How do I fill out a BPO?
Completing A BPO is really set up into 9 steps
- 1 – BPO Site Inspection.
- 2 – BPO General Market Conditions.
- 3 – Subject Property Details / Status For Completing the BPO.
- 4 – Sold Comps For The Broker Price Opinion.
- 5 – Active Comps For The BPO.
- 6 – Valuation.
- 7 – Upload Pictures For The BPO.
What is a Fannie Mae BPO?
The broker price opinion (BPO) is a written estimate of the probable sales price of a property performed by a real estate broker or sales person with or without an interior property inspection. Commonly used for quality control and loss mitigation.
What is a FNMA form?
Federal National Mortgage Association (FNMA) (Fannie Mae) Forms in Word.
What is a BPO appraisal?
A broker price opinion, commonly known as a BPO, is a real estate professional’s opinion of a property’s value. BPOs are most often used when setting the list price of a property, similar to a comparative market analysis, and in the case of a foreclosure or short sale.
How much does a BPO cost?
BPOs are often cheaper than formal real estate appraisals and cost anywhere from $80 to $150 depending on the turnaround time, the type of BPO, and the location of the asset.
How long does a BPO take?
The amount of time and amount of substantive work, including detailed findings through appraisals, often takes a week or two to fully complete. On the other hand, both an external and internal BPO might take a much shorter amount of time – in some cases, less than one day to complete.
Which of the following best describes the condition that indicates that the area of the home has been modified to meet current market expectations?
By definition, “updated” condition means that the area of the home has been modified to meet current market expectations. Per Fannie Mae guidelines, “an updated area of the home should have an improved look and feel, or functional utility”.
What is a Form 710?
Mortgage Assistance Application Form 710 is a Borrower’s application for Mortgage assistance due to financial hardship.
Are Fannie Mae forms copyrighted?
Ownership and Reservation of Rights. You acknowledge and agree that the Contents, and all copies thereof made by You hereunder, including without limitation any copyright and other intellectual property therein, are and will remain the exclusive property of Fannie Mae or its licensors.
What is the difference between appraisal and BPO?
The key difference between a BPO and an appraisal is that an appraisal completes the service and their obligation under the Uniform Standards of Professional Appraisal Practice (USPAP) and law. A BPO is typically completed by a real estate broker or agent and is not required to conform to USPAP or state appraisal law.
Which is better BPO or appraisal?
Similar to a home appraisal, a broker price opinion helps establish what your home is worth. But a broker opinion of value is considered less accurate than an appraisal and may not be allowed to substitute for an appraisal.
What’s the difference between a BPO and appraisal?