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what is bpo
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Answer Posted / akash gaur
business process outsourcing
Definition: BPOs are often associated with foreclosures and
short sales, but other companies such as relocation firms
order BPOs. A BPO stands for "broker price opinion," and it
involves using a process very similar to an appraisal.
Companies hire a real estate broker to prepare an opinion of
value. The representative of the broker, generally a real
estate agent, compares three similar properties that have
recently sold to the subject property and adjusts upwards or
downwards for differences. The final result in an opinion of
market value.
Broker price opinions are sometimes controversial,
especially if the agent preparing the BPO has little
experience or knowledge about the neighborhood. But BPOs
typically cost less than a full-blown appraisal.
Also Known As: real estate agent appraisal
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