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What is a Broker Price Opinion or BPO for short? Daunno Realty Services defines a Broker Price Opinion or BPO as the estimated value of a property as determined by a real estate broker or other qualified individual. A broker price opinion is based on the characteristics of the property being considered. Some of the factors that Daunno Realty considers when pricing a property include: the value of similar surrounding properties, sales trends in the neighborhood, an estimate of any of the costs associated with getting the property ready for sale and/or the cost of any needed repairs. It is important to note that a BPO is _not_ the same as an appraisal. When is a BPO Needed? A BPO is needed by lenders and mortgage companies to value properties in situations where they believe the expense and delay of an appraisal is not necessary. Broker Price Opinions (BPOs) are generally performed on real estate properties that are about to be foreclosed on or whose owners are late in paying the mortgage and/or taxes. What counties are covered by Daunno Realty? Daunno Realty holds membership with the Garden State Multiple Listing Service, Middlesex County Multiple Listing Service, and the Monmouth / Ocean County MLS. The company is currently performing BPOs in Union, Middlesex, Somerset, Essex, Morris, and Monmouth counties. How are BPOs Priced? Contact Daunno Realty’s President and Broker of Record, Rudolph Daunno III, for pricing at 732-910-3043. What Types of BPOs can Daunno Realty handle? Most Broker Price Opinions are “drive by,” or performed from the outside of the property. However, Daunno Realty will do internal BPOs at our client's request. Being that an internal BPO can vary in task and form requirements and is significantly more involved, it is more costly. This BPO can also require contact with a homeowner in foreclosure, or with a tenant who isn't aware of the situation. Daunno Realty’s team has been trained to show care in these situations and tries to make contact with the occupants before arrival. What is REO? Real estate owned or REO is a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. How do the banks or Government Agencies take control of these properties? A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount on the property. If there are no bidders that are interested, then the beneficiary (bank / government agency) will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as a non-performing asset. Does Daunno Realty sell REO or Real Estate Owned Property? |
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