Article Map
The Broker Price Opinion (BPO) form serves as a critical tool in the real estate industry, particularly for evaluating the market value of residential properties. It encompasses various sections that provide a comprehensive analysis of the property in question, including general market conditions, subject marketability, competitive closed sales, and marketing strategies. The form begins by assessing the current state of the market, detailing employment conditions, and estimating the percentage of owner-occupied versus rental properties in the neighborhood. It also highlights the range of values for comparable properties and identifies potential financing options. In addition, the BPO includes a comparative analysis of recently sold properties, which aids in establishing a fair market price. This analysis considers various factors such as location, condition, and amenities. The form also addresses necessary repairs, occupancy status, and the most likely buyer profile, ensuring a thorough evaluation. Finally, it culminates in a suggested market value and list price, providing a clear overview for real estate professionals and stakeholders involved in the transaction process.
Dos and Don'ts
When filling out the Broker Price Opinion (BPO) form, attention to detail is crucial. Here are five key dos and don'ts to consider:
- Do ensure all fields are accurately filled out. Missing information can lead to misunderstandings or delays.
- Do provide current market conditions. This context helps in assessing the property's value more accurately.
- Do include comparable sales data. Relevant comparisons strengthen the opinion and provide a clearer picture of the market.
- Don't exaggerate property features or conditions. Honesty is essential for maintaining credibility.
- Don't overlook the importance of signatures and dates. These elements validate the document and confirm its accuracy.
Document Attributes
| Fact Name | Description |
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| Purpose | A Broker Price Opinion (BPO) form is used to estimate the value of a property, often for real estate transactions or foreclosures. |
| Components | The form includes sections for market conditions, subject property marketability, competitive closed sales, and marketing strategy. |
| State-Specific Forms | Some states may have specific BPO forms governed by local real estate laws. Check your state's regulations for compliance. |
| Market Analysis | The BPO requires an analysis of comparable properties, including sale prices and market trends, to determine a fair value. |
Key takeaways
Understanding the Broker Price Opinion (BPO) Form is essential for accurate property valuation. This form is utilized to assess the market value of a property, particularly in real estate transactions involving foreclosures or distressed properties.
- Market Conditions Assessment: The BPO form requires a detailed analysis of current market conditions. Evaluating whether the market is depressed, stable, or improving helps establish a realistic price range for the property.
- Property Comparables: It is crucial to include comparable properties in the area. The form facilitates the comparison of the subject property with similar homes, which aids in determining a fair market value.
- Repairs and Improvements: Identifying necessary repairs is vital. The form prompts the user to list repairs needed to make the property marketable, which can significantly affect its value.
- Marketing Strategy: The BPO form includes a section for outlining the marketing strategy. This can guide how the property should be presented to potential buyers, whether as-is or with repairs.
Other PDF Templates
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To ensure a smooth rental experience, it is advisable to utilize a well-structured agreement, such as the one offered by NY Templates, which helps clarify each party's obligations and promotes a positive landlord-tenant relationship.
Birth Certificates - This form captures essential information about the newborn, including name, date of birth, and place of birth.
Example - Broker Price Opinion Form
RESIDENTIAL BROKER PRICE OPINION
Loan #
REO #:This BPO is the
PROPERTY ADDRESS:
FIRM NAME:
PHONE NO.
Initial
2nd Opinion
Updated Exterior Only |
DATE |
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SALES REPRESENTATIVE: |
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BORROWER’S NAME: |
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COMPLETED BY: |
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FAX NO. |
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I.GENERAL MARKET CONDITIONS
Current market condition: |
Depressed |
Slow |
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Stable |
Improving |
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Employment conditions: |
Declining |
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Increasing |
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Market price of this type property has: |
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in past |
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in past |
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Remained stable |
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Estimated percentages of owner vs. tenants in neighborhood: |
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% owner occupant |
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There is a |
Normal supply |
oversupply |
shortage of comparable listings in the neighborhood |
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Approximate number of comparable units for sale in neighborhood: |
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No. of competing listings in neighborhood that are REO or Corporate owned:
No. of boarded or
Excellent
% tenant
II.SUBJECT MARKETABILITY
Range of values in the neighborhood is $ |
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to $ |
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The subject is an |
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under improvement |
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Appropriate improvement for the neighborhood. |
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Normal marketing time in the area is: |
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days. |
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Are all types of financing available for the property? |
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No |
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Has the property been on the market in the last 12 months? |
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If yes, $ |
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list price (include MLS printout) |
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To the best of your knowledge, why did it not sell? |
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Unit Type: |
single family detached |
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condo |
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mobile home |
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single family attached |
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townhouse |
modular |
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If condo or other association exists: Fee $
monthly
annually Current?
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Fee delinquent? $ |
The fee includes:
Association Contact:
Insurance
Name:
Landscape
Pool
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Phone No.: |
III. COMPETITIVE CLOSED SALES
ITEM |
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SUBJECT |
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COMPARABLE NUMBER 1 |
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COMPARABLE NUMBER 2 |
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COMPARABLE NUMBER 3 |
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Proximity to Subject |
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REO/Corp |
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REO/Corp |
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REO/Corp |
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Sale Price |
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Sale Date & |
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Days on Market |
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VALUE ADJUSTMENTS |
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DESCRIPTION |
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DESCRIPTION |
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DESCRIPTION |
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DESCRIPTION |
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Sales or Financing |
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Concessions |
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Location (City/Rural) |
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Leasehold/Fee Simple |
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Lot Size |
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View |
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Design and Appeal |
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Quality of Construction |
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Year Built |
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Total |
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Bdms |
Baths |
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Baths |
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Baths |
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Total |
Bdms |
Baths |
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Above Grade |
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Room Count |
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Gross Living Area |
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Sq. Ft. |
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Sq. Ft. |
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Sq. Ft. |
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Sq. Ft. |
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Basement & Finished |
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Rooms Below Grade |
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Functional Utility |
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Heating/Cooling |
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Energy Efficient Items |
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Garage/Carport |
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Porches, Patio, Deck |
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Fireplace(s), etc. |
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Fence, Pool, etc. |
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Other |
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Net Adj. (total) |
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Adjusted Sales Price of |
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Comparable |
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Fannie Mae Revised 03/99 |
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Page 1 of 2 |
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REO# |
Loan # |
IV. MARKETING STRATEGY
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.
$
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GRAND TOTAL FOR ALL REPAIRS $ |
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VI. COMPETITIVE LISTINGS |
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ITEM |
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SUBJECT |
COMPARABLE NUMBER 1 |
COMPARABLE NUMBER. 2 |
COMPARABLE NUMBER. 3 |
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Address |
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Proximity to Subject |
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REO/Corp |
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REO/Corp |
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REO/Corp |
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List Price |
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Price/Gross Living Area |
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Data and/or |
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Verification Sources |
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VALUE ADJUSTMENTS |
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DESCRIPTION |
DESCRIPTION |
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DESCRIPTION |
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DESCRIPTION |
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Sales or Financing |
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Concessions |
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Days on Market and |
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Date on Market |
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Location (City/Rural) |
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Leasehold/Fee |
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Simple |
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Lot Size |
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View |
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Design and Appeal |
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Quality of Construction |
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Year Built |
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Condition |
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Above Grade |
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Bdms |
Baths |
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Bdms |
Baths |
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Total |
Bdms |
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Baths |
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Total |
Bdms |
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Baths |
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Room Count |
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Gross Living Area |
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Sq. Ft. |
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Sq. Ft. |
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Sq. Ft. |
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Sq. Ft. |
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Basement & Finished |
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Rooms Below Grade |
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Functional Utility |
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Heating/Cooling |
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Energy Efficient Items |
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Garage/Carport |
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Porches, Patio, Deck |
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Fireplace(s), etc. |
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Fence, Pool, etc. |
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Other |
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Net Adj. (total) |
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Adjusted Sales Price |
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$ |
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$ |
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$ |
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of Comparable |
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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: |
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Date: |
Fannie Mae Revised 03/99 |
Page 2 of 2 |
CMS Publishing Company 1 800 |
Detailed Instructions for Writing Broker Price Opinion
Completing the Broker Price Opinion (BPO) form requires careful attention to detail. It is essential to provide accurate information to ensure a comprehensive evaluation of the property. Follow these steps to fill out the form correctly.
- Loan and REO Numbers: Enter the loan number and REO number at the top of the form.
- Property Address: Fill in the complete address of the property being evaluated.
- Firm Information: Include your firm name and phone number.
- Date: Write the date of completion.
- Sales Representative: Enter the name of the sales representative handling the property.
- Borrower’s Name: Fill in the name of the borrower associated with the property.
- Market Conditions: Assess and indicate the current market conditions, employment conditions, and market price trends.
- Neighborhood Analysis: Provide the estimated percentages of owner-occupants versus tenants, and describe the supply of comparable listings.
- Subject Marketability: State the range of values in the neighborhood, the type of improvement, and the normal marketing time.
- Financing Availability: Indicate whether all types of financing are available and provide explanations if necessary.
- Previous Market Activity: Note if the property was on the market in the last 12 months and the list price if applicable.
- Unit Type: Specify the type of property (e.g., single-family detached, condo, etc.) and provide details about any associated fees.
- Competitive Closed Sales: List comparable sales, including addresses, sale prices, and adjustments made for various factors.
- Marketing Strategy: Choose the appropriate marketing strategy (as-is, minimal repairs, etc.).
- Repairs: Detail any necessary repairs to bring the property to marketable condition, including costs.
- Competitive Listings: List comparable active listings and their details, similar to the closed sales section.
- Market Value: Provide the suggested market value based on your analysis.
- Comments: Include any additional remarks regarding the property, such as concerns or special features.
- Signature and Date: Sign and date the form to validate your evaluation.
Documents used along the form
When preparing a Broker Price Opinion (BPO), several other documents can enhance the evaluation process. Each of these forms serves a specific purpose and provides valuable information to help assess property value accurately.
- Comparative Market Analysis (CMA): This document compares similar properties that have recently sold in the area. It helps to establish a fair market value based on current trends.
- Property Condition Report: This report outlines the physical condition of the property. It details any repairs needed and helps in estimating the cost to bring the property to market standards.
- Appraisal Report: Conducted by a licensed appraiser, this report provides an independent assessment of the property's value. It is often required by lenders for financing purposes.
- Listing Agreement: This is a contract between the seller and the broker. It outlines the terms of the sale, including the listing price and duration of the agreement.
- Trailer Bill of Sale Form: For those transferring trailer ownership, the essential trailer bill of sale template provides necessary documentation to ensure legal compliance.
- Disclosure Statement: This document informs potential buyers of any known issues with the property, such as structural problems or environmental hazards. Transparency is key in real estate transactions.
- Market Trends Report: This report provides insights into current real estate market conditions, including average days on the market and price fluctuations. It helps to contextualize the BPO findings.
- Title Report: This document verifies the legal ownership of the property and checks for any liens or encumbrances. Clear title is essential for a smooth transaction.
- Repair Estimates: Detailed estimates for necessary repairs can help in determining the total investment required to make the property market-ready. This information is crucial for both buyers and sellers.
Using these documents alongside the Broker Price Opinion form can provide a comprehensive view of the property and its market potential. Each document plays a role in ensuring that all aspects of the property are considered, leading to informed decisions in the real estate process.