Is the Broker Price Opinion on Its Way Out?
The Broker Price Opinion is the process that an agent uses to decide the value or selling price of a home. The process is similar to that of Certified Market Analysis.
As of lately, however, it seems change is coming. Over the past year we have been seeing more and more appraisers being used at all price levels of short sales. Appraisers give the most accurate property values as it is their profession, but it’s always good to make sure they’re aware of any major defects the property may have as well as any factors about the neighborhood that would affect the property’s market value.
Sometimes change is not necessarily a good thing, but in this case it seems to be a positive approach. The short sale world is always morphing and it’s a good idea to have a good handle on the changes coming and be able to incorporate them into the way you do things. If this change in deciphering the value of short sales becomes permanent, it should make short sales easier as the values should be more accurate and not looked up on as a weak link.
For more on short sales, please check out the following: