Real estate data aggregator CoreLogic has launched a service to help investors acquiring property portfolios evaluate the quality of broker price opinions completed by other BPO vendors.
BPO Review is designed to be a less expensive and faster alternative to ordering new BPOs on every property within a portfolio and offers a typical turnaround time of less than three business days, Irvine, Calif.-based CoreLogic said in an announcement today.
“This solution was based on clients needing a way to get comfortable with the price estimates that are delivered within portfolio offerings,” said Dave Williams, vice president of broker price opinion services for CoreLogic, in a statement.
“BPO Review lets buyers and diligence firms test the quality of the existing BPOs and focus on the exceptions — properties where there is a disagreement on value or concern over complexity.”
The service, completed by a CoreLogic real estate professional, includes the company’s report on whether it agrees or disagrees with the sales price estimates it has reviewed; reasons for the finding; scores for the quality of the BPO’s comparables selection, price accuracy, property complexity and overall risk; and a new recommended price opinion.
BPO Review is meant to be used after a portfolio has been awarded, during the presettlement due diligence phase, CoreLogic said. The firm has another service, BPO Check, meant to be used during the pre-award bidding process to help calculate competitive bids.