What is a Broker Price Opinion ?

As real estate agents and licensed appraisers we understand the differences between a Broker Price Opinion (BPO) and an appraisal report, there are a number of important differences.  First of all, there are no standards for BPO's.  It can be a 1 paragraph summary that takes all of 5 minutes to prepare.  

Importantly, there are no special educational or experience requirements imposed on individuals who prepare them.  Yes, a BPO on a $ 10 million dollar commercial subdivision could be prepared by an individual who was licensed as an agent yesterday.  Most people trust their agent's competence, but the fact of the matter is that most are simply not qualified, and few are licensed and can legally express market value opinions.     

See our published ezine article "Are you Shopping for a Broker Price Opinion (BPO) or for an Appraisal?"  It discusses additional information on this important subject.

In Nevada there has been attempts by a few brokers to use broker price opinions for mortgage related purposes.  Appraiser licensing was put in place to protect the public from poor valuation practices, thus a great deal of attention has been focused on those attempting to subvert licensing.

Contact us with your questions or concerns regarding broker price opinions or regarding your specific appraisal assignment in Nevada at 1-702-568-6699.  We can also be e-mailed at grigdon@cox.net.  

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.