Choosing A Real Estate Agent To Obtain A Broker Price Opinion
When a company needs the estimated value of a property in another state, they hire a real estate agent in the area of the property to get some answers. The information is mostly gathered from the multiple listing service in that county. This is called a broker price opinion.
A licensed agent is usually chosen, as they can maneuver through the multiple listing system online. The agent will need to visit the property to gather information about it.
Companies that require this type of service are mortgage companies, appraisers, and other loan companies, trying to determine the value of the property. They depend on the expertise of a real estate agent in the area of the property to give them information about the property, in order for them to make a determination about the value of it.
A set of forms and instructions are given to the real estate agent. There are specific ways that are required to fill out the forms, so that this data can be put into their own database. When it is done, the forms and other information is sent back to the company. This can be via fax, mail, or email.
Pictures of the property are also required. The company hiring the agent for this service will want a shot of the front of the building, as well as the side or back of it. They would also appreciate pictures of the street and surrounding buildings in the area. Sometimes the agent is required to take interior pictures, as well.
The forms that need to be filled out are pretty detailed. Most of the information will be gathered from the local multiple listing service. Info needed could include the square footage of the building and lot, the composition of the building and roof, and the year in which the building was built. Also required may be several comparable properties that have sold in the area over the last several months. The company would also like to know how long the property has been for sale, if this is applicable.
The agent will negotiate a fee for this service before he performs it. Usually the companies hiring start out with an offering fee in the area of fifty dollars. This project will take several hours, if not days to complete. So, the fee sometimes ends up being much more. A commercial real estate agent will charge much more, as there is more information to gather.
When you need information about the price, condition and market value of a property, utilizing a broker price opinion form is a method of getting a professional report. The cost of a BPO REO is a small price to pay if you want a report on an out-of-area property.
