FHA Appraisal Came in too high on Short Sale

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Real Estate Agent with Allen Tate 183201

I have never had this problem, my poor sellers of this short sale(on market for a year)....we keep getting full price offers and when the bank sends out appraisers, they keep getting higher and higher values, which knocks out the offers and now the bank wants us to relist the property higher...any suggestions?  

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Anonymous #10
Anonymous
Melissa

Hey Everyone!

 

Thank you so much for helping me out on this...after we got the HUD rep. involved, they called me this morning and said they would accept 84% of the appraised value and the buyer came up to that to get the deal done, it had been listed for a year at start of 150k, we were down to 125k(a year later)...both appraisals were done in Feb 09' for $139, May 09' for $142, in a down market, sitting vacant, for over a year, makes sense huh? Anyhow...it went pending this morning...lets hope it closes smoothly at this point...thank you so much!!! 

June 01, 2009 11:07 AM
Rainmaker
1,145,466
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Put 40 years of experience to work for you
Lyon Real Estate

Most of my appraisals and BPOs have been coming in less than the highest offer. So I have the opposite problem. However, I am finding that banks will take at least 90% of market on a short sale, so dig up those comps and present them.

sacramento agent

June 01, 2009 12:10 PM
Anonymous #12
Anonymous
Anonymous

Elizabeth, that's good to know. 82% is where I usually start. :-)

Melissa, that's great news. Wishing you the very best with your listing. :-)

June 01, 2009 12:40 PM
Ambassador
567,236
C Tann-Starr
Tann Starr & Associates, Inc.

Awwwww. Server kicked me out. That's me up there on line #12. :-)

June 01, 2009 12:43 PM
Rainer
178,990
Erik Hitzelberger
Louisville - Middletown Real Estate
RE/MAX Alliance - Louisville REALTOR-Luxury Homes

Interesting discussion.  I'm glad to hear you were able to work something out.  Good luck getting to the closing table!

June 01, 2009 11:18 PM
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Rainmaker
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Melissa Polce

Lake to Land, I've Got It Covered!
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