Monday, February 8, 2010

What is a BPO?

Last week I had the opportunity to help Phyllis Harb complete a BPO. This was my first time completing a BPO, otherwise known as a Broker's Price Opinion. A BPO is a tool used by banks to determine the value of a property in the current market. To complete the BPO and determine the value of the subject property I had to find comparables from the Multiple Listing Service, drive to the subject property and take photos of the exterior, and compare and contrast the similarities and/or differences between the subject with the comparables. This was a great experience for me because I was able to give my opinion to the bank on the value of the subject property.

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