CMA's are performed by a Real Estate Professional. The CMA's are based on a minimum of three sold properties closely matching the subject property criteria generally for a property listing price range recommendation. The CMA comes at no cost to the prospective seller.
BPO's are performed by a Real Estate Professional. BPO's are ordered by Banks, Lenders and Asset managers. The BPO is less costly than an Appraisal and used for Refinancing, Home Equity Loans, Foreclosures, and Short Sales. They are based on three sold as well as three active properties. Each of these properties are individually adjusted by Physical Characteristics , Gross Living Area, amenities, age, lot size and view. On occasion home owners will order a BPO for Property Tax Assessment Protest.
Property Appraisal's are performed by Licensed Appraisers. In a real estate transaction lenders will order an appraisals to assure the lender is not financing more than property is worth. The home buyer will be required to pay upfront approx. $600 early in the transaction. The $600 is non-refundable and does not apply to the loan / transaction.
A Broker Price Opinion is not an appraisal as defined by USPAP (Uniform Standards of Professional Appraisal Practice). If an appraisal is desired, the services of a licensed or certified appraiser must be obtained.
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL OR OPINION OF VALUE. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
State Law Requires Licensees To Provide The Following