Similar to a Broker Price Opinion (BPO) in terms of information, a Broker Market Value evaluation differs in that a market value is determined instead of a price opinion. An Interagency Advisory on Use of Evaluations in Real Estate-Related Financial Transactions confirmed that under appraisal regulations, there are several transaction types that do not require an appraisal but do require an evaluation. These include transactions where the “transaction value” is $250,000 or less, and certain renewals, refinances or other transactions involving existing extensions of credit.
After placing an order, a real estate professional from SVI’s national network visits the property, takes photos and notes condition. The Interagency-compliant report includes observations of the subject property, any recommended repairs needed, prevailing local market conditions and the real estate professional’s estimate of market value.
Please note, Broker/Agent generated evaluations can be used in the following states: Alabama, Alaska, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Indiana, Iowa, Kansas, Kentucky, Maine, Michigan, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Ohio, Oklahoma, Rhode Island, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin. They can also be used in Massachusetts and Vermont for Non-Federally Related Transactions.
Click to contact a team member.