Documents PDF Online
Homepage ↦ Fill Your Broker Price Opinion Form
Jump Links

The Broker Price Opinion (BPO) form is an essential tool in the real estate industry, particularly for assessing the value of residential properties. This form captures a comprehensive overview of the property in question, including its address, loan number, and the name of the firm handling the evaluation. It begins by outlining the general market conditions, which can significantly influence property values. Factors such as employment conditions and the current state of the market—whether it is depressed, stable, or improving—are noted. The form also requires a detailed analysis of comparable properties in the neighborhood, including their sale prices, features, and how they relate to the subject property. Information about the property’s marketability is crucial; it assesses the range of values in the area, the type of financing available, and the property’s recent market history. Additionally, the BPO includes sections for competitive closed sales and listings, allowing for a side-by-side comparison of similar properties. By evaluating necessary repairs and estimating potential costs, the form aims to provide a realistic picture of the property's condition and value. Ultimately, the BPO serves as a valuable resource for lenders, buyers, and sellers, helping them make informed decisions in the real estate market.

Broker Price Opinion Preview

RESIDENTIAL BROKER PRICE OPINION

Loan #

REO #:This BPO is the

PROPERTY ADDRESS:

FIRM NAME:

PHONE NO.

Initial

2nd Opinion

Updated Exterior Only

DATE

SALES REPRESENTATIVE:

 

 

 

BORROWER’S NAME:

 

 

 

 

COMPLETED BY:

 

 

 

 

FAX NO.

 

 

 

 

I.GENERAL MARKET CONDITIONS

Current market condition:

Depressed

Slow

 

Stable

Improving

Employment conditions:

Declining

Stable

 

Increasing

 

Market price of this type property has:

Decreased

 

 

%

in past

 

months

 

Increased

 

 

%

in past

 

months

 

Remained stable

 

 

 

 

 

Estimated percentages of owner vs. tenants in neighborhood:

 

 

% owner occupant

 

There is a

Normal supply

oversupply

shortage of comparable listings in the neighborhood

Approximate number of comparable units for sale in neighborhood:

 

 

 

 

 

No. of competing listings in neighborhood that are REO or Corporate owned:

No. of boarded or blocked-up homes:

Excellent

% tenant

II.SUBJECT MARKETABILITY

Range of values in the neighborhood is $

 

 

 

 

 

to $

 

 

 

 

 

 

 

The subject is an

over improvement

 

 

under improvement

 

Appropriate improvement for the neighborhood.

Normal marketing time in the area is:

 

 

 

 

days.

 

 

 

 

 

 

Are all types of financing available for the property?

Yes

No

If no, explain

 

 

 

Has the property been on the market in the last 12 months?

Yes

No

If yes, $

 

 

list price (include MLS printout)

To the best of your knowledge, why did it not sell?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit Type:

single family detached

 

condo

co-op

 

mobile home

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

single family attached

 

townhouse

modular

 

 

 

 

 

 

If condo or other association exists: Fee $

monthly

annually Current?

Yes

No

Fee delinquent? $

The fee includes:

Association Contact:

Insurance

Name:

Landscape

Pool

Tennis

Other

 

Phone No.:

III. COMPETITIVE CLOSED SALES

ITEM

 

 

SUBJECT

 

COMPARABLE NUMBER 1

 

COMPARABLE NUMBER 2

 

COMPARABLE NUMBER 3

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proximity to Subject

 

 

 

 

 

 

 

 

 

 

REO/Corp

 

 

 

 

 

 

REO/Corp

 

 

 

 

 

REO/Corp

Sale Price

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

$

 

 

 

Price/Gross Living Area

$

 

Sq. Ft.

$

 

Sq. Ft..

 

 

$

 

 

Sq. Ft.

 

 

$

 

 

 

Sq.

 

 

 

 

 

 

 

 

 

 

 

 

Ft.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sale Date &

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Days on Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VALUE ADJUSTMENTS

 

DESCRIPTION

 

DESCRIPTION

 

+(-) Adjustment

 

DESCRIPTION

+(-) Adjustment

 

DESCRIPTION

 

+(-) Adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales or Financing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Concessions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location (City/Rural)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasehold/Fee Simple

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lot Size

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

View

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Design and Appeal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quality of Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Built

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

Bdms

Baths

 

Total

Bdms

 

Baths

 

 

 

Total

 

Bdms

 

Baths

 

 

Total

Bdms

Baths

 

 

 

Above Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Room Count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Living Area

 

 

 

Sq. Ft.

 

 

Sq. Ft.

 

 

 

 

 

 

Sq. Ft.

 

 

 

 

 

Sq. Ft.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basement & Finished

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms Below Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Functional Utility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heating/Cooling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Efficient Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garage/Carport

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porches, Patio, Deck

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fireplace(s), etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fence, Pool, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Adj. (total)

 

 

 

 

 

+

-

 

 

$

 

+

-

 

$

 

+

 

 

-

 

$

 

Adjusted Sales Price of

 

 

 

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

 

$

 

Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae Revised 03/99

 

 

 

 

 

 

 

 

 

 

 

 

Page 1 of 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REO#

Loan #

IV. MARKETING STRATEGY

As-is

Minimal Lender Required Repairs

V. REPAIRS

Occupancy Status: Occupied

Repaired Most Likely Buyer:

Vacant Unknown

Owner occupant Investor

Itemize ALL repairs needed to bring property from its present “as is” condition to average marketable condition for the neighborhood. Check those repairs you recommend that we perform for most successful marketing of the property.

$

$

$

$

$

$

$

$

$

$

 

 

 

 

GRAND TOTAL FOR ALL REPAIRS $

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VI. COMPETITIVE LISTINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITEM

 

 

SUBJECT

COMPARABLE NUMBER 1

COMPARABLE NUMBER. 2

COMPARABLE NUMBER. 3

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proximity to Subject

 

 

 

 

 

REO/Corp

 

 

 

 

 

REO/Corp

 

 

REO/Corp

List Price

$

 

 

 

 

 

 

$

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

Price/Gross Living Area

$

 

Sq.Ft.

$

Sq.Ft.

 

 

 

$

Sq.Ft.

 

 

 

$

Sq.Ft.

 

 

Data and/or

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Verification Sources

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VALUE ADJUSTMENTS

 

DESCRIPTION

DESCRIPTION

 

+ (-)Adjustment

DESCRIPTION

 

+(-)Adjustment

DESCRIPTION

+(-)Adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales or Financing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Concessions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Days on Market and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date on Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location (City/Rural)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasehold/Fee

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Simple

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lot Size

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

View

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Design and Appeal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quality of Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Built

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above Grade

Total

Bdms

Baths

Total

Bdms

Baths

 

 

 

Total

Bdms

 

Baths

 

Total

Bdms

 

Baths

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Room Count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Living Area

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sq. Ft.

 

Sq. Ft.

 

 

 

Sq. Ft.

 

 

 

Sq. Ft.

 

 

Basement & Finished

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms Below Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Functional Utility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heating/Cooling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Efficient Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garage/Carport

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porches, Patio, Deck

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fireplace(s), etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fence, Pool, etc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Adj. (total)

 

 

 

 

+

-

 

 

 

$

 

 

+

-

-

 

$

 

 

+

-

 

$

 

 

Adjusted Sales Price

 

 

 

 

 

 

 

 

 

$

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

 

 

of Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VI. THE MARKET VALUE (The value must fall within the indicated value of the Competitive Closed Sales).

Market Value

Suggested List Price

AS IS REPAIRED

30 Quick Sale Value

Last Sale of Subject, Price

Date

COMMENTS (Include specific positives/negatives, special concerns, encroachments, easements, water rights, environmental concerns, flood zones, etc. Attach addendum if additional space is needed.)

Signature:

 

Date:

Fannie Mae Revised 03/99

Page 2 of 2

CMS Publishing Company 1 800 235-1600 [0399]

Common mistakes

  1. Incomplete Information: Failing to fill in all required fields can lead to delays. Ensure that every section, such as the property address and loan number, is complete.

  2. Incorrect Market Condition Assessment: Misjudging the market conditions can skew the evaluation. Take time to accurately assess whether the market is depressed, stable, or improving.

  3. Neglecting Comparable Listings: Not providing enough comparable listings can weaken the opinion. Include a sufficient number of comparable properties to support your assessment.

  4. Ignoring Financing Options: Failing to clarify available financing can be detrimental. Clearly state if all types of financing are available or explain any limitations.

  5. Overlooking Necessary Repairs: Not itemizing repairs can misrepresent the property's condition. List all repairs needed to bring the property to marketable condition.

  6. Inaccurate Adjustments: Miscalculating value adjustments can lead to incorrect pricing. Double-check all adjustments made for comparable sales to ensure accuracy.

  7. Failure to Explain Market Activity: Not providing a rationale for why a property did not sell can raise questions. Include insights into market activity and reasons for previous sale failures.

  8. Omitting Comments Section: Neglecting to fill out the comments section can overlook critical details. Use this space to address any special concerns or unique property features.

↓ PDF File

Find Popular Documents

Reg 262 Form - Make sure that both parties are present during the signing of this form.

A New York Lease Agreement form is a legally binding document between a landlord and tenant, outlining the terms and conditions of renting property in New York. This form covers various aspects such as rent amount, payment schedule, and lease duration. Understanding this agreement is crucial for both landlords and tenants to ensure their rights are protected. For more detailed information, you can visit smarttemplates.net.

How to Make Pay Stubs If Self Employed - Can assist in resolving payment disputes if they arise.

Dos and Don'ts

When filling out the Broker Price Opinion (BPO) form, it’s essential to approach the task with care and attention to detail. Below is a list of dos and don’ts to guide you through the process.

  • Do provide accurate property details, including the address and loan number.
  • Do assess the current market conditions thoroughly, noting any fluctuations in pricing.
  • Do include a comprehensive list of repairs needed to bring the property to marketable condition.
  • Do ensure that all comparable sales and listings are relevant and up-to-date.
  • Do document any unique characteristics of the property that may affect its marketability.
  • Do sign and date the form to confirm your completion and accuracy of the information provided.
  • Don’t skip any sections of the form; incomplete information can lead to inaccuracies.
  • Don’t overestimate or underestimate the property value; be honest and realistic.
  • Don’t ignore the importance of market trends; they can significantly impact your assessment.
  • Don’t forget to verify the accuracy of your data sources before including them.
  • Don’t rely solely on past sales; current market conditions should guide your analysis.
  • Don’t leave out any significant issues related to the property that could affect its value.

Misconceptions

Understanding the Broker Price Opinion (BPO) form can be challenging, and several misconceptions often arise. Here are four common misunderstandings about this important document:

  • Misconception 1: A BPO is the same as an appraisal.

    • Many people believe that a BPO and an appraisal serve the same purpose. While both assess property value, a BPO is generally less formal and quicker to complete. It is often used for a preliminary evaluation, whereas an appraisal is a more detailed and legally binding assessment.

  • Misconception 2: BPOs are only used for foreclosures.

    • Some assume that BPOs are exclusively for properties in foreclosure or distress. In reality, they can be utilized in various situations, such as determining market value for sales, refinancing, or assessing property conditions for lenders.

  • Misconception 3: The BPO is solely based on the property’s condition.

    • It is a common belief that the BPO focuses only on the physical state of a property. However, it also takes into account market conditions, comparable sales, and neighborhood trends, providing a more comprehensive view of the property's value.

  • Misconception 4: Anyone can complete a BPO.

    • Some think that any individual can fill out a BPO form without any qualifications. In fact, BPOs should be completed by licensed real estate professionals who understand the market and can accurately assess property values.

Detailed Guide for Using Broker Price Opinion

Filling out the Broker Price Opinion (BPO) form requires careful attention to detail and accurate information. This process involves gathering data about the property and its market conditions. The completed form will assist in determining the value of the property.

  1. Begin by entering the Loan # and REO # at the top of the form.
  2. Fill in the PROPERTY ADDRESS, FIRM NAME, and PHONE NO..
  3. Indicate if this is an Initial, 2nd Opinion, or Updated BPO.
  4. Enter the DATE and the name of the SALES REPRESENTATIVE.
  5. Complete the BORROWER’S NAME and COMPLETED BY sections.
  6. Fill in the FAX NO. if applicable.

Next, proceed to the GENERAL MARKET CONDITIONS section. Here, you will assess the current market condition, employment conditions, and the market price trends for similar properties.

  1. Choose the current market condition from options: Depressed, Slow, Stable, or Improving.
  2. Indicate the employment conditions: Declining, Stable, or Increasing.
  3. Specify whether the market price of this type of property has Decreased, Increased, or Remained stable.
  4. Estimate the percentage of owner occupants in the neighborhood.
  5. Indicate if there is a normal supply, oversupply, or shortage of comparable listings.
  6. Provide the approximate number of comparable units for sale in the neighborhood.
  7. List the number of competing listings that are REO or Corporate owned.
  8. Count the number of boarded or blocked-up homes.

Now, move to the SUBJECT MARKETABILITY section. Here, you will evaluate the subject property's marketability and potential buyer interest.

  1. Enter the range of values in the neighborhood.
  2. Determine if the subject property is an over improvement, under improvement, or has appropriate improvement for the neighborhood.
  3. Estimate the normal marketing time for the area in days.
  4. Specify if all types of financing are available for the property.
  5. If financing is not available, provide an explanation.
  6. Indicate if the property has been on the market in the last 12 months and, if so, provide the list price.
  7. State the reason why it did not sell, to the best of your knowledge.
  8. Identify the Unit Type of the property.
  9. If applicable, provide details about any condo or association fees, including the amount and status.
  10. List any relevant association contact information.

Next, you will analyze the COMPETITIVE CLOSED SALES section. This part requires input on comparable properties that have recently sold.

  1. Fill in the details for three comparable properties, including their addresses and proximity to the subject property.
  2. Provide the sale prices and price per gross living area for each comparable.
  3. List the sale dates and days on the market for each comparable.
  4. Make necessary value adjustments based on various factors such as location, condition, and features.
  5. Calculate the net adjustments and adjusted sales price for each comparable property.

Proceed to the MARKETING STRATEGY section, where you will outline the recommended approach for marketing the property.

  1. Choose between As-is or Minimal Lender Required Repairs.

In the REPAIRS section, detail any repairs needed to make the property marketable.

  1. Specify the occupancy status of the property.
  2. Identify the most likely buyer type.
  3. Itemize all repairs needed and check those that should be performed for successful marketing.
  4. Calculate the grand total for all repairs.

Next, complete the COMPETITIVE LISTINGS section. Similar to the closed sales section, you will provide information about active listings.

  1. Fill in the details for three comparable active listings, including their addresses and list prices.
  2. Provide price per gross living area for each comparable listing.
  3. Make necessary value adjustments and calculate the adjusted sales price for each.

Finally, determine the MARKET VALUE of the property based on the information gathered.

  1. Provide the suggested list price for the property, both AS IS and REPAIRED.
  2. Include the quick sale value and last sale price of the subject property.
  3. Add any comments regarding positives, negatives, or concerns related to the property.
  4. Sign and date the form to complete the process.