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What is a BPO?

scorpiomom2005scorpiomom2005
in Buying A Home
We made an offer on a short sale, and the bank sent someone out to do a BPO... how is this different from an appraisal that my bank will have to do too?
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Re: What is a BPO?

  • TeacherEllen81710TeacherEllen81710
    Best Price Opinion it is basically what a negotiator will tell the bank that the house is worth, because regardless of what the seller wants for it, essentially the bank is the one that has to accept the offer. This is different than the appraisal that your bank will do because this is done by the bank that currently owns the home. 
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  • scorpiomom2005scorpiomom2005
    so he's the guy I should've gotten a gift basket for? I'm actually impressed the bank has done anything...we only put in the offer last month..and I guess they only have to service the furnace and have the city come in to re-inspect and the house should be violation free after that. It's exciting and scary that the wheels are in motion already.
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  • steph44w1steph44w1 member
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    It is a Broker Price Opinion. The seller's lender has to have one to find out how much the house is worth. Since the seller is (hopefully) getting off the hook of the mortgage, the seller's lender needs this information.
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  • TeacherEllen81710TeacherEllen81710
    oops "Broker" not "Best" price opinion. Hopefully it is his or her best opinion though right? lol.
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