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The newly acquired units will allow MCS to now offer appraisals, broker price opinions (BPOs) and other valuations-related products, the company said.
This bill will unwisely introduce confusion into that process, with sellers struggling to determine when and why to use broker price opinions, comparative market analyses, or appraisals.
8220;As the real estate market evolves we are seeing more demand for broker price opinions, and it's imperative that REALTORS[R] are knowledgeable and educated about how BPOs work, as well as the risks involved,” said NAR President Moe Veissi, broker-owner of Veissi & Associates Inc.
Like many agents today, Noelle Delgado has busied herself in this challenging real estate market conducting Broker Price Opinions (BPO - a tool used by lenders and mortgage companies to value properties in situations where they believe the expense and delay of an appraisal is not necessary) in addition to residential real estate.
While the majority of property valuations-such as appraisals and broker price opinions (BPOs)--are based on MLS data, the new integration allows brokers and appraisers to access MLS data directly through EML's online platform, which will automatically populate the data-input fields with all available information on the subject property and comparable properties chosen by the broker or appraiser.
com has delivered industry-leading Broker Price Opinions and Appraisals for nearly two decades.
Appraisers caution against use of broker price opinions in new Treasury short sale program [National Mortgage News]
On March 31, Freddie Mac revised its Seller/Servicer Guide to strictly prohibit its lenders from using broker price opinions to value properties for mortgage purchases.