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How would a bank or lender find me to perform a BPO; Broker Price Opinion?
I've been active as a Realtor® since 1978 in the Miami Area; my area of expertise is in Aventura, Bal Harbour, Golden Beach, Fisher Island, Hallandale Beach, Hollywood Beach, Miami Beach, Sunny Isles Beach, Surfside and The Waterways.
We are currently handling several short-sales and foreclosures in our market area. It seems like offering an experienced professional and expert BPO service in our area is hard to find.
Mott Marvin Kornicki, Broker/Associate
WaterwayRealty@GMail.com
Direct Line: 786-229-7999
Facsimile: 305-682-9996
18206 Collins Avenue
Sunny Isles Beach, FL 33160
Http://www.WaterwayRealty.com
1 Answer
- 5 years ago
Well, here in Washington a brokers price will be the market value that the broker (or agent) feels it can actually sell for. This usually costs less than an appraisal too. It's my understanding that banks forclosing on a house may use a broker to assess the homes market value. An appraiser will do a thorough job of appraising a home using the comps etc.(broker uses comps too) and documenting it all. An appraiser can also take into account though that the home is a tear down. So you may be ok either way, but I think I'd tend to go with the brokers price as they may be able to be more subjective. I'm surprised though that the bank doesn't want to use their own broker or appraiser.