Login
Password

Forgot your password?

Broker Price Opinion Comments for the Real Estate Professional

By Edited Sep 27, 2016 0 0

BPO Comments for Real estate Agents

Broker Price Opinion Comments

Are you experiencing writers block while completing your BPO comments? Well, I have completed Broker Price Opinions since 2008 and I have compiled a list of time-tested, proven BPO comments that work.  Listed below are comments I use when completing BPO reports.  I hope you find them helpful.

This comp is similar in size & features, search area was expanded to include a competing market area over 1 mile from the subject that appeals to similarly qualified buyers.

This sold comp is similar in size & features, search parameters were expanded to include newer built homes that compare to the subject and that appeal to similarly qualified buyers.

This comp is similar in size & features, search parameters were expanded to include homes that compare to the subject and that appeal to similarly qualified buyers.

This comp is similar in size & features, search parameters were expanded to include a higher variance of Sq Ft. to the subject that appeals to similarly qualified buyers.

This comp is similar in size & features, search parameters were expanded to include a wider range of lot size to the subject that appeals to similarly qualified buyers.

Limited nearby recent comps similar in size & features, search area was expanded to include a competing market area over 1 mile from the subject that appeals to similarly qualified buyers. Some comps over 6 months old were used, however the market here has been mostly stable to increasing; those used were considered strong indicators of value.”

Subject is located in a single family neighborhood. Subject conforms to neighborhood. There are no adverse site conditions or external factors such as easements, encroachments, environmental conditions or land uses. Proximity and convenience to employment, schools, parks, shopping and transportation are good.

There is strong buyer demand for properties like the subject, with plentiful financing up to $--------.

Properties need to be priced aggressively in this market to attract buyer interest.

This price will attract a lot of buyer interest and possibly multiple offers.

Listing comps are all similar in style, location, size and condition and compare well with subject.

Subject is located in a conforming, single family neighborhood consisting of homes built 10 to 60 years ago. The neighborhood is close to schools, parks, shopping and transportation. Subject conforms well to the neighborhood. Subject appears is in excellent condition with no deferred maintenance.

Sales of homes in the price range and location the subject is in have been slow with lengthy days on the market. This is because financing above $-------- is very difficult to get therefore, reducing the number of qualified buyers available for properties in this price range.

Subject is located in a very desirable neighborhood and will have strong buyer appeal. Aggressive pricing is necessary to attract buyers.

There are few sales comps that compare with the subject. I have expanded my search parameters to find the best suited comps for the subject.

There are very few listing comps that have similar characteristics as the subject. I have expanded my search parameters to find appropriate comps and I have adjusted for the subject accordingly.

There are very few multi-unit listings and sale comps in the greater “-------------“ area. I have expanded my search parameters and selected the best representatives of value and made the appropriate adjustments to complete this report.

The market for homes like the subject in the “---------------“ area is stable with strong buyer demand. Financing is plentiful with historically low-interest rates.

Aggressive pricing is recommended in this market to attract strong buyer demand. A competitive price may attract multiple offers a final sales price higher than the list price.

There are very few comparable properties for the subject. I have expanded my search parameters and found comps that support my final value.

Subject is located in a single family neighborhood. Subject conforms to neighborhood. There are no adverse site conditions or external factors such as easements, encroachments, environmental conditions or land uses. Proximity and convenience to employment, schools, parks, shopping and transportation are good.

There are little to no comparable listings or sales for this property. Hence, I have expanded all of my search parameters to locate comps that best support value for the subject and, I have made the proper adjustments to determine the price.

The value as of today is $--------. The typical marketing time is -- days. There are no comparable listings in the neighborhood. I expanded my search parameters to find properties with equal GLA and room count. I used one property in the same neighborhood as the subject as an example of values typical for the area. It has considerably less GLA. I adjusted the value accordingly.

Aggressive pricing is recommended in this market to attract strong buyer demand. A competitive price may attract multiple offers a final sales price higher than the list price.

Subject is located in a conforming, single family neighborhood of ------------ which is in the greater Santa Barbara area. Other homes in the neighborhood appear to be in good condition with well-kept landscape and good exterior appearance.

Subject is located in a conforming single family neighborhood close to schools, parks, shopping and transportation. The area is a well established neighborhood with most homes built 10 to 100 years ago. The effective age of a home in this neighborhood is usually newer do to the fact that there has been very little new construction and most homes have had substantial updating over time. Subject conforms well to the neighborhood.

Subject is located in the "------------" area of “---------------“, a conforming single family residential neighborhood. Home prices are relatively stable at this time with strong buyer demand for homes priced up to about $--------. Marketing time is 30 to 60 days if homes are priced aggressively.

I had to expand my MLS search out 4.5 miles in distance. Expanding my search out in distance had no impact on pricing, thus no location adjustment was necessary.

I had to expand my search parameters 9 month's back in time for sold comps due to the subject’s unique gross living area. Prices have been stable in the area for the last 12 months thus, no adjustment to value was necessary.

Subject appears to be in overall good condition. No physical, functional or external obsolescence observed.

The numbers of sales have trended up over the last year. However, sales prices have trended down over the last 12 months.

Subject appears to be in good condition with no visible signs of wear and tear.

The numbers of sales have trended up over the last year. However, sales prices have trended down over the last 12 months. Therefore, aggressive pricing is recommended in this market to attract strong buyer demand. A competitive price may attract multiple offers a final sales price higher than the list price.

Properties like the subject in the price range of the subject are mostly distressed sales. I used comps that best represent current market conditions.

I have searched the MLS and Public records and there is no record of an arm's length sale.

The subject property is a custom-built 3,200 square foot property on a larger than average lot. I had to expand my MLS search out 3.5 miles in distance and 9 month's back in time for sold comps due to the subject’s unique gross living area, lot size and quality of construction. My search resulted in 4 similar comparables within 20% of the subject's sq. footage. Expanding my search out in distance had no impact on pricing, thus no location adjustment was necessary. However, the market has declined at a rate of about 1% a month, so an adjustment of up to 9% was necessary in some cases where dated comps were used.

Advertisement

Comments

Add a new comment - No HTML
You must be logged in and verified to post a comment. Please log in or sign up to comment.

Explore InfoBarrel

Auto Business & Money Entertainment Environment Health History Home & Garden InfoBarrel University Lifestyle Sports Technology Travel & Places
© Copyright 2008 - 2016 by Hinzie Media Inc. Terms of Service Privacy Policy XML Sitemap

Follow InfoBarrel