Apr
15

‘Broker Price Opinions’ May Be Depressing Property Values

By
– LA Times

BPOs are booming because they’re cheaper than standard appraisals, but critics say the realty agents who perform them may set values extra low to ensure quicker sales.

Reporting from Washington — Are lowball valuation estimates on short sales and bank-owned foreclosures artificially depressing property values in neighborhoods across the country?

Growing numbers of appraisers and consumer groups believe the answer is yes — and are demanding that either Congress or state regulators crack down. Their complaints focus on what are called “broker price opinions,” or BPOs, that substitute for appraisals.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.latimes.com/classified/realestate/news/la-fi-harney29-2009mar29,0,7017116.story
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