Fill in Your Broker Price Opinion Form

The Broker Price Opinion (BPO) form is a crucial document used to estimate the value of a property. When preparing a BPO, several other forms and documents may be needed to provide a comprehensive analysis. Below is a list of common documents that accompany the BPO, each serving a specific purpose in the valuation process.

• Comparative Market Analysis (CMA): This document analyzes recent sales of similar properties in the area to help determine a fair market value. It includes details such as sale prices, property conditions, and time on the market.
• Property Inspection Report: An inspection report provides a detailed assessment of the property's condition. It highlights any repairs needed and can influence the property's market value.
• Listing Agreement: This document outlines the terms between the property owner and the real estate agent. It includes the listing price, duration of the agreement, and agent responsibilities.
• Appraisal Report: An appraisal is a formal evaluation conducted by a licensed appraiser. It provides an unbiased estimate of the property’s value based on various factors, including location and comparable sales.
• Sales Disclosure Form: This form discloses any known issues with the property, such as past repairs or legal issues. It is important for transparency and can affect buyer decisions.
• Market Analysis Report: This report provides insights into the broader market conditions. It includes trends, economic factors, and demographic information that could impact property values.
• Repair Estimate: An estimate detailing the costs required to bring the property to a marketable condition. This document is essential for understanding the investment needed before selling.

These documents work together to create a thorough understanding of the property’s value and marketability. Each plays a role in ensuring that the BPO reflects accurate and relevant information for potential buyers and sellers.

When filling out the Broker Price Opinion (BPO) form, there are specific actions that should be taken and avoided to ensure accuracy and professionalism. Below is a list of ten recommendations.

• Do: Provide accurate property details, including the address and loan number.
• Do: Clearly state the current market conditions and employment status.
• Do: List comparable properties with their sale prices and relevant details.
• Do: Include all necessary adjustments for comparable properties.
• Do: Document any repairs needed for the property to be marketable.
• Don't: Omit important information about the property’s condition.
• Don't: Provide vague or unclear market condition assessments.
• Don't: Exaggerate or understate property values.
• Don't: Leave out details about financing options available for the property.
• Don't: Forget to sign and date the form upon completion.