As-Is vs Repaired Value on a BPO

Many BPO forms ask for two numbers: what the property is worth today in its current condition, and what it would be worth after repairs. Getting the relationship between them right is a common source of revision requests.

As-is value

This is the likely sale price in today's condition, to a typical buyer, within a normal marketing time. Comps should reflect similar condition. If the subject needs work, comps in move-in condition need to be adjusted down.

Repaired value

This is the likely sale price if the recommended repairs were completed. Comps here are usually updated or well-maintained homes. The repaired value is not a renovation fantasy; it reflects the repairs you list, not a full remodel.

Listing repairs sensibly

• Stick to items you observed or that are clearly needed for marketability.
• Use reasonable local cost estimates and keep them modest unless you have good reason.
• If you are unsure of a cost, say it is an estimate. Do not present yourself as a contractor.

The gap should make sense

Reviewers often compare the difference between the two values with the repair total. The gap does not have to match exactly, since buyers discount for hassle and risk, but a large unexplained mismatch will draw questions.

When there are no repairs

If the home is in good condition, the two values may be the same. That is fine; just say so.

Common mistakes

• Listing cosmetic upgrades as required repairs.
• Using move-in-ready comps for the as-is value without adjusting.
• Giving a repaired value that implies a full renovation when only minor repairs are listed.
• Leaving the repair section empty when photos clearly show damage.

Keep the repair list, the photos and the two values telling the same story and most reviewers will have no questions.

Related: how to rate property condition.