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What Is a Broker Opinion of Value?
The broker opinion of value template or BOV, often used in real estate, is an essential tool that delivers a broker's educated estimate of a property's worth. It's based on knowledge of the local market, experience and careful analysis of comparable properties. This form stands as an alternative or supplement to a full-blown formal appraisal.
Real estate broker opinion of value vs appraisal
While discussing property valuation, it's easy to get confused between a broker's opinion of value and an appraisal. It is important to note that these two documents are not the same and serve different purposes in real estate transactions. A broker's opinion of value is a practical estimation of the property's market value, usually provided by a licensed real estate broker or salesperson, while an appraisal is a more detailed property evaluation completed by a certified appraiser.
Although both documents provide a value for the property, a broker's opinion can provide a quick, reasonable market value estimation and is often used for non-lending purposes, such as for foreclosures, short sales, or mortgage refinancing. On the other hand, appraisals are commonly used for loan underwriting purposes or for litigation matters and offer a more comprehensive property analysis.
How to Fill Out the Broker Opinion of Value Template
It's crucial to do this correctly to ensure accuracy and to avoid potential legal complications down the line. The broker opinion of value template form involves several steps and requires specific information about the property in question. Here's a general step-by-step guide:
- Begin by filling out the "Property Information" section of the Broker Opinion of Value template form. Include the property address, city, state, and zip code. If available, provide the Servicer Loan number and REO number.
- Indicate the property type such as SFR, Townhouse, Condo, Duplex, Triplex, 4-Plex, etc. Also, specify the BPO Date.
- Proceed to the "Neighborhood Analysis" section. Classify the location as either Urban, Suburban, or Rural. Assess the neighborhood condition as Excellent, Good, or Fair.
- Describe the Supply and Demand in the neighborhood by indicating whether there's a shortage, it's In Balance, or Over Supply. Additionally, note if the property values are Increasing, Stable, or Declining.
- Provide information regarding the percentage of properties that are investor-owned and the percentage of properties that are owner-occupied. Indicate whether there's New Construction or not. If yes, also provide the number of units.
- Estimate the marketing time by noting how many days and the number of properties for sale.
- In the "Subject Property Description" section, describe the property style such as bed, bath, age, sq. ft., lot sq. ft., basement, car garage, and condition. List both positive and negative aspects of the property.
- Proceed to the "Comparable Sales Analysis" section and list each comparable property's address, distance, condition, BR/BA, age, sq. ft., lot SF, garage, basement, list price, sale price, sale date, and DOM.
- Fill out the "Competitive Listings" section with information about competitive properties. Information should include the address, distance, condition, BR/BA, age, sq. ft., lot size, garage, basement, list price, incentives, and DOM.
- Next, the "Recommended Repairs" section details any recommended repairs and their associated costs. Total the repair costs.
- Develop a "Marketing Strategy". Estimate the marketing time, determine the Market Value, Suggested List Price, and whether to market the property as is or to repair. If choosing to repair, provide a brief explanation.
- Identify who is the most likely buyer for the asset and jot down any additional Broker Comments.
- Last, in the "Broker/Agent Information" section, input the agent's name, his/her company, address, telephone number, fax and email.
When to use the broker opinion of value template
Despite its practical uses, the broker's opinion of the value template is not suitable for all situations. Here are some instances where this tool can be valuable:
- You're selling your home and want a professional opinion on the listing price.
- You plan to invest in a property and require an expert estimate of its worth.
- You aim to appeal your property tax and need a credible estimate outside of a formal appraisal.
Fillable online Broker Opinion of Value Template