We have a short sale property in Plantation Key Colony in the Florida Keys.
We had a denial of the offer of a short sale. The wording was "The net amount to AHMSC is too low. Based on that value this is a counter of ....." I am so confused, are short sales, or any sale for that matter, based on net amounts or actual values?
We responded with current sales, the original offer and requested the full 6% commission. They said this is not a HAFA situation so they will only pay a 5% commission
We have been told that they need a full appraisal, in color, in .pdf form, for them to reconsider the value.
So, now what? The seller doesn't have the money for an appraisal, the buyer won't do it without knowing for certain that they will adjust the value and the Realtors are already taking a 1 point hit.
Does anyone have any experience with a situation like this? Is it common for the mortgage servicing company to require an appraisal when their value is too high and isn't in keeping with current sales?
I have to hand it to the contact at the AHMS, she responded very quickly to my fax and voice mail message. For that I am pleased and grateful.