A professional assessment of a property’s value in real estate is known as the broker price opinion or BPO. Generally while determining the price of a property, the BPOs are used after a comparative analysis of the market, or when there is a case of foreclosure or short sale.

How is Broker Price Opinion Calculated?

A Realtor or broker’s expertise is what is key in determining the Broker Price Opinion (BPO), as the agent would assign a particular value for the property based on certain factors.

The broker often uses properties that are comparable to determine the cost of a particular property. Generally, the broker will select at least three properties to compare, which are either for sale, sold, or pending sale, all in the past 90 days and within the radius of 1 mile. The radius rule is for the urban property, while for rural properties it can be more than a 1-mile radius.

How much does a BPO (Broker Price Opinion) 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.

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A professional assessment of a property’s value in real estate is known as the broker price opinion, or BPO.