What is a Broker Price Opinion in the Real Estate Market?

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A Broker Price Opinion may be called many things, BPO, valuation, “mini appraisal” even CMA has been known to title the information in a broker price opinion. What is a Broker Price Opinion? In real estate it is an OPINION of value, based on current real estate market analysis. It is not an appraisal. There are many more technical requirements for an official appraisal; among them is an appraisal license. Broker Price Opinions are performed by agent/brokers in the real estate market. Each state has separate requirements for licensing levels; however, the experience needed is the universal skill, of valuing a property for current market sales price.

Banks use these values, for determining approval on mortgage loans, second mortgage loans, home equity loans, and refinancing. The information that is required for each bank and each loan purpose varies greatly.

There are many training vehicles for completing Broker Price Opinions, highly recommended is RealEstateProGuides.com, a business building site for real estate professionals. They provide learning guides for niche markets in real estate, and include forms to use for inspections and invoice tracking, among with a client data base with contact information. It is important to attain the names and contact information for clients in training to start a broker price opinion business. Some are very reputable, and others are not. Having them recommended is a great source of security for the broker new to the business. Go to www.buildbpobusiness.com for a FREE interior inspection checklist, a valuable tool in completing interior broker price opinions.

Registering with the BPO mills is sometimes easy and sometimes complicated. Brokers are recommended to have their information ready before applying to a site, so that they are ready with the requested information.

Building a broker price opinion business requires time and energy, but not a lot of money or people. It is a very resource friendly business to begin. A licensed agent/broker can have it up and running inside of a month. The key is to know what a broker price opinion is, who needs broker price opinions, and how to complete a broker price opinion.

About the Author

Kim Polinsky is a real estate specialist. She has authored two e-guides on real estate niche markets. Kim works closely with Margot Murphy at www.realestateproguides.com

Why A Team For Real Estate Investment?

I had a hard time at first with real estate investment. One of the reasons was that I tended to be a “lone wolf,” trying to do too much myself. I’ve since learned that to really do well investing in real estate, you need to have a team of people you can trust and rely on. Here are some possible team members, and what they need to be on the team.

I had a hard time at first with real estate investment. One of the reasons was that I tended to be a “lone wolf,” trying to do too much myself. I’ve since learned that to really do well investing in real estate, you need to have a team of people you can trust and rely on. Here are some possible team members, and what they need to be on the team.

1. Real estate agent. A licensed agent with experience in the area you invest in and access to the MLS (Multiple Listing Service), can be a great help. If she is a seller’s agent, she can still ethically bring the best deals to you once she knows you’re a serious buyer.

2. Real estate attorney. This should be someone familiar with the laws and legal customs of your area, and have experience with the type of deals you intend to do (If you are buying rentals, she should be familiar with doing evictions, for example.)

3. Accountant or bookkeeper. Keeping proper books for real estate investments is getting more complicated with all the tax-law changes. Find someone that understands the law, and what you want.

4. Mortgage broker or banker. The first can offer many options, but the second can make the loan decision. Each has their advantages, and you could use both. In either case it’s important that they understand what you want (fast closings, lower interest, corporate loans?)

5. Appraiser. Not only can a good appraiser give you an accurate valuation of a property, but they should be able to suggest ways in which you can raise the value of a property. Use someone that will talk to you.

6. Inspector. In some areas it is easy to become an inspector with little experience. It’s best if you use one that is or used to be a contractor, so he can find the problems AND give you some idea of the cost of repairs.

7. Insurance agent. A good one will understand what you want, and find ways to save you money. Insure all your properties with one agent, and you’re likely to have discounts available, and better service.

8. Escrow officer. They will usually be with a closing company. Look for someone that’s efficient, and can explain things clearly to both sides. If he is confused by a slightly creative contract, he should educate easily or be replaced.

9. Cleaning person. Having a trusted person or crew ready means a fast turn around when you buy a rental or rehab project.

10. Property manager. Be sure that the company you hire has exerience, is responsive, and will have time when you call. A good property manager can tell you BEFORE you buy, what you should get for rent in a given area.

Real estate investment is less stressful and more profitable with a good team on your side.

ABOUT THE AUTHOR

Mesa Real Estate – Peace Above the Bustling City

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Mesa, Arizona, is located in the East Valley area of Maricopa County. Mesa rests on a plateau that is situated above the city of Phoenix. Phoenix lies before Mesa in a dazzling display, especially at night time, when the night lights stretch for miles. Voted one of the most livable cities in the country, Mesa is a wonderful family community with beautiful housing developments.

Mesa is the third largest city in Arizona. The city is growing up quickly, in part because it’s located so close to so many major employers. The growing east valley is home to major employers like Intel, Motorola and Insight. In addition, people flock to Mesa for its close proximity to Arizona State University.

Mesa is also a great community for sports fans. Home to the baseball’s Cactus League spring training, playing field of the NFL’s Arizona Cardinals, and numerous PGA golf tournaments, Mesa attracts many home owners that love a vibrant neighborhood that supports professional level sports.

Any community that has a number of tourist attractions (like the sport’s franchises) are bound to attract considerable walk-in traffic to other local business venues. That’s one of the reasons Mesa has a thriving retail community, especially when combined with the student population from ASU. This provides a stable economic climate for the community, lots of job opportunity and many services to local residents.

People that enjoy a little more hands-on involvement in sports and recreation will love Mesa. Mesa is a great jumping off spot for those that enjoy hiking, boating, mountain biking, or even hot-air ballooning. Imagine living in a community that’s so close to all the activities you love.

Real estate in Mesa reflects the needs and interests of its growing population. There are starter homes for those just starting out in their career, beautiful communities with golf course, safe family neighborhoods for those looking for homes for their growing families, and condominiums for those commuting to the University or the busy retail environment.

Mesa homes have appreciated in value significantly over the last several years. There are homes for everyone in the area, in a variety of price points. These homes will continue to increase in value of the next few years.

Mesa is a great community for those that enjoy living above the hectic pace of the city. It’s a scenic community that offers a great deal to residents and tourists alike.

About the Author

Go to www.central-arizona-homes.com and get a free copy of Jeff Nelson’s 2005 Housing Appreciation Report. A 10-page report with data analyzing the housing appreciation throughout Maricopa County.