Glossary of Terms
A broker price opinion is an estimate of a property's likely selling price prepared by a licensed real estate broker or agent based on market information and professional judgment. A BPO may involve an exterior review, an interior inspection or another scope permitted under applicable requirements.
BPOs can generally be completed more quickly and at lower cost than a traditional appraisal, making them useful for default servicing, real estate-owned (REO) disposition, short sales, portfolio management and other valuation needs. A BPO is not an appraisal and does not substitute for one when required by applicable law, regulation, lender guidelines or investor requirements.
For lenders and other valuation users, a BPO can provide a market-based estimate when an assignment does not require the depth or scope of a full appraisal. Stewart Valuation Intelligence provides BPOs alongside appraisals and other valuation products.