Brokers' Price Opinion - BPO
There are many misconceptions about the BPO and the part it plays for the lender. In 99.9999% of the cases the actual lender never sees the property first hand. The appraiser visited when the buyer was trying to get the loan and once it goes into default most lenders use a real estate agent or broker to give a current opinion (a guess in other words) of what the property is worth at that moment.
While the BPO doesn't control the short sale it is probably the biggest hurdle most investors have to overcome.
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