Minnesota Short Sale Expert

A BPO is known as a Broker Price Opinion. This is what most people would think of in the same manner as an appraisal. The lenders that are involved in a short sale will receive an offer from the listing agent to consider. However, although the property is located say in Minnesota the lender may be located out on the east coast. If an offer comes in a property at $200,000 the lender has no idea if it is worth $200,000, $225,000 or $175,000 so they need someone locally to go out to the property and report back to the lender what the property is actually worth in the current market.

The lenders will hire local real estate agents to do these BPO’s at a rate of $50-$100 instead of hiring a licensed appraiser to do basically the same thing at a rate of nearly $400. Although the actual methods and reports that a BPO agent and appraiser uses they usually end up coming up with about the same market price. This is all that the banks really want anyways…what should it sell for in the current condition and with the current state of the market in that particular area.