Content Overview
File Details
| Fact Name | Description |
|---|---|
| Purpose | The Broker Price Opinion (BPO) form is used to estimate the market value of a property. |
| Components | The form includes sections for general market conditions, subject marketability, competitive closed sales, marketing strategy, repairs, and competitive listings. |
| Market Conditions | Users must assess current market conditions, including employment trends and the supply of comparable listings. |
| Property Details | Information such as the property address, loan number, and firm name is required to complete the form. |
| Comparable Sales | The BPO includes a section to compare the subject property with similar properties that have recently sold. |
| Repairs Section | There is a dedicated area for itemizing necessary repairs to bring the property to an average marketable condition. |
| Market Value Estimation | The form requires users to suggest a market value based on the analysis of competitive closed sales. |
| State-Specific Regulations | In some states, BPOs must comply with specific regulations, such as those outlined in the Uniform Standards of Professional Appraisal Practice (USPAP). |
Sample - Broker Price Opinion Form
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 |
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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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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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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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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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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 |
Baths |
Total |
Bdms |
Baths |
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Total |
Bdms |
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Baths |
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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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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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+ |
- |
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$ |
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+ |
- |
- |
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$ |
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+ |
- |
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$ |
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Adjusted Sales Price |
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$ |
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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 |
Common mistakes
Filling out the Broker Price Opinion (BPO) form can be a detailed process. However, people often make mistakes that can affect the accuracy of the report. One common error is failing to provide complete contact information. When the firm name or phone number is missing, it complicates communication. This can lead to delays in processing the BPO.
Another frequent mistake involves the assessment of market conditions. Some individuals may not accurately describe whether the market is depressed, stable, or improving. This section is crucial because it sets the context for the property’s value. An inaccurate assessment can mislead potential buyers or lenders.
People sometimes overlook the importance of providing precise data about comparable properties. For instance, not listing the correct sale prices or the number of comparable units can skew the analysis. It is essential to ensure that all comparable listings are up to date and relevant to the subject property.
In the section regarding the subject property’s marketability, individuals may fail to mention the appropriate financing options. If financing is limited or unavailable, this should be clearly stated. Omitting this information can lead to misunderstandings about the property's sale potential.
Another mistake is neglecting to itemize necessary repairs. When individuals do not list all repairs needed to bring the property to marketable condition, they may underestimate the costs involved. This oversight can impact the final valuation and marketing strategy.
Additionally, some may not provide a thorough analysis of the competitive listings. It is important to include accurate adjustments for each comparable property. Failing to do so can misrepresent the market value and confuse potential buyers.
People also often forget to include comments about specific issues related to the property. This could include concerns about easements, environmental issues, or neighborhood conditions. Such details can be significant for buyers and should not be overlooked.
Finally, a lack of clarity in the suggested list price can be problematic. If the proposed price does not align with the market value indicated by the competitive closed sales, it can create confusion. Clear and consistent pricing is essential for effective marketing.
Common PDF Documents
Renewing a Passport - If your passport is lost or stolen, act quickly to avoid identity theft.
For those interested in acquiring a vehicle, understanding the importance of the Texas Vehicle Purchase Agreement is essential, as it serves to clarify the sale terms between the buyer and seller. This legally binding document ensures that both parties are aware of the vehicle's description, purchase price, and payment terms. To facilitate the process, you can find a useful resource at PDF Documents Hub, where you can access the necessary agreement forms.
1098 Form - The statement date reflects when this information was generated, helping you track your payments.