Why would I need a Broker Opinion of Value?
When you own a piece of investment property, that property makes up a portion of your net worth. In order to build wealth, it is important to track your net worth at least annually. Knowing if your net worth is increasing or decreasing helps you make sound decisions about your assets. In order to know your property’s value today, you could get an appraisal or a Broker Opinion of Value, also known as a Broker’s Price Opinion (BPO). The BPO is significantly lower in cost than an appraisal.
Please note, a BPO does not take the place of an appraisal, thus the difference in price. Lenders do use BPO’s as do individual investors during the time an investment is held. At either acquisition or disposition, an appraisal will generally be required.
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