The BPO, or Broker Price Opinion, is a tool used by lenders and mortgage companies to value properties in situations where they believe the expense and delay of an appraisal is not necessary. Real estate brokers are given an order to do a BPO by the lender, Mortgage Company or loss Mitigation Company. Everyday thousands of BPO reports are assigned to brokers for value estimation of a particular property.
We prepare HUD settlement statement based upon lender’s closing instructions and the requirements of the title insurance commitment. We will provide the preliminary HUD settlement statement to the lender and/or investor for approval prior to the physical signing, if necessary. We use the closing instructions provided by the lender to the Title Company to complete the statement overnight.
Real estate appraisal, property valuation or land valuation is the process of evaluation of Real property value. The value usually sought is the property's Market Value. Appraisals are needed because compared to, say, corporate stock, real estate trades vary infrequently. Not only that, but every property is different from the next, a factor that doesn't affect assets like corporate stock.