When you are working through the appraisal process of your property, your real estate specialist will conduct BPO and CMA property valuations to determine the home value. These formal valuations are often used by lenders and banks, and in some cases, as an alternative to a formal appraisal.
About BPO Valuations
Broker Price Opinion (BPO) is a formal valuation by a licensed real estate agent. These property valuations typically cost less than the average appraisal and many lenders and banks choose to order a BPO rather than an appraisal when they are selling bank-owned properties (REOs) and for short sales. A BPO can be performed by a CHIODO Team specialist.
About CMA Property Valuations
Comprehensive Market Analysis (CMA), otherwise known as Comparable Market Analysis, is an informal valuation by a real estate agent. These are usually prepared by a REALTOR® or real estate agent, and are used to help the homeowner sell their house at the right price. When you want to sell your home quickly, you will need to price it as competitively as possible. A CMA property valuation from a CHIODO Team specialist can help you get this process started.
In both cases, the property is usually compared to at least three properties that have already sold in the area. The other properties are usually about ½ a mile or 1 mile away, and active listings in the area are taken into consideration.
Contact the CHIODO Team today to get started with the property valuation process.
Learn about the area we cover for BPOs by clicking here: http://www.reonetwork.com/
