A BPO is a real estate property valuation performed by a licensed broker. There are a few common types of BPO's. First, is a drive-by broker price opinion, wherein the broker only sees the property from the exterior. The broker might leave their car, but they will not attempt to enter the residence or commercial property. Second, an internal broker price opinion is performed by gaining authorized access to the property and reviewing its condition and amenities. These often include taking photos of the property.
Some of the factors that a broker will consider when developing a price opinion include the value of similar surrounding properties and sales trends in the neighborhood. Comparable listings, recent sales, recent leases, the location of the property, and its place among its surroundings affect the price opinion for a property. Brokers will also take into account an estimate of any of the costs associated with getting the property ready for sale and/or the cost of any needed repairs. It is important to note that a broker price opinion is not the same as an appraisal.
Why Broker Price Opinions Are Sought in Real Estate?
A broker price opinion might be sought because the service can cost much less and be performed more quickly than an appraisal of the property. BPO's are frequently requested by lenders and attornies. who want an assessment of a property's value for such needs as foreclosure, bankruptcy, divorce proceeding, and estate planning. Broker price opinions are regarded as concise alternatives to an appraisal.
Why Do You Need Adam to Perform A BPO for Your Real Estate Holdings?
Adam Zagel has a vast experience in property valuations. He has performed serval thousand BPO's since 2008. Adam regularly offers BPO's to lenders, financial institutions, attorneys, and Wall Street investors throughout the Portland Oregon Metropolitan area including Clackamas, Washington, Multnomah, and Northern Marion Counties. His list of current and past large financial institutions clients are:
JP Morgan Chase
Clackamas County Federal Credit Union
In Addition, he has performed BPO's for many 3rd Part Companies to include
Residential Real Estate Review (RRREVIEW)
First American Mortage Solutions
Clear Capital Commercial
Are you in need of an impartial party to determine a property's market value for Bankruptcy, Divorce OR Estate Planning?
Along with performing BPO's for large financial institutions, Adam Zagel has his own proprietary form to complete BPO's for you and your clients. Each BPO includes interior and exterior photos, Multiple Listing Service (MLS) Client Full comparable sheets, Commercial datasheets for Commercial BPO's, and a final invoice.
Adam will complete BPO's for residential, small multi-family properties as well as industrial buildings, land development, office, and retail spaces in the areas previously stated.
He has performed private party BPO's for
Lyndon Ruhnke PC
Bellamy & Sons Paving Inc.