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Document Sample
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 |
Stable |
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Increasing |
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Market price of this type property has: |
Decreased |
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in past |
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months |
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Increased |
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in past |
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months |
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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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days. |
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Are all types of financing available for the property? |
Yes |
No |
If no, explain |
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Has the property been on the market in the last 12 months? |
Yes |
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?
Yes
No |
Fee delinquent? $ |
The fee includes:
Association Contact:
Insurance
Name:
Landscape
Pool
Tennis |
Other |
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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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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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Sale 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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Sq. |
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Ft. |
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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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Condition |
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Total |
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Bdms |
Baths |
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Total |
Bdms |
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Baths |
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Total |
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Bdms |
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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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$ |
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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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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 |
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Total |
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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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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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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: |
|
Date: |
Fannie Mae Revised 03/99 |
Page 2 of 2 |
CMS Publishing Company 1 800 |
Document Information
| Fact Name | Description |
|---|---|
| Purpose | The Broker Price Opinion (BPO) form is used to estimate the market value of a property, typically for real estate transactions or financing purposes. |
| Components | The form includes sections for general market conditions, subject marketability, competitive closed sales, and marketing strategy. |
| Market Conditions | Users must assess current market conditions, including employment trends and the percentage of owner-occupied versus rental properties in the area. |
| Comparable Sales | The BPO requires the analysis of comparable properties, including their sale prices, features, and market performance. |
| State-Specific Laws | In states like California, the BPO is governed by the California Bureau of Real Estate regulations, which dictate how such opinions should be conducted. |
Broker Price Opinion - Usage Guidelines
Completing the Broker Price Opinion (BPO) form requires careful attention to detail. Each section of the form must be filled out accurately to ensure a comprehensive assessment of the property's value. Follow these steps to complete the form effectively.
- Begin with the top section. Fill in the Loan # and REO #. Then, provide the PROPERTY ADDRESS, FIRM NAME, and PHONE NO.. Indicate whether this is an Initial, 2nd Opinion, or Updated BPO.
- Enter the DATE and the SALES REPRESENTATIVE name. Include the BORROWER’S NAME and the COMPLETED BY section with your details. Don't forget to add your FAX NO..
- In the GENERAL MARKET CONDITIONS section, assess the current market condition by selecting from Depressed, Slow, Stable, or Improving. Evaluate employment conditions and indicate whether they are Declining, Stable, or Increasing.
- Estimate the market price changes for the property type and provide the percentage of owner occupants in the neighborhood. Indicate the supply condition of comparable listings as Normal, Oversupply, or Shortage.
- Provide the number of comparable units for sale and the number of REO or Corporate owned properties in the neighborhood. Note any boarded or blocked-up homes.
- For the SUBJECT MARKETABILITY section, indicate the range of values in the neighborhood and assess the property’s improvement status. Estimate the normal marketing time in days and note the availability of financing.
- Check if the property was on the market in the last 12 months. If it was, include the list price and provide a reason if it did not sell.
- Specify the Unit Type and any applicable association fees, indicating if they are current or delinquent. Include details about the association.
- Move to the COMPETITIVE CLOSED SALES section. Fill in details for up to three comparable properties, including Address, Sale Price, and Sale Date. Make necessary value adjustments based on various factors.
- In the MARKETING STRATEGY section, choose between As-is or Minimal Lender Required Repairs.
- Detail the REPAIRS needed to bring the property to an average marketable condition. Provide a grand total for all repairs.
- In the COMPETITIVE LISTINGS section, fill in similar details for up to three comparable listings, including List Price and any necessary adjustments.
- Determine the MARKET VALUE based on the competitive closed sales and suggest a list price. Include any comments on the property’s condition or concerns.
- Finally, sign and date the form at the bottom.
Common PDF Forms
Roof Estimate Template - Our roofing estimates help you make strategic decisions for your home.
It is essential for individuals going through a divorce to familiarize themselves with the Colorado Divorce Settlement Agreement form, as it serves to clarify crucial details like property division, child custody, and support arrangements. Utilizing resources such as Colorado PDF Templates can further aid in the preparation and understanding of this important document, ensuring that both parties are informed and their rights are safeguarded during the process.
1099 Nec Fillable Form - Make sure the payer's name and address are accurately listed to avoid issues.
Dos and Don'ts
When filling out the Broker Price Opinion form, it is essential to follow certain guidelines to ensure accuracy and clarity. Here are four things you should and shouldn't do:
- Do: Provide accurate and up-to-date information regarding the property's condition and market status.
- Do: Include specific details about comparable properties, such as sale prices and conditions, to support your analysis.
- Don't: Leave any sections blank unless absolutely necessary. Incomplete forms can lead to misunderstandings.
- Don't: Use vague language. Be clear and precise to avoid confusion regarding property details and market conditions.
Common mistakes
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Incomplete Information: Failing to fill out all required fields can lead to delays. Ensure every section is completed, including the property address and loan number.
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Incorrect Market Conditions: Misjudging the current market condition can skew the valuation. Take time to assess if the market is depressed, stable, or improving.
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Neglecting Comparables: Not providing accurate comparable sales data can weaken the opinion. Include relevant properties that are similar in size and location.
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Over or Underestimating Repairs: Failing to accurately list necessary repairs can misrepresent the property’s condition. Itemize repairs needed to meet average marketable condition.
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Ignoring Financing Options: Not specifying available financing options can mislead potential buyers. Clearly indicate if financing is available or not.
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Omitting Marketing Strategy: Skipping the marketing strategy section can create confusion. Clearly define whether the property will be sold as-is or with repairs.
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Inaccurate Price Adjustments: Making incorrect adjustments for comparable properties can distort the final valuation. Ensure adjustments reflect true differences.
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Failure to Comment: Neglecting to provide comments on specific positives or negatives can leave out important information. Include all relevant details that affect marketability.
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Not Signing the Form: Forgetting to sign the Broker Price Opinion can render it invalid. Always ensure the form is signed and dated before submission.