Broker Price Opinions are useless

[Chris Seveney]

As an investor who orders a significant number of exterior inspections on properties - I wanted to get others opinion on BPO’s

Primarily I find them useless. The valuations on them appear to be completely arbitrary and in many instances the company seem randomly selected

We had one recently from someone else who provided the opinion and the comps were 7 miles away and from another jurisdiction - whereas this property while in a more rural area had considerable sales that could have been used.

If you use them to get an idea for property condition I find them to have some value but since they have no interior inspection reports, they are at best just a random guess of the value which could be off by 100%