Broker Opinion Of Value Form - Broker Price Opinion and Real Estate Agents Making Money With Them

Broker Opinion Of Value Form

Broker Opinion Of Value Form

Broker price opinion and real estate agents is a hot commodity these days. Banks frequently use bpo's to price the long list of foreclosed homes they have waiting on their books. Many agents complain about the process of formulating a liquidated value to appease the bank because most of these values are automated.

Real estate agents perform all the required documentation for the bpo then they input the figures into an automated form that asks for 30, 60 and 90 day values. A value is then presented to the bank that is actually about 15 percent lower than the fair market value of the property. Why is this done? So the bank can move the property quicker. Broker Opinion Of Value Form

But many real estate agents will confirm that they use newer documented values than they are supposed to use. If the automated form asks for 90 day comparisons many real estate agents will input 30 day values. Banking institutions know how the broker price opinion is formulated. It's no surprise and they welcome a low-priced home that will sell quickly. In fact, agents who routinely provide low-ball values and off load homes within 30 days will get a load of business from the banking institution.

A certified appraiser will be requested by the financer to ensure their interest is secure. They want to make sure the home is not overpriced. So if the asking price comes in undervalued then it's surely to entice the buyer and pacify the financer. It looks like a great deal the buyer is getting. Broker Opinion Of Value Form

Broker Opinion Of Value Form - Broker Price Opinion and Real Estate Agents Making Money With Them

By: Real Estate Expert

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