A Broker's Opinion of Value (BOV) is an analysis provided by a real estate broker to help clients make informed decisions about the listing price or a suitable bid for a property. While similar to a comparative market analysis, it is not as in-depth as a licensed appraisal used for mortgage lending.
The listing price, also known as the asking price, is the price a seller sets for a property when placing it on the market. It's an initial amount intended to serve as a starting point for negotiations with potential buyers.
The 'Offering Price' refers to the amount a prospective buyer offers for a property on the market. This crucial figure determines the start of a negotiation process and can heavily influence the final transaction.
