Appraisers and Real Estate Agents are presently fighting it out about whether the Brokers Price Opinion is sufficiently fair and accurate compared to a full blown appraisal to be used as a Lender's primary tool in valuing a Short Sale or a Loan Modification.

Appraisers from several national organizations have argued that only an appraisal will do if the Lender is to assure that a thorough property inspection has been done and that the methods used to prepare the valuation are within standards set for appraisal practice.

Last week the NAR countered with a letter to Timothy Geithner, Treasury Secretary, with the argument that BPOs should continue to be an acceptable form of valuation for HAMP and HAFA valuations. The Agents and Brokers who are making these evaluations know their markets and are uniquely qualified to understand the market forces at play in the area. They are also a more economical measure of value, so, while for purposes of getting a mortgage, an appraisal should continue to be the standard, for purposes of listing property, the BPO should be the standard as it is traditionally. Each has its appropriate uses, maintains the NAR.

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