What is an Opinion of Value?
Opinion of Value is the estimated value of a property determined by a REALTOR® based on research of the property and the market. An OPV is different then an appraisal as an appraisal can only be supplied by an appraiser and is often much higher in price.
It is also known as Broker Price Opinion (BPO).
According to CREA – The REALTOR® Code it means an estimate of the value of specified interests in, or aspects of, identified real estate which may be based wholly or partly on comparative market analyses. An Opinion of Value may contain more or less analysis of relevant data than an appraisal and may be performed by a REALTOR®.
Why do I need an OPV?
There are actually a few reasons why you may need one. Here are a few:
- Lenders request one if you are refinancing your home.
- Lawyers request to valuate foreclosure properties.
- Home owners thinking about making a move but would like to know their homes value?
- Lawyers may require one to complete separation agreements.
- Second opinion on value for a private sale.
- plus more
How is the value determined?
I visit the property and gather details like; location, style, sq/ft, % complete, improvements, condition etc. Additional information is gathered, including market information, recent sales of properties that are similar, and make adjustments for differences. Once completed, a full report and/or letter is provided.
What does an opinion of value cost?
The fee is $300 plus taxes. additional fees may apply for out of town mileage.
Are you ready to get started or have some questions? Call/Text me @ (306)-321-7299 to discuss and/or schedule a time for me to tour your home.
Still not sure? Use our free Home valuation tool to review what is happening in the market near you.