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A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser. A BPO is an informal appraisal. A BPO is an informal appraisal. It is similar to doing a CMA ( Comparative Market Analysis ) but most times the real estate professional gets paid to do a BPO.
Key takeaways. An appraisal for a refinance is part of the underwriting process for a new loan. Appraisers look at various factors, including your home's location and its size, layout and ...
A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and in a small number of other ...
The Texas Real Estate Commission (TREC) is the state agency that governs real estate practices in the state of Texas. The agency is headquartered at 1700 North Congress in Austin. [1] TREC is composed of nine members appointed by the Governor with the concurrence of the Texas Senate. The members are appointed for six-year terms, with the terms ...
An appraisal is used by a lender to support the loan amount in a mortgage loan. It is conducted by a licensed appraiser. The appraisal value is used to refinance, buy or sell a home.
As with the original appraisal you paid for when buying the home, the refinance appraisal assesses your property’s condition and compares the place to similar homes in your local real estate ...
If you still owed your mortgage lender $50,000, say, and your home’s value is $300,000, you’d have $250,000 in equity, approximately. ... You might want to use them in conjunction with a ...
AVMs are increasingly used by mortgage lenders to determine what a property might be worth in order for them to lend against the valuation. The advantages of using AVMs over traditional appraisals are that they save time, money and resources (e.g. there are no transport requirements), thus lowering the cost of valuing a property.
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