THE BROKER PRICE OPINION

The Broker Price Opinion is just that one or more brokers submit opinions on what they believe the current market value of your home is at that specific time.  Broker price opinions are similar to CMA Comparative Market Analysis, probably much like the one you were shown when you first listed your home. 

The Lender through an agency usually hires an agent or appraiser to determine the value of your home.  Usually Brokers or Agents get paid $50 dollars to complete a "BPO"  The BPO will contain comparable sales of similar houses in the neighborhood, adjustments are for condition and damage, current market valuations are indexed to determine what the market value of the subject property is.

This is usually done so the bank can save the cost of having a full appraisal completed on the home or property.

If you are a real estate agent a great program can be found in the right margin.  Brokers get paid by the BPO and volume is the key to success.