Nov
13

Downturn in Market Leads to More BPO’s – But Are They Legal?

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According to the Appraisal Institute’s newsletter article: “Inside the Beltway: Downturn in Market Leads to Upturn in BPOs” –

Over the last year, there has been a tremendous increase in the use of broker’s price opinions (a.k.a. comparative market analysis, broker’s estimate of value, etc.) that are being performed by real estate brokers and salespeople, in lieu of appraisals. While BPOs were previously used for very limited purposes, they are now being used as valuation products in the finance arena, primarily for the review of distressed properties prior to short sales or foreclosure. They are also being used in areas previously unimagined several years ago, including segments of the commercial market. However, the BPO work being done by brokers and salespeople may not be legal…

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.appraisalinstitute.org/ano/current.aspx?volume=9&numbr=19/20
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