Updates

Got this cute tidbit in my inbox the other day:

"...With the tightening of lending requirements and the increase of qualifications to obtain real estate loans, the BPO is starting to become a more widely used valuation product. Underwriters are obtaining a BPO as an additional or alternative opinion of value. A BPO can be ordered for a fraction of the cost of a traditional home appraisal."

YIKES!

No wonder we had the housing crisis. 

BPO's (Broker Price Opinions) are NOT appraisals!  They are written by realtors who are neither trained nor licensed as valuation professionals.

NEVER accept a BPO in place of an appraisal, you'll get burned, I guarantee it!