Looking For a 2014 BPO Form?
photo by Dan Moyle
Are you looking for a new 2014 BPO Form? We have received a number of requests from our users about the new 2014 BPO Form. The reality is that there isn’t a specific 2014 BPO Form. Generally speaking there are many different versions of forms. Different financial institutions and different banks or asset management companies offer different forms. These forms though are seldom updated and are often used for many years at a time.
Its 2014 BPO Form used now?
The most widely used and accepted form is actually the Fannie Mae Residential BPO Form. Our BPO Software offers this fillable form and ironically its from 2009. Fannie Mae orders thousands and thousands of BPOs a year and thousands of agents across the country are using their Fannie Mae Residential BPO Form when completing the forms but the reality is that it hasn’t been updated in 5 years. This 2009 version is the most recent copy and is what is being used universally across the country.
Types of BPO Forms
There are quite a few different types of BPOs and often you may be required to complete a vacant land bpo or a commercial bpo. You may have also heard of an interior or exterior bpo. A Vacant land bpo uses the same residential Fannie Mae form most often but leaves many of the fields blank. Because you are valuing just the land, the questions about the structure or bedrooms and bathrooms and adjustments to comparables are left blank. This is a far easier BPO if you actually have other vacant lots in the area to compare it with. A commercial BPO is for over four unit rental properties or strip malls and other types of commercial property. Lastly the two different types of bpo are an exterior bpo often refereed to as a drive by BPO. A drive by is essentially and exterior valuation where you are just valuing and comparing the property based on what you can determine from the outside. You don’t need to take pictures of the interior of the home or take those factors into consideration. An interior on the flip side requires you to inspect the inside of the home and compare the condition to compararables and their interior.
2014 BPO Form Wrap Up
In summary there are a number of different forms available and there are a number of different types of broker price opinions that can be ordered. Most commonly you would use the Fannie Mae Residential BPO but there are other simpler options and some clients may have a specific form that they want used. For a list of all of our available options you can see the list of forms. In reality though as we mentioned there really isn’t a 2014 BPO Form thats widely accepted.
How Do I Complete a BPO
Lastly you may be just starting out and not sure how to do a bpo or what all the specific jargon means. We would highly recommend that you take a look at our ebook titled How To Complete a BPO as it offers a comprehensive guide to Broker Price Opinions.
