Lenders looking to quickly unload distressed properties are increasingly cutting costs by hiring real estate agents instead of licensed appraisers to value property.

The agents, who often have a stake in selling the property, give low-ball price estimates that artificially push down values, some industry experts say.

Broker price opinions, or BPOs, are performed by real estate agents who, unlike licensed appraisers, have no regulatory oversight of their valuations. BPOs are attractive for lenders because they cost between $40 and $65, compared with about $350 for an appraisal. Critics say the agents are swayed by a desire to collect a commission for selling the home later.

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