BPO vs/or Appraisal

[Dewayne Gammel]

I am looking at picking up a property using hard money. End result would be to sell said property or refinance and keep as a buy and hold after all repairs are done. My question is about the BPO and/or Appraisal.

The hard money lender wants to use a BPO in order to fund 65% of ARV. I just need to know the difference between the two as well which one is going to benefit me the most since I will be selling the property retail or refinancing for buy and hold strategy.

How accurate is a BPO? what are the odds that an appraisal will come back close to the value of the BPO? Should I opt to please the HML and get a BPO as well as get an appraisal? Should I wait and get the appraisal after the repairs are done or before? etc...

Please help!!!