How much does a broker price opinion cost?

A broker price opinion usually costs less than an appraisal, often somewhere between about $50 and $250 depending on the market, the form and whether the agent goes inside. Lenders and servicers order most BPOs and pay the fee, though it can be passed to a borrower in a refinance or short sale. Your own agent will often do one free.

Drive by BPOs sit at the low end. The agent shoots exterior photos, pulls comparable sales and fills in the form. An interior version costs more, often close to double, because someone walks the unit and rates condition.

A full appraisal runs several hundred dollars because a licensed appraiser follows set standards. On a $500,000 rental renting for $4,000 a month, $48,000 a year and a GRM of about 10.4, either fee is small next to the decision. A broker price opinion buys speed, not the same paper trail.