Team Sobiko Offers Comprehensive Broker Value Opinion Reports.
Team Sobiko offers a comprehensive Broker Opinion of Value and/or Broker Price Opinion report product on properties and markets located within Illinois. To explore or request a report, please visit: https://www.teamsobiko.com/underwriting.
A broker opinion of value (BOV) is an essential service that provides an estimate of a property's worth. A BOV report is also called a broker's price opinion (BPO) and is an analysis conducted by a certified commercial or residential real estate agent to establish the fair market value of a property. A BOV is generally used where an appraisal may be too costly or time-consuming, and thus it’s a quick and effective tool to establish a property’s value.
A BOV report details how the agent determines the property’s value by providing information about the property, the local market, and recent sales of comparable properties in the area. The report may also include information about any property defects that may affect the sale of the property or its value. Overall, the BOV report constitutes an expert opinion of the property's worth at a particular point in time.
The BOV service is primarily utilized by lenders, real estate investors, developers, and property owners. Lenders and investors use the BOV report to assess the risks associated with financing or investing in a property. A developer might use a BOV report to determine if an intended development project is economically feasible, while property owners utilize BOV reports to determine their home's value before listing or selling it.
BOV reports are an affordable alternative to full appraisals, as BOV services usually cost substantially less than traditional appraisals. Realtors also benefit from BOV services as they help them to list and sell properties more accurately by pricing them according to their fair market value. Once a BOV report is completed, a realtor can recommend a price range to the property owner that reflects the true value of their property, ensuring that they do not underprice or overprice their property.
The BOV is also an effective tool to determine a distressed property's value, and lenders may use BOV reports to sell such properties quickly. If you consider that traditional appraisals might take a couple of weeks, a BOV report can take as little as 24 hours to provide results. This makes it an efficient tool to sell properties quickly at a fair value.
In conclusion, a broker opinion of value service is a valuable tool that can provide property owners, realtors, lenders, and investors with an accurate estimate of a property’s worth. It’s an affordable alternative to traditional appraisals and is an efficient tool to assess a property's value quickly. BOV reports provide real estate professionals with valuable insights that help them to make informed decisions when listing, selling, or investing in a property.
To see how Team Sobiko’s Realtors® may assist you, please visit our underwriting, commercial or residential service pages.
This publication was created with the help of artificial intelligence software, which was then reviewed and edited for accuracy by a Team Sobiko staff member.
