Commercial BPO Form Available

Finally a Commercial BPO Form!

Commercial BPO FormWe know that is what many of our users are saying. The commercial BPO form is one of our most frequently requested forms and you no longer have to look elsewhere.  The commercial BPO form is available from within all paying subscriptions to BPOForms.com.  If you are currently a member you will see the commercial BPO form in your available forms list.

The form provided offers the ability to perform generalized Commercial BPOs for multifamily, Retail, or Office properties.  Looking for a vacant land bpo form.  While there are a lot of factors to be considered when generating a Commercial BPO, our Commercial BPO form is a general version that allows you the freedom to present your facts regardless of how much information you actually have.

If you are interested in signing up, please check out the demo version of the form.  We have also embedded the form below:

If you have any questions or concerns, please do not hesitate to contact us via our contact page.  Our BPO Forms Software allows you to easily fill out the information you have for your specific subject property.  Our layout provides a simple format to enter the information as you collect it.  Save your work and return at your leisure.  At any time in the process you can click on the icon of the printer to preview what the filled in BPO form looks like.  Once you are comfortable with the BPO you can email the Commercial BPO form from the system or save it as a pdf to your computer and print or email later.  Generate unlimited BPO’s and choose from over 20 different BPO forms to provide a client, financial institution or other interested party.  Thousands of BPOs have been generated with our software and its easy to see why.  Learn more about our features and get started generating your Commercial BPO Form Today.  Click Here to Learn More.

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BPO Forms

How to do a BPO – Broker Price Opinion

This is our Short Guide to How to Do a BPO but if you are looking for a more comprehensive book of How To Complete a BPO you may want to Click Here to See our Book

 

How To Do A BPOWondering where to start and exactly how to do a BPO? When a lender, such as a bank or mortgage company, determines that a full appraisal of a property isn’t worth the time or money, a real estate broker will be ordered to perform a broker price opinion. A broker price opinion, often referred to as a BPO, is a method of appraisal in which a broker performs a visual inspection of a property to determine its estimated appraisal value. There are two types of broker price opinions; drive-by and internal.

Step 1 How to Do a BPO: Deciding the right BPO Form

Obtain the appropriate BPO forms from the lender or mortgage company. The same forms are used for drive-by and internal methods. Broker price opinion forms must be completed for legal purposes. A BPO will not legally be recognized without completed forms. Check here to see if we offer the BPO Forms you need. As each step is taken, record the information in the appropriate box.

Step 2 How to Do a BPO: Determine the Age and Style of the Property

Each piece of property is unique and falls into a category, which is used within the real estate industry. For instance, a single-floor home with no attic should be labeled as a “ranch” style property. No matter the type of property, record the number rooms on the BPO forms. Estimate the total number of rooms for a drive-by broker price opinion. Record the estimated age of the property as well.

Step 3 How to Do a BPO: Take Photographs of the Property

A minimum of two photographs must be taken of the outside of the property for a drive-by broker price opinion. Additional photographs may be taken but are not legally required. For an internal broker price opinion, take photographs of the exterior of the property as well as photos of each individual room. Photograph any damaged areas of the interior of the property. For both types of BPOs, write notes in regards to the visual appearance, including damage and cleanliness, on the forms. For an internal BPO only, record notes on the condition of each room. List any damages, the current amount of normal wear on items such as wood and carpet and describe any architectural flaws.

Step 4 How to Do a BPO: Take Measurements

Record the measurements of each room and write down the total amount of square footage for the entire property. If the property has a garage, driveway or parking lot, take measurements of these as well and record the square footage separately. Estimate the measurements for a drive-by broker price opinion.

Step 5 How to Do a BPO: Take Notes on Repairs Required and Maintenance of the Property

For internal broker price opinions only, take notes of the the necessary repairs to the property such as repairs to structural damage like broken roof tiles or damaged windows, the replacement of dirty carpet, damaged window screens or torn wallpaper. Take note of items that need to be resolved, such as removing any snow from the property and maintaining the lawn. Also if there is any trash or unneeded items that should be removed the property.

Step 6 How to Do a BPO: Compare the Property to Similar Properties

Since a BPO is the opinion of a real estate broker agent, a comparison between the property in question and those which are similar is required. Review the current market for at least 3 properties that are of the same size, age and style. Additionally, review properties on the same street and in the same neighborhood. Compare the properties and determine a fair market value for the home which is being inspected.

Step 7 How to Do a BPO: Complete the BPO Form

Record all of the necessary information on the BPO forms and sign the bottom of the documents, if required. Return the documents to the lender or mortgage company and submit the photographs of the property. Once the documents are filed, the lender or mortgage company will complete the process of authorizing the broker price opinion.

Although it is cheaper for lenders and mortgage companies to have a real estate broker perform a broker price opinion, the BPO is nearly as thorough as an actual appraisal. When completing a broker price opinion, follow the steps carefully or the inspection might not be considered valid.