Broker Price Opinion

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Broker Price Opinion is a new boom opportunity for real estate agents. A Broker Price Opinion is what banks are now using to help value foreclosed inventory assets. A BPO is cheaper than an appraisal...and by using a real estate agent a bank can save hundreds of dollars getting an opinion of value on a distressed piece of property.

What Is A Drive By BPO?

Real estate brokers that are looking to add to their income are conducting BPOs. BPOs or a broker price opinion is done when a lender pays a broker to get information about a home in order to estimate its value.

Broker price opinions are used when a homeowner wants to refinance their home for a lower interest rate on their mortgage or when the homeowner is possibly facing foreclosure.

The real estate brokers conduct two types of broker price opinions. For this article, Drive By BPOs will be discussed. With a Drive By BPO the name of this broker price opinion is literally what you see on the outside of the house meaning you only have to assess the exterior of the subject property.

The real estate broker does not leave their vehicle and they don't have to go into the residence of the homeowner. However, this can differ depending on the company that hired them to do the work. The companies have different policies regarding how the real estate brokers conduct the broker price opinions.

It would be better if the homeowner knew beforehand about the BPO . However, that is not always the case. There are some BPOs that require communication with the homeowner that is facing foreclosure, some do not. Just because it is called a Drive By BPO does not mean that the real estate broker will conduct a quick exchange.

Depending on the lender or company that pays real estate brokers to conduct these, the requirements will vary. Some brokers may use a short from while others may have to use a longer form. Here are some of the things that are listed on a Broker Price Opinion form, whether it's a short or long form:

>>> Neighborhood of property

>>> Location of property

>>> Condition of home's exterior

>>> Square foot estimates

>>> Empty or occupied

>>> Recently sold homes that are similar to the one in question (at least three)

>>> Photographs of the home

>>> Number of rooms in the home

The real estate broker has a lot of information to get while conducting the broker price option. Even with the short forms, a broker is still required to get whatever information the lender needs, even if there is a lot of information to gather. There are some companies that require you to take photos of the entire property.

The pay for conducting a BPO usually starts at $50. In order to make a decent amount, they need to be in an area where BPOs are plenty. They can usually go to urban and metropolitan areas, where if they know the market can rack up some extra funds pretty easily and find more opportunities.

You can find out more about Broker Price Opinion Agent Information at http://www.BrokerPriceOpinionJobs.com