- The amount of time and amount of substantive work, including detailed findings through appraisals, often takes a week or two to fully complete.
- On the other hand, both an external and internal BPO might take a much shorter amount of time – in some cases, less than one day to complete.
Besides, How much should I charge for a BPO? As agents, you can expect to be compensated anywhere from $25-250 per BPO you complete, depending on the distance and complexity of the report. The average price is typically $45.
What is the difference between a BPO and a CMA?
Broker Price Opinions (BPO) and Comparative Market Analyses (CMA) are interchangeable terms. They are set forth in SDCL 36-21A-12.2 and are regulated by the Real Estate Commission. Evaluations and Appraisals are defined terms under SDCL 36-21A-3 and 36-21B-2, and regulated by the Appraisal Certification Program (ACP).
How do I complete a BPO?
Hence, What is a BPO agent? A broker price opinion agent, or BPO agent, is a type of real estate or broker professional who works with a neutral third party to determine the current fair market value of a specific property.
Can an appraiser do a BPO?
A BPO can be completed by a licensed or certified appraiser, but then becomes an appraisal under USPAP and state law. Due to the limited scope and legal ramifications, most appraisers will decline BPO assignments.
Who orders BPOS?
The broker price option (BPO) is a tool that lenders and mortgage companies use to value properties in situations where they believe the expense and delay of an appraisal are not necessary. Real estate brokers are given an order to do a BPO by the lender, mortgage company, or loss mitigation company.
Can you make money doing BPOs?
The more reliable you become, the more valuable you become, and the higher fee you can earn. There are many BPO agents earning $65 per exterior report in comparison to the $40 average fee, and it isn’t unheard of for some BPO agents to earn up to $250 per report, especially in more rural areas.
Who orders BPOs?
Real estate brokers are given an order to do a BPO by the lender, mortgage company, or loss mitigation company. The broker does either a drive-by BPO or an internal BPO in most cases.
How long is a BPO valid?
The BPO or appraisal value is valid for 120 days from the date the initial valuation product is delivered to SMDU.
