ESTATE


Appraisers say BPOs hurt property values
2009/03/31, 10:06 am
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An increasing number of appraisers and consumer experts say unrealistically low price estimates caused by short sales and bank-owned foreclosures are artificially depressing property values.

They are particularly critical of broker price opinions (BPOs), which they say are used because they cost less than property valuations by licensed appraisers.

David Berenbaum, executive vice president of the National Community Reinvestment Coalition, has asked Congress to outlaw using BPOs as a substitute for appraisals in distressed property transactions.

Defenders of BPOs say that real estate professionals know the local area and can do a realistic appraisal accurately.

The National Association REALTORS® said it intends to issue a policy statement in May, but it currently takes no position.

Source: Washington Post Writers Group, Kenneth R. Harney (03/28/2009)

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