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How does the lender determine the “Asking Price” for the property?

April 26, 2017asking price determine Lender Property

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How does the lender determine the “Asking Price” for the property?

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The lender will generally have a licensed appraiser prepare an appraisal report to determine the property’s current market value. In addition, the lender will have its Listing Broker prepare a Broker Price Opinion (BPO) report that provides an estimated market value for the property. The lender will then review this information along with property photos and price the property accordingly.