Professional Realty Co
Joe Prost (248)346-8272
Joe Prost (248)346-8272
BROKER PRICE OPINION:
Commercial and Residential*
The Broker Price Opinion or Broker Opinion of Value (BPO or BOV) is a tool used by Attorneys, Lenders, Mortgage Companies, Investors and others to receive a price range for properties in situations where they believe the expense, delay and high cost of an appraisal is not necessary (i.e., Pre-Forclosure, REO's, Short Sales, Equity Loans, etc.).
Homeowner's use this tool to receive a Realistic Price Range for their home; without some agent's expectation of a listing influencing their opinion.
The Broker / Associate Broker does either a Desktop BPO, Exterior Drive By BPO or Interior BPO in most cases. Salespeople are not allowed to do BPO's in Michigan for a fee. *
Commercial Desktop BPO/BOV fees start at $350.00 and are available in most area's.
Commercial Exterior Drive By BPO/BOV fees start at $500.00 including
up to 5 photos.
Commercial Interior BPO/BOV fees start at $650.00 including up to 10 photos.
Commercial Exterior Drive By and Interior BPO/BOV's are only offered in specific area's.
All Commercial BPO/BOV's are given a price range using the Sales Comparison Approach (3 Sold Comparables for each ID Number are provided.). Available Listing and / or Rental Comparables are provided for additional fee.The turn time is 15 days from acceptance of order. Rush orders (less than 15 days) are available for an additional fee. Broker may use various data resources for comparables. No specific data provider will be promised.
The turn time is 2-3 business days for an Exterior Drive By Residential BPO. I perform rush orders (24 hours/same day if possible) upon request with additional fee. I drive by the subject property and take exterior front and street photos (noting neighborhood amenities, conditions, etc.), and provide 3 active and 3 sold comparables including MLS photos if available.
The fee is $125.00 for a Desktop Residential BPO with no driving to the subject location using the MLS and / or County Public Records Data if available; usually within 48 hours. MLS photos provided if available. Available in most area's. See sample Residential BPO form.
The fee is $175.00 for an Exterior Drive By Residential BPO.
The fee is $250.00 for an Interior Residential BPO ( including photos of interior rooms and rough estimates of any repairs and/or expenses observed. This is not a Home Inspection.
Exterior Drive By Residential BPO's and Interior Residential BPO's are only offered in specific area's.
*All Above Fee's apply to County Property ID Number's (not Address's or Commercial / Industrial Name), One Fee per County Property ID Number. Additional Fee's may apply in some area's of if Multiple Buildings on 1 ID Number.
* "THIS IS A MARKET ANALYSIS, NOT AN APPRAISAL AND WAS PREPARED BY A LICENSED REAL ESTATE BROKER OR ASSOCIATE BROKER, NOT A LICENSED APPRAISER."