Broker Price Opinion
One vital requirement in successfully marketing a property is to accurately assess its value. Without an accurate assessment it’s impossible to set an advantageous asking price. But full-scale appraisals are time consuming and expensive and one fact of life in the REO world is that as soon as a property become a lender’s property it starts requiring expenses while generating no revenue at all. Fortunately there’s an alternative. A Pennsylvania broker price opinion (BPO) is a faster and less expensive valuation that is sometimes ideally suited in situations where you’re looking for a good deal, need to get rid of an unwanted property or expedite a foreclosure or refinancing. Derrick REO Asset Management has offered BPO's for years as just one aspect of their extensive experience in the foreclosure marketplace. There are two kinds of BPO: the drive by and the internal.
Drive-By Broker Price Opinion Services
These Pennsylvania Real Estate BPO's actually require more than a simple drive past the property in question. The BPO is essentially a report outlining the basic facts of a property and how the market would most likely respond to it being put up for sale. The bottom line is estimate of value of the property. Information in the BPO report will include photos of the property and surrounding location, estimates of the size of the lot, and of the size and number of rooms. Also included are determinations as to whether or not it looked occupied, any available parking, type, age and style of the property, general condition of the exterior, and whether it is consistent with zoning. Comparable's are provided from recent offers and sales of similar properties in the area. The totality of this information and the broker’s expertise taken together are then used to generate an estimate of the price of the property itself. The BPO also provides information about the broker offering the broker price opinion service. While the drive-by BPO is rougher and more abbreviated than its internal counterpart, it is also less expensive and much less intrusive.
As PA Foreclosures Rise, Pennsylvania Broker Price Opinion Services Become More Important
As the number of foreclosures continues to rise, as lenders are faced with swelling inventories and as increasingly flooded markets become ever more favorable to buyers, the pressure to sell off properties steadily increases. Derrick offers broker price opinion services because they can be extremely valuable in certain situations, for example when all parties desire that a property change hands quickly. Timely and inexpensive information on a property’s value will clearly expedite such a sale. Drive-by Pennsylvania BPO's are also particularly advantageous in distressed areas. BPO's can almost always be useful in the evaluation of foreclosed properties. Even if a more extensive appraisal ends up being performed, the BPO’s role in high level decision making is almost always beneficial. Price information naturally facilitates the entire negotiating process between the seller and potential buyers.
Internal Broker Price Opinion Services
Derrick, along with most providers of broker price opinion services, also offers internal Pennsylvania broker price opinions. These opinions provide all information available in the drive-by opinion and add viewing of the interior, counts and actual measurement of rooms, calculation of total square footage, report of interior conditions including photographs and recommendations of repair, cleaning, removal of trash or furniture and other work, along with estimates of the cost of these remediation's. While less involved, and less expensive, than a full appraisal or formal inspection, the internal BPO offers a relatively solid estimate of a property’s worth.
Derrick REO Asset Management offers the very highest-quality broker price opinion services as part of its comprehensive set of foreclosed asset services.
