Real Estate Law
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Welcome to JA and thank you for your question. Where is the real property located?
"The broker price opinion (BPO), also known as a broker opinion of value (BOV), is a popular way of estimating the value of a property...
The primary difference between a broker price opinion and an appraisal is cost. Because a broker price opinion is less comprehensive, it is usually a fraction of the price of a full appraisal. It’s also important to note that an appraisal is provided by a third-party and is not biased in its estimate of market value. On the other hand, a broker price opinion is typically performed with the intent that the broker will ultimately win the listing, and as such the underlying motivations behind a broker price opinion may be different than that of an appraisal." https://www.propertymetrics.com/blog/2014/02/25/broker-price-opinion/
Who is telling you not to mention this? You good be looking at mortgage fraud for failure to disclose.
"The FBI defines mortgage fraud as "any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan." By that definition, such fraud can clearly be committed by both lenders and applicants, even though the latter may not think their misrepresentations or omissions are significant enough to be a concern." https://www.mortgageloan.com/mortgage-fraud/about
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