The lender will also generally require a BPO as part of a short sale proposal.
A BPO (Broker’s Price Opinion) is a document prepared by a real estate professional which provides his or her estimate of a reasonable estimated selling price of a particular property.
The BPO typically contains the value of comps in the area, neighborhood condition, and the condition of the subject property compared to others in the surrounding area.
If you’re working with a broker, he may supply the document. Frequently, however, it’s the lender that orders the BPO using one of its local affiliated professionals.
You may want to be present when the broker is conduction his on-site appraisal to point out areas of significant damage, etc. The lower the BPO, the better for you the buyer