A Broker Price Opinion (BPO) is a report prepared by a real estate agent that estimates the value of a home. BPOs are quite similar to appraisals but are shorter, quicker value estimates that are not done by licensed appraisers.

BPOs are used heavily by banks during the short sale, foreclosure, loan modification and refinancing processes. Banks use them because they are cheaper and faster than a formal appraisal.

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