Foreclosure sales are different than short sale transactions. A short sale occurs when the mortgage holder is still in control of the property. Short sales can be a good source of default properties. Understand how short sales are different than foreclosure sales.
The Broker Price Opinion is a tool used by banks and corporate entities to price properties that are in the process of foreclosure. Broker Price Opinions are also used for other valuation needs. A Broker Price Opinion provides the owner with data related to recent sales and properties that are actively being marketed that are similar to the foreclosure property that the bank owns. Broker Price Opinions are generally prepared by a licensed real estate agent or appraiser.