A Broker Price Opinion (BPO) is an estimate of a property’s anticipated sale price as determined by a real estate broker or agent. It is often requested by financial institutions, mortgage companies or other entities that need to assess the market value of a property. BPOs are commonly used in situations where a full appraisal may not be necessary or practical. Real estate brokers/agents with knowledge of the local market perform BPOs by visiting a property, taking pictures, then evaluating the property considering factors such as its condition, location, comparable sales in the area and current market trends. BPOs are typically less expensive and quicker to obtain than a full appraisal, making them a cost-effective option in certain situations. It is important to note that BPOs may not be as comprehensive as a formal appraisal and are not accepted in all situations, depending on regulations and the specific requirements of the requesting party.