A Broker Price Opinion (BPO) is a tool used to estimate the selling price of a property. A broker price opinion may be sought by a seller who wants to determine the value of a property for purposes such as the refinancing of a mortgage or a foreclosure. The owner of the property may also seek such advice if he or she is trying to make improvements either by the selling or refinancing of his or her mortgage. An opinion on the broker price should be obtained as the service should cost significantly less and be done more easily than an evaluation of the land. The price is based on local and regional real estate market information, current neighborhood conditions, and comparable properties that are currently for sale or have been sold. We employ our team to complete the report and review all findings for accuracy. Brokers can perform the BPO, in which they see only the property from outside. The broker might leave their car, but they’re not going to try to enter the residence. The internal price opinion of the broker shall be established by gaining approved entry to the home and evaluating its condition and amenities. It could involve taking pictures of the house.
At Brooklyn NYBPO, we offer detailed and comprehensive BPO real estate services in Brooklyn NY and the remaining boroughs (The Bronx, Staten Island, Queens & Manhattan). We do our best to provide our clients detailed reports with the most accurate property information at its inception, as well as providing them the highest quality Broker Price Opinions (BPOs) available.
If you are a real estate investor, banker, or lender, you understand that collateral value can drastically fluctuate depending on a specific area’s market conditions. In turn, if you are an individual who needs help determining the value of a specific property from time to time in NY specifically, then we can assure you that Brooklyn NY BPO real estate services will definitely help you formulate an opinion. A Broker Price Opinion (BPO) is a tool used to estimate the selling price of a property. The price is based on local and regional real estate market information, current neighborhood conditions, and comparable properties that are currently for sale or have been sold. We employ our certified staff members to send out a report and review any findings for accuracy. At Brooklyn NYBPO, we offer these detailed and comprehensive BPO real estate services, making sure that we have followed the standard-based BPO rules for quality control. We offer these BPO real estate services in Brooklyn, NY and the remaining boroughs including (The Bronx, Staten Island, Queens, and Manhattan).
Similar to Comparative Market Analysis (CMA), we utilize comparable properties in order to determine the likely value of the property itself which we then turn into a fresh report. We do our best to provide our clients with detailed BPO real estate service reports which include a photo of the home, data from additional sources, comparable neighborhood sales, and the most accurate property information at its inception as well as providing them the highest quality Broker Price Opinions (BPOs) available. Some of the factors we take into account when cultivating a broker price opinion include location in NY itself, the structure size, property size, demand, and also the condition of the structure itself. Lots of the broker price opinions that we formulate are viewed by not only lenders but also other asset companies which in turn gives you the opportunity to sharpen your skills as well as eventually familiarize yourself not only with the REO market but also the foreclosure market as well.
The affordable and quick BPO real estate services that Brooklyn BPO provides can be either a less timely internal or even external walkthrough. At the same time, we are still able to determine property conditions, evaluate the surrounding neighborhood, the year the home was built, lot size, number of rooms, gross living area, and information about the number of homes for sale in the area similar to appraisals. Unlike appraisals, however, our BPO real estate services typically take only a few days to complete whereas a standard appraisal is likely to require over 7 or more business days.
When it comes to our BPO real estate services, we handle the following for our clients:
- Refinancing a recent mortgage
- REO property (Real Estate Owned property)
- Short sale
- An addition or a cross-check to an appraisal
- Home Equity Loans
- Appeals to get rid of PMI (Private Mortgage Insurance)
- Diligence for Financial Institutions
- A selling/purchase price for a portfolio of home loans
In addition, Our Broker Price Opinion reports include:
- Price recommendations
- Describes repairs to make property marketable
- Ranking of property and neighborhood conditions
- Recent sales activity of the neighborhood
- Standard and Extended orders include analysis and photos of current listings and recent sales of comparable properties
Here is what makes Brooklyn NYBPO different from our competitors:
Personalized Service: Many of our team members will always consult with our clients to gather any important information to understand any of the goals they have before officially taking on an assignment for them.
Standards: The BPO standards and guidelines (BPOSG) are always followed in order to ensure that the appropriate ethical BPO valuations are occurring within our company.
Quality Assurance: Through each step of the BPO process, our analysts check to make sure that BPO values are supported but also check to make sure that there are multiple quality checkpoints in order to help eliminate any chances of revision requests from occurring as these could be costly and more time-consuming.
Timely Delivery: We can assure you that we always closely manage, track, and deliver BPOs in a timely manner in order to ensure efficiency.
Responsiveness: We make sure to respond to client requests in a shortened period of time in order to ensure that the chance of any turnarounds occurring is minimized.