Doing a Broker Price Opinion in Hawaii
Can you do Broker Price Opinions in your state? Do you get paid for it? Is it legal? Have you checked lately?
With the recent spotlight on Appraisers and appraisals, a closer look has been taken at the rules. The fact that Hawaii Realtors are prohibited from charging for this service surprised a lot of people.
Here in Hawaii we are governed by Hawaii Association of Realtors(HAR) rules. HAR 16- 114- 74 specifically states that we must not recieve payment for doing a BPO.
Sure, we can still provide this service to banks or their asset managers in the case of foreclosures, but we are not to be paid. So we do it in hopes of getting the listing, provided that:
In any case, if you're a buyer or seller of a Maui home, I can still help you to make an educated decision about what a home might sell for, and what the real estate market is doing. Don't hesitate to contact me and get my opinion if you need help buying or selling on Maui.
Thanks for reading my blog! Aloha from Maui... the Hunter