands, your bank will order it. They will only accept them from certain vendors on their form and they would not ask you for one.

If you look at Zillow, you can get a pretty good Market Condition Trend graph for your area or an address.
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