Short Sale Misery

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Real Estate Agent with Coldwell Banker Sea Coast Advantage


Well...no one told us it would be easy.  Again, I find this out. WE have been working on a short sale since February and have just found out that the property does not appraise for the short sale price...Yep...that is right.  The Bank will not accept the amount of the appraised value so our deal is dead.

What do you think is going to happen when I get another offer for the appraised value not?....I know..by the time the bank gets around to accepting the offer...the property will not appraise again. Price are still going down.

The dilemma.

 

Ginger

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Rainmaker
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Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

It isn't the bank.  It is the investor who won't accept.  The bank is the negotiator, normally.  Have you spoken with the liason?  Have you asked to speak with someone a little higher up the ladder on the acceptance issue?

Those are the places I would go to next.  Just suggestions.  Best of luck!

Nov 15, 2010 09:54 PM #1
Rainer
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Dean Carver
United Brokers Group/Carver Home Team - Ahwatukee, AZ

The deal isn't dead yet. We've been to that rodeo before.

Get a B of A loan officer to pull a desk top appraisal on it.... If it's at 280k, go back to the buyer's lender and tell them to get a new appraisal. If it's at 250k(ish) range, tell B of A to notify their investor that they won't lend more than that on it themselves!

Couple of other ideas -- independent 3rd party appraisal (as long as you think the property is worth less than 280k.

Last resort is to escalate....

Nov 18, 2010 05:59 PM #2
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Ginger Harper

Your Southport~Oak Island Agent!
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