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Drive by Bpo Form: What You Should Know

Drive-by Broker Opinion If a BPO is prepared by a real estate agent, it is sent to a broker for a firm or client to review. The firm reviews the broker's opinion and either accepts it (i.e., approves). The firm may not agree with the BPO if it is too optimistic, or overly pessimistic. The firm will send the broker the firm's written reaction to the BPO. Internal Broker Price Opinion The firm's reaction to the BPO is sent directly to the seller of the property. In some cases, such a response is not required. The seller then has one week from the day the response to determine if the firm's response is acceptable or not. If it is not accepted, the seller will respond with their own BPO to the firm's initial response. If the firm's response is considered acceptable, the seller will notify the broker that he is willing to accept his BPO or may decide to revise it, which means the firm has to go back through all the responses for that property. If the sellers' response to the BPO is considered acceptable the seller may submit it to the brokerage for approval. The brokerage will make a firm decision based on the firm's analysis of the data provided in the firm's BPO report. Note : Bros may also be prepared by the client. Sometimes those Bros will be attached to the client's mortgage, appraisal, or other documents. If a BPO is attached to a mortgage it is called an attached appraisal (also called a lender's report). Internal Bros can differ from the drive-by BPO in another way. The drive by BPO contains the information that the firm used in developing its price opinion. The firm may not want to disclose this information in the drive by, as it would then require them to do the same process again, thus repeating the process. Internal Bros contain only information needed to make the broker's final determination. Drive-by BPO Form The drive by form is an opinion. In the drive-by form, a seller responds to the firm, based solely on the seller's own information. Drive-by BPO Opinion A drive-by BPO opinion or price opinion is an opinion given based on data obtained from a drive-by (i.e. a person who has already contacted the firm).

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