The Broker Price Opinion (BPO) form is a tool used to estimate the value of a property based on various factors, including market conditions and comparable sales. It provides real estate professionals with a structured way to assess property worth, assisting lenders, buyers, and sellers in making informed decisions. By analyzing both the subject property and comparable listings, the BPO helps to paint a clear picture of the property's potential market value.
The Broker Price Opinion (BPO) form serves as a crucial tool in the real estate industry, particularly for lenders and real estate professionals assessing property values. This comprehensive document captures a variety of essential information about a property, including its address, current market conditions, and the overall economic climate affecting property values. It also details the property’s marketability, providing insights into its competitive position by comparing it to similar listings and sales in the area. The BPO evaluates the subject property's condition and necessary repairs, offering a clear picture of what needs to be done to bring it to marketable standards. Additionally, it outlines the financing options available and the occupancy status, whether the property is occupied or vacant. With sections dedicated to competitive closed sales and listings, the form allows for a thorough analysis of comparable properties, helping to establish a fair market value. By synthesizing all these elements, the BPO form not only aids in determining the property's worth but also guides strategic marketing decisions, making it an indispensable resource in real estate transactions.
RESIDENTIAL BROKER PRICE OPINION
Loan #
REO #:This BPO is the
PROPERTY ADDRESS:
FIRM NAME:
PHONE NO.
Initial
2nd Opinion
Updated Exterior Only
DATE
SALES REPRESENTATIVE:
BORROWER’S NAME:
COMPLETED BY:
FAX NO.
I.GENERAL MARKET CONDITIONS
Current market condition:
Depressed
Slow
Stable
Improving
Employment conditions:
Declining
Increasing
Market price of this type property has:
Decreased
%
in past
months
Increased
Remained stable
Estimated percentages of owner vs. tenants in neighborhood:
% owner occupant
There is a
Normal supply
oversupply
shortage of comparable listings in the neighborhood
Approximate number of comparable units for sale in neighborhood:
No. of competing listings in neighborhood that are REO or Corporate owned:
No. of boarded or blocked-up homes:
Excellent
% tenant
II.SUBJECT MARKETABILITY
Range of values in the neighborhood is $
to $
The subject is an
over improvement
under improvement
Appropriate improvement for the neighborhood.
Normal marketing time in the area is:
days.
Are all types of financing available for the property?
Yes
No
If no, explain
Has the property been on the market in the last 12 months?
If yes, $
list price (include MLS printout)
To the best of your knowledge, why did it not sell?
Unit Type:
single family detached
condo
co-op
mobile home
single family attached
townhouse
modular
If condo or other association exists: Fee $
monthly
annually Current?
Fee delinquent? $
The fee includes:
Association Contact:
Insurance
Name:
Landscape
Pool
Tennis
Other
Phone No.:
III. COMPETITIVE CLOSED SALES
ITEM
SUBJECT
COMPARABLE NUMBER 1
COMPARABLE NUMBER 2
COMPARABLE NUMBER 3
Address
Proximity to Subject
REO/Corp
Sale Price
$
Price/Gross Living Area
Sq. Ft.
Sq. Ft..
Sq.
Ft.
Sale Date &
Days on Market
VALUE ADJUSTMENTS
DESCRIPTION
+(-) Adjustment
Sales or Financing
Concessions
Location (City/Rural)
Leasehold/Fee Simple
Lot Size
View
Design and Appeal
Quality of Construction
Year Built
Condition
Total
Bdms
Baths
Above Grade
Room Count
Gross Living Area
Basement & Finished
Rooms Below Grade
Functional Utility
Heating/Cooling
Energy Efficient Items
Garage/Carport
Porches, Patio, Deck
Fireplace(s), etc.
Fence, Pool, etc.
Net Adj. (total)
+
-
Adjusted Sales Price of
Comparable
Fannie Mae Revised 03/99
Page 1 of 2
REO#
IV. MARKETING STRATEGY
As-is
Minimal Lender Required Repairs
V. REPAIRS
Occupancy Status: Occupied
Repaired Most Likely Buyer:
Vacant Unknown
Owner occupant Investor
Itemize ALL repairs needed to bring property from its present “as is” condition to average marketable condition for the neighborhood. Check those repairs you recommend that we perform for most successful marketing of the property.
GRAND TOTAL FOR ALL REPAIRS $
VI. COMPETITIVE LISTINGS
COMPARABLE NUMBER. 2
COMPARABLE NUMBER. 3
List Price
Sq.Ft.
Data and/or
Verification Sources
+ (-)Adjustment
+(-)Adjustment
Days on Market and
Date on Market
Leasehold/Fee
Simple
Adjusted Sales Price
of Comparable
VI. THE MARKET VALUE (The value must fall within the indicated value of the Competitive Closed Sales).
Market Value
Suggested List Price
AS IS REPAIRED
30 Quick Sale Value
Last Sale of Subject, Price
Date
COMMENTS (Include specific positives/negatives, special concerns, encroachments, easements, water rights, environmental concerns, flood zones, etc. Attach addendum if additional space is needed.)
Signature:
Date:
Page 2 of 2
CMS Publishing Company 1 800 235-1600 [0399]
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Accurate completion of the Broker Price Opinion (BPO) form is essential for determining the property's value. Each section must be filled out carefully to reflect the current market conditions.
Market conditions should be assessed objectively. Indicate whether the market is depressed, stable, or improving. This helps in understanding the broader economic environment affecting property values.
Include details about the property’s marketability. Describe whether the property is over-improved, under-improved, or appropriately improved for the neighborhood.
Provide a thorough analysis of comparable properties. This includes sale prices, square footage, and any adjustments made to account for differences in features.
Document any necessary repairs. Itemizing repairs helps potential buyers understand the condition of the property and the costs involved in bringing it to marketable condition.
Evaluate the competitive listings in the area. This information can guide pricing strategy and marketing efforts.
Finally, include any relevant comments about the property. Specific concerns such as environmental issues or easements should be noted, as they can impact the property's value and marketability.