What is does BPO mean?
BPO stands for “Broker’s Price Option” and is a special short sale appraisal. It is similar to a standard appraisal, but usually costs less. In a BPO, lenders hire a real estate broker to give their opinion on the value of a property. This opinion of market value is usually based on the comparison of three similar properties that have sold recently, and the appraisal is adjusted upwards or downwards based on the condition of the property being appraised.
