Each avenue of real estate requires certain expertise. It’s important to build your team prior to buying a home because you can benefit greatly from your team’s support. Each avenue of real estate requires certain expertise. You’ve heard the expression “Jack of all trades, master of none.” This is especially true in real estate due to how quickly things change with laws, financing programs, building codes, and individual markets.
How much is your home worth? The answer will vary depending on who you’re asking. A potential buyer who wants to get you down in price? A licensed non-partial real estate appraiser hired by a bank to determine how much they should loan you? A listing agent who wants you to sell your home at the highest price? A tax assessor who is most likely valuing an entire neighborhood at once? Here I will explain how the value of your home can vary.
An appraisal is the process taken by a licensed, professional, third-party appraiser to value a piece of real estate. Appraisals are done for many reasons, but typically the purpose is to find a fair market value.
BPO stands for “Broker Price Opinion” and is performed by real estate brokers to find the market value of a piece of property for sale. BPOs are NOT appraisals. BPOs are performed to find the market value of a home in order to list the property for sale. Appraisals can be performed for a number of reasons other than market value such as a tax appraisal.