Fannie Mae offers several types of broker price opinions (BPOs) for various purposes. The different types of Fannie Mae BPOs include:
1. Exterior-Only BPO: This type of BPO requires the broker to inspect and provide a valuation based on the exterior of the property only. It does not involve an interior inspection.
2. Interior BPO: In an interior BPO, the broker conducts a complete interior and exterior inspection of the property. This type of BPO provides a more detailed analysis of the property's condition and value.
3. Drive-By BPO: A drive-by BPO involves the broker conducting a visual exterior inspection of the property from the street, without entering the property. This type of BPO is typically used when an interior inspection is not possible or required.
4. Rental BPO: This type of BPO is used to estimate the rental value of a property. It helps determine the potential income a property can generate as a rental.
5. Recertification BPO: A recertification BPO is a follow-up BPO conducted after a specific period to update the property's value. It is used to track changes in market conditions or the property's condition.
6. Disaster Area BPO: In the case of a property located in a disaster-stricken area, a disaster area BPO assesses the property's condition and value after the occurrence of a natural disaster.
These different types of Fannie Mae BPOs serve specific purposes and help lenders and other stakeholders make informed decisions regarding the property in question.