Content Overview
The Broker Price Opinion (BPO) form serves as a vital tool in the real estate industry, providing a comprehensive assessment of a property's value based on current market conditions and comparable sales. This form includes essential sections that capture various aspects of the property, such as its address, the firm handling the opinion, and the sales representative involved. It begins with an evaluation of general market conditions, highlighting employment trends, the supply of comparable listings, and the estimated percentage of owner-occupants versus tenants in the neighborhood. Following this, the form assesses the subject property's marketability, detailing its range of values, financing options, and previous market activity. The competitive closed sales section compares the subject property to similar homes that have recently sold, offering valuable insights into pricing strategies. Additionally, the BPO form addresses necessary repairs and marketing strategies, ensuring that all relevant details are considered for a successful sale. Finally, the form concludes with a market value assessment, providing a suggested list price based on thorough analysis and comparable data.
Key takeaways
Understanding the Broker Price Opinion (BPO) form is essential for accurate property evaluations. Here are some key takeaways to keep in mind when filling it out and using it effectively:
- Market Conditions Matter: Accurately assess the current market conditions, including employment trends and the supply of comparable listings. This information influences the property’s value.
- Subject Property Details: Provide a thorough description of the subject property, including its condition, type, and any necessary repairs. This helps establish its marketability.
- Competitive Analysis: Include detailed comparisons with similar properties that have recently sold. Adjustments for differences in features or conditions are crucial for determining an accurate value.
- Marketing Strategy: Outline a clear marketing strategy, indicating whether the property will be sold as-is or after repairs. This decision impacts the suggested list price and potential buyer interest.
Guide to Writing Broker Price Opinion
Filling out the Broker Price Opinion (BPO) form requires careful attention to detail. The information you provide will help determine the property’s value and marketability. Follow these steps to ensure the form is completed accurately.
- Start by entering the Loan # and REO # at the top of the form.
- Fill in the PROPERTY ADDRESS, FIRM NAME, and PHONE NO..
- Indicate if this is an Initial, 2nd Opinion, or Updated BPO. Specify if it's Exterior Only.
- Enter the DATE and the SALES REPRESENTATIVE name.
- Provide the BORROWER’S NAME and the name of the person COMPLETED BY.
- Include the FAX NO. for communication purposes.
Next, move on to the GENERAL MARKET CONDITIONS section. Here, you will assess the current market and employment conditions, as well as the supply and demand for comparable listings.
- Choose the current market condition: Depressed, Slow, Stable, or Improving.
- Indicate employment conditions: Declining, Stable, or Increasing.
- State the market price trend for this type of property: Decreased, Increased, or Remained stable.
- Estimate the percentage of owner occupants in the neighborhood.
- Assess the supply of comparable listings: Normal, Oversupply, or Shortage.
- Provide the approximate number of comparable units for sale in the neighborhood.
- List the number of competing listings that are REO or Corporate owned.
- Note the number of boarded or blocked-up homes.
Now, focus on the SUBJECT MARKETABILITY section. This part helps evaluate the property’s potential value.
- Indicate the range of values in the neighborhood.
- Assess if the subject property is an over improvement, under improvement, or appropriate improvement for the neighborhood.
- Estimate the normal marketing time in days.
- Confirm if all types of financing are available for the property.
- State if the property has been on the market in the last 12 months.
- If yes, provide the list price and attach the MLS printout.
- Explain why the property did not sell, to the best of your knowledge.
Continue with the COMPETITIVE CLOSED SALES section. This is where you compare the subject property with similar properties that have recently sold.
- Fill in the details for the subject property and up to three comparable properties.
- Provide the address and proximity to the subject for each comparable.
- Indicate if each comparable is REO or Corporate owned.
- List the sale prices and price per gross living area for each comparable.
- Record the sale date and days on market for each comparable.
- Make any necessary value adjustments based on various property features.
Next, you will outline the MARKETING STRATEGY and REPAIRS needed for the property.
- Choose the marketing strategy: As-is or Minimal Lender Required Repairs.
- State the occupancy status: Occupied, Vacant, or Unknown.
- Identify the most likely buyer: Owner occupant or Investor.
- Itemize all repairs needed to bring the property to average marketable condition.
- Check the repairs you recommend for successful marketing.
- Calculate the grand total for all repairs needed.
Lastly, complete the COMPETITIVE LISTINGS section and determine the market value.
- List the subject property and up to three comparable listings with their details.
- Provide the list prices and price per gross living area for each comparable.
- Record any value adjustments and the adjusted sales price for each comparable.
- Determine the market value and suggested list price for the property, both as-is and repaired.
- Include comments about the property, noting any positives, negatives, or concerns.
- Sign and date the form to complete the process.
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C or S Corporation - Filing late can result in the loss of S Corporation status, so timely submission is crucial.
Form Preview Example
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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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 |
over improvement |
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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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Are all types of financing available for the property? |
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No |
If no, explain |
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Has the property been on the market in the last 12 months? |
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No |
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
Tennis |
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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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Price/Gross Living Area |
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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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Sq.Ft. |
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Sq.Ft. |
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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 |
Total |
Bdms |
Baths |
Total |
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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+ |
- |
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$ |
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$ |
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$ |
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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 |
Documents used along the form
When preparing a Broker Price Opinion (BPO), several other forms and documents often accompany it to provide a comprehensive view of the property and its market context. Understanding these documents can enhance your overall assessment and ensure you have all the necessary information at your fingertips.
- Comparative Market Analysis (CMA): This document evaluates similar properties in the area that have recently sold, are currently on the market, or were taken off the market. It helps determine a fair market value for the property based on real-time data.
- Listing Agreement: This is a contract between the property owner and the real estate agent. It outlines the terms under which the agent will market the property, including the listing price and duration of the agreement.
- Property Disclosure Statement: Sellers often provide this document to disclose any known issues with the property. It includes details about repairs, renovations, and any existing problems that could affect the property's value.
- Recommendation Letter: This essential form highlights an individual's strengths and accomplishments, providing insight into their capabilities and character, often sourced from smarttemplates.net.
- Inspection Report: A professional inspection report outlines the condition of the property, noting any necessary repairs or potential issues. This document is crucial for understanding the property's state and any financial implications for the buyer.
- Appraisal Report: Conducted by a licensed appraiser, this report offers an unbiased assessment of the property's value. It considers various factors, including location, size, condition, and comparable sales.
- Marketing Plan: This document outlines the strategies that will be used to market the property. It may include details about advertising, open houses, and other promotional activities aimed at attracting potential buyers.
Having these documents handy when preparing a Broker Price Opinion will not only streamline the process but also ensure that you present a well-rounded view of the property. Each document plays a critical role in understanding market dynamics and the property's specific situation, ultimately aiding in making informed decisions.