Tags:
Bank of America performed an appraisal and a BPO on one of my Short Sale listing. The Appraiser said that her order was not a long appraisal (appraisal used in a normal transaction) but a foreclosure streamline appraisal (I'm sure there's a technical term for this). So, an appraisal and a BPO can be ordered by the Short Sale lender. The main differences is in the price and the amount of detail. BPO's are cheaper and most don't require the person doing the valuation to measure the property. An Appraisal is more detailed and usuall requires the home to be measured. A licensed appraiser is the only individual that can perform a legal appraisal. Anybody can perform a BPO.
Hope this helps.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.