Broker Price Opinion - BPO

When Harry needed an appraisal of his grandmother’s house for tax purposes, he hired a real estate broker and asked him to estimate the value of the property based on characteristics like age, style, location, etc.

After a few minutes of contemplation, the broker’s price opinion was given as $400,000. Unless Harry moved it to the San Francisco Bay Area, in which case...it was worth $3.2 million.