Download Broker Price Opinion Form in PDF
The Broker Price Opinion (BPO) form serves as a crucial tool in real estate transactions, providing a comprehensive assessment of a property's value based on various market factors. It begins by capturing essential property details, including the address, loan number, and contact information for the firm and sales representative. The form evaluates general market conditions, such as employment trends and the supply of comparable listings in the neighborhood, which can significantly impact property values. The BPO also assesses the marketability of the subject property, indicating whether it is an over or under improvement for the area. It outlines the range of values for similar properties and discusses financing options available to potential buyers. Additionally, the form includes a section for competitive closed sales, where comparable properties are analyzed based on their sale prices and adjustments for various factors. The marketing strategy section outlines the recommended approach for selling the property, whether as-is or with repairs. Lastly, the BPO concludes with a market value estimate and any pertinent comments regarding the property’s condition or unique circumstances. This structured approach allows real estate professionals to provide an informed opinion on property values, assisting lenders and investors in making sound decisions.
Document Data
| Fact Name | Description |
|---|---|
| Purpose | A Broker Price Opinion (BPO) provides an estimate of a property's value based on current market conditions. |
| Components | The BPO form includes sections on market conditions, subject property marketability, competitive sales, and marketing strategy. |
| Market Conditions | The form assesses current market conditions, including whether they are improving, stable, or declining. |
| Financing Availability | It indicates whether all types of financing are available for the property being evaluated. |
| Occupancy Status | The form requires information on whether the property is occupied, vacant, or in need of repairs. |
| Comparable Sales | Details on comparable properties, including sale prices and adjustments, are included to support the valuation. |
| Repairs Needed | The BPO identifies necessary repairs to bring the property to an average marketable condition. |
| Market Value | It suggests a market value based on the analysis of competitive closed sales and current listings. |
| Legal Compliance | In some states, BPOs must comply with specific regulations, such as those outlined in state real estate laws. |
How to Write Broker Price Opinion
Completing the Broker Price Opinion (BPO) form requires careful attention to detail. Each section must be filled out accurately to ensure a comprehensive assessment of the property. Follow these steps to complete the form effectively.
- Enter the Loan # and REO # at the top of the form.
- Fill in the PROPERTY ADDRESS, FIRM NAME, and PHONE NO..
- Indicate if this is an Initial, 2nd Opinion, or Updated Exterior Only BPO.
- Provide the DATE, SALES REPRESENTATIVE, BORROWER’S NAME, COMPLETED BY, and FAX NO..
- In the GENERAL MARKET CONDITIONS section, describe the current market condition as Depressed, Slow, Stable, or Improving.
- Assess employment conditions as Declining, Stable, or Increasing.
- Indicate whether the market price of this type of property has Decreased, Increased, or Remained stable.
- Estimate the percentage of owner occupants in the neighborhood.
- State if there is a normal supply, oversupply, or shortage of comparable listings in the neighborhood.
- Provide the approximate number of comparable units for sale in the neighborhood.
- List the number of competing listings that are REO or Corporate owned.
- Note the number of boarded or blocked-up homes.
- In the SUBJECT MARKETABILITY section, provide the range of values in the neighborhood.
- Determine if the subject property is an over improvement, under improvement, or appropriate improvement for the neighborhood.
- Estimate the normal marketing time in the area.
- Indicate if all types of financing are available for the property.
- State whether the property has been on the market in the last 12 months and provide the list price if applicable.
- Specify the unit type (e.g., single family detached, condo, etc.).
- If applicable, provide information about the association fees.
- In the COMPETITIVE CLOSED SALES section, fill out details for each comparable property, including address, proximity to subject, sale price, and adjustments.
- Complete the MARKETING STRATEGY section, indicating the condition of the property.
- List all necessary repairs in the REPAIRS section and total the costs.
- In the COMPETITIVE LISTINGS section, provide details for each comparable property.
- State the MARKET VALUE and suggested list price for the property.
- Include any additional comments regarding the property.
- Sign and date the form at the bottom.
Broker Price Opinion Example
RESIDENTIAL BROKER PRICE OPINION
Loan #
REO #:This BPO is the
PROPERTY ADDRESS:
FIRM NAME:
PHONE NO.
Initial
2nd Opinion
Updated Exterior Only |
DATE |
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SALES REPRESENTATIVE: |
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BORROWER’S NAME: |
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COMPLETED BY: |
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FAX NO. |
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I.GENERAL MARKET CONDITIONS
Current market condition: |
Depressed |
Slow |
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Stable |
Improving |
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Employment conditions: |
Declining |
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Market price of this type property has: |
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in past |
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in past |
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Remained stable |
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Estimated percentages of owner vs. tenants in neighborhood: |
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% owner occupant |
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There is a |
Normal supply |
oversupply |
shortage of comparable listings in the neighborhood |
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Approximate number of comparable units for sale in neighborhood: |
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No. of competing listings in neighborhood that are REO or Corporate owned:
No. of boarded or
Excellent
% tenant
II.SUBJECT MARKETABILITY
Range of values in the neighborhood is $ |
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to $ |
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The subject is an |
over improvement |
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under improvement |
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Appropriate improvement for the neighborhood. |
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Normal marketing time in the area is: |
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days. |
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Are all types of financing available for the property? |
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No |
If no, explain |
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Has the property been on the market in the last 12 months? |
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No |
If yes, $ |
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list price (include MLS printout) |
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To the best of your knowledge, why did it not sell? |
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Unit Type: |
single family detached |
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condo |
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mobile home |
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single family attached |
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townhouse |
modular |
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If condo or other association exists: Fee $
monthly
annually Current?
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Fee delinquent? $ |
The fee includes:
Association Contact:
Insurance
Name:
Landscape
Pool
Tennis |
Other |
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Phone No.: |
III. COMPETITIVE CLOSED SALES
ITEM |
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SUBJECT |
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COMPARABLE NUMBER 1 |
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COMPARABLE NUMBER 2 |
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COMPARABLE NUMBER 3 |
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Address |
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Proximity to Subject |
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REO/Corp |
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REO/Corp |
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REO/Corp |
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Sale Price |
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Price/Gross Living Area |
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Sale Date & |
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Days on Market |
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VALUE ADJUSTMENTS |
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DESCRIPTION |
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DESCRIPTION |
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DESCRIPTION |
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DESCRIPTION |
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Sales or Financing |
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Concessions |
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Location (City/Rural) |
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Leasehold/Fee Simple |
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Lot Size |
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View |
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Design and Appeal |
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Quality of Construction |
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Year Built |
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Condition |
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Total |
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Bdms |
Baths |
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Total |
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Baths |
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Total |
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Bdms |
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Baths |
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Total |
Bdms |
Baths |
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Above Grade |
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Room Count |
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Gross Living Area |
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Sq. Ft. |
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Sq. Ft. |
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Sq. Ft. |
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Sq. Ft. |
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Basement & Finished |
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Rooms Below Grade |
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Functional Utility |
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Heating/Cooling |
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Energy Efficient Items |
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Garage/Carport |
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Porches, Patio, Deck |
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Fireplace(s), etc. |
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Fence, Pool, etc. |
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Other |
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Net Adj. (total) |
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Adjusted Sales Price of |
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$ |
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Comparable |
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Fannie Mae Revised 03/99 |
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Page 1 of 2 |
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REO# |
Loan # |
IV. MARKETING STRATEGY
Minimal Lender Required Repairs |
V. REPAIRS
Occupancy Status: Occupied
Repaired Most Likely Buyer:
Vacant 
Unknown
Owner occupant 
Investor
Itemize ALL repairs needed to bring property from its present “as is” condition to average marketable condition for the neighborhood. Check those repairs you recommend that we perform for most successful marketing of the property.
$
$
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GRAND TOTAL FOR ALL REPAIRS $ |
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VI. COMPETITIVE LISTINGS |
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ITEM |
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SUBJECT |
COMPARABLE NUMBER 1 |
COMPARABLE NUMBER. 2 |
COMPARABLE NUMBER. 3 |
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Address |
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Proximity to Subject |
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REO/Corp |
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REO/Corp |
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REO/Corp |
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List Price |
$ |
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Price/Gross Living Area |
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Sq.Ft. |
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Sq.Ft. |
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Sq.Ft. |
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Sq.Ft. |
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Data and/or |
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Verification Sources |
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VALUE ADJUSTMENTS |
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DESCRIPTION |
DESCRIPTION |
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DESCRIPTION |
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DESCRIPTION |
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Sales or Financing |
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Concessions |
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Days on Market and |
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Date on Market |
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Location (City/Rural) |
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Leasehold/Fee |
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Simple |
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Lot Size |
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View |
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Design and Appeal |
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Quality of Construction |
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Year Built |
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Condition |
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Above Grade |
Total |
Bdms |
Baths |
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Bdms |
Baths |
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Total |
Bdms |
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Baths |
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Total |
Bdms |
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Baths |
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Room Count |
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Gross Living Area |
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Sq. Ft. |
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Sq. Ft. |
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Sq. Ft. |
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Sq. Ft. |
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Basement & Finished |
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Rooms Below Grade |
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Functional Utility |
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Heating/Cooling |
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Energy Efficient Items |
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Garage/Carport |
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Porches, Patio, Deck |
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Fireplace(s), etc. |
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Fence, Pool, etc. |
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Other |
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Net Adj. (total) |
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+ |
- |
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$ |
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+ |
- |
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$ |
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+ |
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$ |
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Adjusted Sales Price |
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$ |
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$ |
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$ |
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of Comparable |
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VI. THE MARKET VALUE (The value must fall within the indicated value of the Competitive Closed Sales).
Market Value |
Suggested List Price |
AS IS REPAIRED
30 Quick Sale Value
Last Sale of Subject, Price |
Date |
COMMENTS (Include specific positives/negatives, special concerns, encroachments, easements, water rights, environmental concerns, flood zones, etc. Attach addendum if additional space is needed.)
Signature: |
|
Date: |
Fannie Mae Revised 03/99 |
Page 2 of 2 |
CMS Publishing Company 1 800 |
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