BPO (Broker Price Opinion)

A Broker Price Opinion (BPO) is a professional assessment by a real estate broker or agent that estimates a property's current market value. It's often used by lenders, banks, or investors to determine an approximate price for buying, selling, or refinancing a property when a full appraisal isn't necessary. BPOs are based on the property's condition, location, recent sales of similar properties, and current market trends. While not as detailed as an official appraisal, a BPO provides a reliable and timely value estimate to inform financial decisions.