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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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What is a BPO

Many of the seller’s of Central Oregon short sales are finding that banks are starting to work with them prior to having an offer on the table.  Some of the banks are willing to start looking at pricing prior to having an offer.  Especially when the market does not support the loan amount.

Sometimes a bank will order what is called in the real estate industry a BPO – which is a Broker Price Opinion.  This gets a little tricky, there are specific rules and laws about Real Estate Brokers giving a price opinion.  There are some companies that actually discourage or prohibit their brokers from giving a BPO.

A BPO is done similar to a Comparative Markey Analysis. The agent will go to the property and hopefully go inside, they will find a number of similar homes that have sold in the last 3 to 6 months.  Most banks have a form they want all the data put on then the broker will give their personal opinion of the property.

This all sounds pretty easy – sadly it is not – many times the broker does not know the particular area or neighborhood and gives an opinion that is not as accurate as it could be.

The great thing is once the BPO has been received by the bank they have a little clearer idea of what the home is worth.  Even if the BPO is off a little it certainly gives everyone a better prospective.

Posted in: Foreclosure, Short Sale Information Tagged: banks, bpo, broker price opinion, central oregon short sale, pricing, short sale

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Contact Thesa

Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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The data relating to real estate for sale on this website comes in part from the MLS. Listing broker has attempted to offer accurate data, but is not guaranteed accurate. All information presented is deemed reliable but not guaranteed.

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