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BPO Forms Broker Price Opinions Online

Updated on April 28, 2014

BPO Forms - Completing our Broker Price Opinions Online.

There are quite a few different BPO companies and different forms that they use but generally the Broker Price Opinion templates are very similar. There are two major lenders that by now everyone has heard of Fannie Mae and Freddie Mac. Most loans while underwritten by individual banks are resold to Fannie Mae and Freddie Mac. These companies have standardized Broker Price Opinion Forms and these forms may have been slightly modified from servicer to servicer but the bpo companies almost all work with the Fannie Mae BPO form or the Freddie Mac BPO form. A company that we have been using for some time is BPO Forms as they are cheap and they save us a considerable amount of time filling out our bpos online. We are able to store our BPO's and then modify them and print them to email or upload as a pdf to the company we are doing the BPO for. Simple to use and they have a couple of Broker Price Opinion forms and they are willing to add additional BPO forms for you.

What versions of the Broker Price Opinions do they have ?

The standardized Fannie Mae Residential Broker Price Opinion Form, Fannie Mae 2 - 4 Unit Broker Price Opinion Form, Freddie Mac Single Family Residential Broker Price Opinion, PEMCO HUD BPO Form, NDS BPO Form and the Matt Martin HUD BPO Form.

Stay tuned for more information about this. In summary is a simple easy to use site to generate BPO's.

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How to Complete a Broker Price Opinion

We have found that there is a ton of people and sites willing to show or attempt to explain how to create or generate a Broker Price Opinion. While many of these BPO guides are informative there is some confusion as to what is reliable and accurate and the name itself "Broker Price Opinion" means that its basically a brokers opinion of value. While there are many bpo guidelines we have found the most comprehensive guide to be the following book that breaks down How To Complete a BPO in a simple easy to understand format.

On the other hand there is also the NABPOP which is the National Association of Broker Price Opinion Professionals. They have a detailed guide to completing a thorough BPO.

Below is a sample of some of the BPO Guidelines they provide.

(c)Copyright 2006 - 2010, BSB - BPO Standards Board, NABPOP - National Association of Broker Price Opinion Professionals

BPOSG - BPO Standards & Guidelines Guidelines

16) Definitions

Ø The following are guidelines. The definitions set forth in BPOSG are
definitions that are commonly used and understood. Local building
codes and conventions should be observed when determining a price.
Local definitions may differ from BPOSG definitions. Local definitions
and/or conventions should be explained if utilizing universal definitions
and/or conventions is not possible.

a) Arm's Length Transaction. A standard real estate transaction between
unrelated or uninvolved parties resulting in a sale at a fair market price. The
buyer and seller are typically motivated, act willingly and under no external
pressure, with knowledge of the present conditions and future potential of the
property, and in which the property has been offered on the open market for
a reasonable length of time and no unusual financing or other circumstances

b) Deferred Maintenance. Loss of utility caused by neglected repair or
maintenance evidenced by wear and tear. A type of physical depreciation
owing to lack of normal upkeep. Example: missing roof shingles, loose
railings, chipped paint, holes in carpet etc.

c) External Obsolescence. Loss in value from factors outside the
subject property. Also known as Environmental or Economic Obsolescence.
Examples: high tension power lines, lack of local jobs, supply exceeding
demand, zoning changes, legislation that impair property rights.

d) Fair Market Price. The most probable price, as of the date of inspection or
other specifically defined date, in terms equivalent to cash, unaffected by
special or creative financing or sales concessions, for which the property
should sell after reasonable exposure in a competitive market under all
conditions requisite to a fair sale with buyer and seller each acting prudently
and for self-interest and assuming neither is under undue duress. Also known
as Market Price.

e) Finished Area. An enclosed area in a house suitable for year-round use,
heated/cooled in the same manner as the rest of the house, embodying walls,
floors, and ceilings that are above grade and similar to the rest of the house.

f) Functional Obsolescence. Defects in the structure that detract from its
value or utility, usually the result of layout, design and/or other features that
are less desirable than the same functions in newer property. Example: A six
bedroom house with one bathroom.
(c)Copyright 2006 - 2010, BSB - BPO Standards Board, NABPOP - National Association of Broker Price Opinion Professionals Page 16 of 18


BPOSG - BPO Standards & Guidelines Guidelines

g) Sales to List Price Ratio. The general sales price divided by the general list
price, if the ratio is less than 1, properties are selling at a discount of their list
price, if the ratio is greater than 1, properties are selling at a premium of their
list price.

h) Room Count

i) Consider as separate rooms only those areas above grade that can be used
year round that are finished which are effectively divided and have utilities
such as electric outlet(s), lighting, and heating/cooling vent(s), with walls,
ceiling and floor that conform to rest of the house. In open style houses, if
you can add a wall(s) and the separated areas can still maintain their
functionality with the above criteria, then they are considered separate

ii) In general, a room is:
· Kitchen
· Bedroom
· Living room
· Dining room
· Family room
· Office
· Den
· Sun room that is heated/cooled

iii) The following are not considered rooms and should not be included in
the room count but can be included in the description of the house:
· Sun room that is not heated/cooled
· Loft
· Closets
· Storage rooms
· Entries
· Foyer
· Hallways
· Laundry room
· Utility room

(c)Copyright 2006 - 2010, BSB - BPO Standards Board, NABPOP - National Association of Broker Price Opinion Professionals Page 17 of 18


BPOSG - BPO Standards & Guidelines Guidelines

i) Bedroom

i) A bedroom is any room you can fit a conventional bed into. Usually the
local zoning, building or health codes establish minimum requirements for
bedrooms. In general, bedrooms should be at least 90 square feet in size,
with at least one bedroom in the house 120 square feet in size. Bedrooms
should have a window which provides an emergency exit, natural light and

ii) Bedrooms should have direct access to a hallway, living room or other
common area. A closet is required for a bedroom. Having to walk through
one bedroom to get to another bedroom is an example of functional

j) Bathroom

A full bathroom includes a toilet, a sink, a bathtub or shower. In general, a
combination bath and shower counts as two fixtures. If the bathroom has
only three fixtures it is a 3/4 bath (in general, 3/4 bath is counted as a full
bath - local standards apply). If it has only two fixtures it is a 1/2 bath,
and if it has only one it is a 1/4 bath.

k) Basement and Below-Grade Floor Area

i) There is a strong distinction between above-grade and below-grade floor
area. The above-grade floor area is the sum of all finished square footage
which is entirely above ground level. The below-grade floor area includes
spaces which are wholly or partly below ground level.

ii) See also Guidelines 13) Basement and Below-Grade Floor Area
(c)Copyright 2006 - 2010, BSB - BPO Standards Board, NABPOP - National Association of Broker Price Opinion Professionals Page 18 of 18

Broker Price Opinion Books or other BPO Resources


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