BPO stands for Broker Priced Opinion. This is different from an appraisal. A BPO is completed by a real estate agent or broker and not a licensed appraiser. The BPO is compiled data that shows the value of a property by using comparable sales. They have traditionally been used by mortgage companies to find out the value of a property that’s going into a short sale or foreclosure situation. However, they are currently also being used for legal proceedings, such as divorce situations and for estate planning. They can be used to release homeowners from private mortgage insurance and to establish home equity lines of credit. A BPO is cheaper than an appraisal and usually much faster.

Dodd-Frank defines a BPO as an estimate prepared by a real estate broker, agent, or salesperson that details the probable selling price of a particular piece of real estate property and provides a varying level of detail about the property’s condition market, and neighborhood, and information on comparable sales, but does not include an automated valuation model.

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