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Fillable Broker Price Opinion Template

A Broker Price Opinion (BPO) is a professional assessment of a property's value, often used in real estate transactions. This form provides a detailed analysis of market conditions, property characteristics, and comparable sales to help determine a fair market price. Understanding how to fill out this form accurately can significantly impact the sale or purchase of a property, so be sure to complete it by clicking the button below.

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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
SALES REPRESENTATIVE:
BORROWER’S NAME:
COMPLETED BY:
FAX NO.

I.GENERAL MARKET CONDITIONS

Current market condition:	Depressed	Slow			Stable	Improving
Employment conditions:	Declining	Stable			Increasing
Market price of this type property has:	Decreased		%	in past		months
	Increased		%	in past		months
	Remained stable

Estimated percentages of owner vs. tenants in neighborhood:				% owner occupant
There is a	Normal supply	oversupply	shortage of comparable listings in the neighborhood
Approximate number of comparable units for sale in neighborhood:

No. of competing listings in neighborhood that are REO or Corporate owned:

No. of boarded or blocked-up homes:

Excellent

% tenant

II.SUBJECT MARKETABILITY

Range of values in the neighborhood is $

to $

The subject is an

over improvement

under improvement

Appropriate improvement for the neighborhood.

Normal marketing time in the area is:

days.

Are all types of financing available for the property?

Yes

If no, explain

Has the property been on the market in the last 12 months?

Yes

If yes, $

list price (include MLS printout)

To the best of your knowledge, why did it not sell?

Unit Type:

single family detached

condo

co-op

mobile home

single family attached

townhouse

modular

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
	Phone No.:

III. COMPETITIVE CLOSED SALES

ITEM

SUBJECT

COMPARABLE NUMBER 1

COMPARABLE NUMBER 2

COMPARABLE NUMBER 3

Address

Proximity to Subject

REO/Corp

Sale Price

Price/Gross Living Area

Sq. Ft.

Sq. Ft..

Sq. Ft.

Sq.

Ft.

Sale Date &

Days on Market

VALUE ADJUSTMENTS

DESCRIPTION

+(-) Adjustment

DESCRIPTION

+(-) Adjustment

DESCRIPTION

+(-) Adjustment

Sales or Financing

Concessions

Location (City/Rural)

Leasehold/Fee Simple

Lot Size

View

Design and Appeal

Quality of Construction

Year Built

Condition

Total

Bdms

Baths

Total

Bdms

Baths

Total

Bdms

Baths

Total

Bdms

Baths

Above Grade

Room Count

Gross Living Area

Sq. Ft.

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porches, Patio, Deck

Fireplace(s), etc.

Fence, Pool, etc.

Other

Net Adj. (total)

Adjusted Sales Price of

Comparable

Fannie Mae Revised 03/99

Page 1 of 2

REO#

Loan #

IV. MARKETING STRATEGY

As-is

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.

GRAND TOTAL FOR ALL REPAIRS $

VI. COMPETITIVE LISTINGS

ITEM

SUBJECT

COMPARABLE NUMBER 1

COMPARABLE NUMBER. 2

COMPARABLE NUMBER. 3

Address

Proximity to Subject

REO/Corp

List Price

Price/Gross Living Area

Sq.Ft.

Data and/or

Verification Sources

VALUE ADJUSTMENTS

DESCRIPTION

+ (-)Adjustment

DESCRIPTION

+(-)Adjustment

DESCRIPTION

+(-)Adjustment

Sales or Financing

Concessions

Days on Market and

Date on Market

Location (City/Rural)

Leasehold/Fee

Simple

Lot Size

View

Design and Appeal

Quality of Construction

Year Built

Condition

Above Grade

Total

Bdms

Baths

Total

Bdms

Baths

Total

Bdms

Baths

Total

Bdms

Baths

Room Count

Gross Living Area

Sq. Ft.

Basement & Finished

Rooms Below Grade

Functional Utility

Heating/Cooling

Energy Efficient Items

Garage/Carport

Porches, Patio, Deck

Fireplace(s), etc.

Fence, Pool, etc.

Other

Net Adj. (total)

Adjusted Sales Price

of Comparable

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 1 800 235-1600 [0399]

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.

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