David Saks: David Saks ((retired))

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Broker Price Opinion : What It Is / What It Isn't....

bpo

 

An appraisal, performed by a licensed appraiser, is an opinion of value for a subject property utilizing a concept of market which may rely on locality and other factors, and principles which determine valuation, such as supply and demand, competition, change, surplus inventory, usage and balance which examines the nature of the equalization of factors which either oppose each other or move together.

Since the appraisers judgement and experience are relied upon in the process, an appraisal may be considered an opinion. Another expression used in the definition one must consider most important to the process is value. Since there are so many varieties and types of value, and since each type may possess an assortment of subclassifications, appraisals may represent a particularly delineated value.

The three approaches to appraisal are Sales Comparison, Cost Comparison and Income Approach.

How do the approaches work together or in conflict?

How do they work for the BPO?

When is a BPO an acceptable alternative to a formal appraisal?

What must the broker avoid when performing a BPO?

These are some of the common question we hear daily when considering an appraisal versus a broker price opinion.

The good thoughts from the honorable members of our Active Rain Community are most welcome.




David Saks



Time&Temp Memphis

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Mr.Saks' participation in ActiveRain ended April 13, 2015.

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Comment balloon 6 commentsDavid Saks • March 23 2008 10:57AM
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