What is a BPO?
BPO is an acronym for Broker Price Opinion. Broker Price Opinions are an easy way for a third party to get an objective opinion of value from a Real Estate Professional. A BPO typically requests multiple values from the individual performing the report, for example an “as is” and a “repaired” value. It is often commonplace to request an estimate of time required to sell a property. BPOs are most often completed for the present time, however, it is not out of the ordinary for a request for values on specific dates in the past. As the name BPO implies, Real Estate Professionals (brokers and/or agents) typically complete the reports, rather than a specialised appraiser. BPOs are a quick and less expensive alternative to a full-blown appraisal.