More Why's and What For's

True, a Broker Opinion of Value (BOV) or Broker Price Opinion (BPO) accomplishes mostly the same function as an Appraisal. Both are used to determine a value of property or properties under consideration.

The difference is that a BOV or BPO from a buyers or investors perspective is normally employed in the early stages of the buying or investing process, during the investigative stage of the purchase and before an offer is made.

More importantly, a BOV or BPO may be made on several competing properties that are under consideration. By contrast, an appraisal is normally performed after a purchase offer has been made and during the same time that other services are being performed prior to closing, such as inspections and obtaining financing.

Finally, even though you most likely will be required to purchase an appraisal by the lending institution, the appraiser is likely acting as the agent for the lender and will not provide you a copy of the appraisal without the lenders approval.

OTG Reality Advisers works for you and the Broker Opinion of Value or Broker Price Opinion belongs to you.

Most purchasers of real estate try to gain the edge over the competition by moving quickly to “tie up” a property with very little research. Purchasing property in this manner may be more harmful to their bottom line. Attempting to purchase property in this way puts them at a severe disadvantage by means of impounding valuable capital in the form of earnest money and option fees.

This is done just to hold the property, but those are not the only fees that a potential buyer may be required to pay. A buyer or investor will likely incur other costs such as inspection fees, title insurance, survey fees, legal fees and appraisal fees and while many fees can be shared or negotiated away. What fees that are paid do so without earning interest.

This money is spent and no longer can be used for further purchases or investing. Worse, the money just sits idle until the property closes or otherwise is released in the case of the failure of a deal.

Yes, a Broker Opinion of Value (BOV) or BPO serves a very important function for the buyer or investor.

A thorough BOV or BPO performed by OTG Realty Advisers before an option contract or purchase offer has been made makes more sense and can give an incredible advantage to the buyer or investor by directing funds to purchases that are more likely to succeed.

The process starts with gaining a complete understanding of what your purchase or investment goals are.

We then search for properties that meet or exceed your investment goals. This may be one property or many.

Then we perform a deep dive into the data and if you so desire we perform a thorough site visit of each property.

Our Broker Opinion of Value or Broker Price Opinion not only captures the value of the property but provides you with a “map to the treasure while avoiding the traps”.