BPO is a property value estimate produced by a licensed real estate broker rather than a state-licensed appraiser. Less expensive ($75-200) and faster (24-48h vs 1-2 weeks) than a full appraisal, but lower confidence. Used in lower-leverage hard money programs, no-appraisal repeat-borrower programs, and refinance scenarios where the lender already has appraisal history on the borrower. Cannot replace a URAR on FNMA/FHLMC consumer mortgages.
Property Valuation