The Real Deal New York

From the May issue: Are lowballed valuation estimates on short sales and bank-owned
foreclosures artificially depressing property values in neighborhoods
across the country?
Growing numbers of appraisers and consumer groups believe the
answer is yes — and are demanding that either Congress or state
regulators crack down. Their complaints focus on what are called broker
price opinions, or BPOs, that substitute for actual appraisals.
Unlike standard property valuations performed by licensed
appraisers — which can run to hundreds of dollars — BPOs often cost $50
and are performed by real estate agents who may have minimal or no
appraisal training and are subject to no regulatory oversight. Realty
agents defend BPOs, arguing that their extensive knowledge of local
market trends equips them to render accurate estimates.