Hey guys, I’m Kelly Cook here with the Kelly Cook Real Estate Group, your :k1: short sale specialists. We specialize in helping valley homeowners across the area find alternatives to foreclosure through the means of a short sale. We can be found online at www.AZKCRealEstateGroup.com.
Now the question we are addressing today is what is a BPO? I’m sure if you found our site today, you have probably been doing some research and one of the most relevant topics to a short sale is a BPO. Everything of which a short sale is approved upon to some degree hinges on a BPO, so what is it? I’m glad you asked because we have all the answers for you.
A BPO stands for a broker priced opinion. It is basically a poor man’s appraisal or it is just below an appraisal. It is pretty official and looks like an appraisal but it isn’t done by a licensed appraiser and it doesn’t have to follow all of the exact guidelines of an appraisal. A BPO is usually pretty accurate as long as you get someone who is trained properly and knows what they are doing to actually spend the appropriate amount of time needed to do the evaluation of your home.
So a BPO stands from a broker priced opinion. It is usually done by a licensed real estate agent that the bank has picked out and trained to come by your house and to value your property so that the bank has an idea of what it is worth. Therefore they can judge if the offer they are looking at in their office, possibly in another state, is relevant or the same market value as what the property is based upon of what the evaluation of the BPO came in at.
So give us a call if you have any questions about it. The main thing to understand is you don’t have to pay for the BPO during the short sale process, the bank pays for that. We just simply have to make the house available when that BPO is ordered and that’s our job to handle that entire part of the transaction for you during the short sale.
Again, I’m Kelly Cook with the Kelly Cook Real Estate Group, your :k1: short sale specialist and I’m here to help. Call us at 480-442-9868 and we can walk you through the entire process from A to Z. You can also use our contact us on our website and there you can find our short or stay calculator. Here you can enter the information on your property and you can find out the value of your property from our stand point. You can also email us at firstname.lastname@example.org. I hope you found this information helpful and we look forward to talking with you soon. Take care and have a great day.