How Does the Bank Determine the Value of My Home in a Short Sale?
In a short sale, the bank will typically order either a Broker Price Opinion (BPO) or an appraisal to determine the value of the home. Most banks use BPOs. The use of BPOs is the source of much controversy among short sale listing agents, short sale sellers and appraisers. Appraisers often object to BPOs and believe that only an appraiser can give an accurate depiction of value.
