Homepage Blank Broker Price Opinion Form
Table of Contents

The Broker Price Opinion (BPO) form serves as a critical tool for real estate professionals, providing a comprehensive assessment of a property's value based on various market factors. This form is utilized primarily in situations where a quick valuation is necessary, such as in the case of foreclosures or short sales. It includes essential details such as the property address, loan and REO numbers, and contact information for the involved parties. The form is structured to gather insights on general market conditions, including employment trends and the current state of comparable listings in the neighborhood. It prompts the evaluator to analyze the subject property's marketability, taking into account factors like financing options and previous listing history. Additionally, the BPO form requires a comparison with similar properties that have recently sold, allowing for adjustments based on various criteria such as location, condition, and amenities. The marketing strategy section addresses potential repairs and the most likely buyer type, ensuring that the property is positioned effectively in the market. By synthesizing this information, the BPO provides a well-rounded view of the property's value, assisting lenders, buyers, and sellers in making informed decisions.

Dos and Don'ts

When filling out the Broker Price Opinion (BPO) form, it is important to adhere to certain guidelines to ensure accuracy and clarity. Below is a list of actions to take and avoid during this process.

  • Do provide accurate and current market data to reflect the property's value.
  • Do clearly indicate any repairs needed to bring the property to an average marketable condition.
  • Do include all relevant comparable sales and listings to support your valuation.
  • Do ensure that all contact information is up-to-date for follow-up communication.
  • Don't omit any significant details about the property's condition or market conditions.
  • Don't provide misleading or outdated information regarding comparable properties.
  • Don't ignore the importance of accurate measurements and descriptions of the property.
  • Don't forget to proofread the form for any errors before submission.

Broker Price Opinion Sample

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

Stable

 

Increasing

 

Market price of this type property has:

Decreased

 

 

%

in past

 

months

 

Increased

 

 

%

in past

 

months

 

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?

Yes

No

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?

Yes

No

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

 

 

 

 

 

 

REO/Corp

 

 

 

 

 

REO/Corp

Sale Price

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

$

 

 

 

Price/Gross Living Area

$

 

Sq. Ft.

$

 

Sq. Ft..

 

 

$

 

 

Sq. Ft.

 

 

$

 

 

 

Sq.

 

 

 

 

 

 

 

 

 

 

 

 

Ft.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale Date &

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Days on Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VALUE ADJUSTMENTS

 

DESCRIPTION

 

DESCRIPTION

 

+(-) Adjustment

 

DESCRIPTION

+(-) Adjustment

 

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

 

Total

Bdms

 

Baths

 

 

 

Total

 

Bdms

 

Baths

 

 

Total

Bdms

Baths

 

 

 

Above Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Room Count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Living Area

 

 

 

Sq. Ft.

 

 

Sq. Ft.

 

 

 

 

 

 

Sq. Ft.

 

 

 

 

 

Sq. Ft.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basement & Finished

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms Below Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Functional Utility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heating/Cooling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Efficient Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garage/Carport

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porches, Patio, Deck

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fireplace(s), etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fence, Pool, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Adj. (total)

 

 

 

 

 

+

-

 

 

$

 

+

-

 

$

 

+

 

 

-

 

$

 

Adjusted Sales Price of

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

 

Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Revised 03/99

 

 

 

 

 

 

 

 

 

 

 

 

Page 1 of 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REO#

Loan #

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITEM

 

 

SUBJECT

COMPARABLE NUMBER 1

COMPARABLE NUMBER. 2

COMPARABLE NUMBER. 3

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proximity to Subject

 

 

 

 

 

REO/Corp

 

 

 

 

 

REO/Corp

 

 

REO/Corp

List Price

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

Price/Gross Living Area

$

 

Sq.Ft.

$

Sq.Ft.

 

 

 

$

Sq.Ft.

 

 

 

$

Sq.Ft.

 

 

Data and/or

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Verification Sources

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VALUE ADJUSTMENTS

 

DESCRIPTION

DESCRIPTION

 

+ (-)Adjustment

DESCRIPTION

 

+(-)Adjustment

DESCRIPTION

+(-)Adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales or Financing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Concessions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Days on Market and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date on Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location (City/Rural)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasehold/Fee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Simple

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lot Size

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

View

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Design and Appeal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quality of Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Built

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above Grade

Total

Bdms

Baths

Total

Bdms

Baths

 

 

 

Total

Bdms

 

Baths

 

Total

Bdms

 

Baths

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Room Count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Living Area

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sq. Ft.

 

Sq. Ft.

 

 

 

Sq. Ft.

 

 

 

Sq. Ft.

 

 

Basement & Finished

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms Below Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Functional Utility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heating/Cooling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Efficient Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garage/Carport

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porches, Patio, Deck

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fireplace(s), etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fence, Pool, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Adj. (total)

 

 

 

 

+

-

 

 

 

$

 

 

+

-

-

 

$

 

 

+

-

 

$

 

 

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:

Fannie Mae Revised 03/99

Page 2 of 2

CMS Publishing Company 1 800 235-1600 [0399]

Listed Questions and Answers

  1. What is a Broker Price Opinion (BPO)?

    A Broker Price Opinion is a professional assessment of a property's market value. It is typically prepared by a licensed real estate broker or agent. The BPO considers various factors, including recent sales of comparable properties, current market conditions, and the property's condition.

  2. When is a BPO used?

    BPOs are often used by banks and lenders to determine the value of a property, especially in situations involving foreclosures or short sales. They can also assist in pricing properties for sale or understanding market trends.

  3. What information is included in a BPO?

    A BPO typically includes details about the property being evaluated, such as its address, condition, and features. It also contains information about comparable properties, market conditions, and any necessary repairs. Additionally, the BPO will provide a suggested market value based on this analysis.

  4. How is the market value determined in a BPO?

    The market value is determined by analyzing comparable sales in the area, assessing the property's condition, and considering current market trends. Adjustments may be made based on differences between the subject property and comparable properties.

  5. Who prepares a BPO?

    A BPO is prepared by a licensed real estate broker or agent. These professionals have the training and experience to assess property values accurately. They will gather data and analyze it to provide a reliable opinion on the property's worth.

  6. Is a BPO the same as an appraisal?

    No, a BPO is not the same as an appraisal. While both assess property value, a BPO is typically less formal and less detailed than an appraisal. Appraisals are conducted by certified appraisers and are often required for mortgage financing.

  7. How long does it take to complete a BPO?

    The time it takes to complete a BPO can vary. Generally, it may take anywhere from a few hours to a couple of days, depending on the complexity of the property and the availability of comparable sales data.

  8. Can a BPO be used for legal purposes?

    While a BPO provides a professional opinion of value, it may not hold the same weight as an appraisal in legal situations. However, it can still be useful in negotiations or discussions about property value.

  9. What should I do if I disagree with a BPO?

    If you disagree with the BPO, you can gather additional information to support your viewpoint. This may include recent sales data, property improvements, or unique features that could affect value. Discussing your concerns with the broker who prepared the BPO may also help clarify any discrepancies.

Form Overview

Fact Name Description
Purpose The Broker Price Opinion (BPO) form is used to estimate the market value of a property, often for real estate transactions or financing purposes.
Market Conditions The form includes sections to assess current market conditions, employment trends, and the market price changes of similar properties.
Property Details It collects essential property information, including address, property type, and occupancy status, to provide a comprehensive valuation.
Comparable Sales The BPO requires data on comparable closed sales, including sale prices and adjustments, to support the estimated market value.
State-Specific Regulations In some states, the BPO must comply with specific real estate laws, such as those governing property appraisals and disclosures.
Repair Assessment The form allows for the identification of necessary repairs to bring the property to an average marketable condition, impacting the overall valuation.