Short Sale Tip Pensacola Short Sales
If you are selling your house as a short sale the short sale lender will obtain a Broker Price Opinion (BPO) or a Certified Appraisal. If the value comes in too high the question to ask the lender is this. Was it a "drive-by BPO" or "exterior Appraisal"?
I am currently involved with a short sale. The short sale lender responded with a counter offer that was $42,000 higher than the sales contract. My immediate thought was that whomever did the report either did not go inside the house or the backyard. I knew full well that they did not go inside the house because I have the house key inside a combination lockbox on the front door....meaning that a call to me should have been made to get the code!
I called the short sale lender's negotiator to protest the value. To set things in motion I was able to convince the negotiator to have a certified appraisal conducted which meant I received a call from the appraiser to gain access to the house. Now I would have someone look at the house to find out the extent of repairs, rehab, and corrections needed to cure the functional obsolescene of the house. I was also able to point out (over the phone) to the appraiser to pay attention to the exterior damage to the back of the house and to note the hardwood flooring damage (sub-floor issues).
I also prepared my own market analysis report as to the property value in its "as is" condition and the after repair value. The report included photos to show the extent of work needed on the house. Finally I wrote a one page summary that explained the local real estate market, investor's investing DNA, the average home buyer's DNA, and an estimate of the costs to get the house in move-in condition.
The Rest of the Story...........................
The short sale lender after about 2 weeks reported that the value had been reduced by $35,000! That was great news!
After another few weeks of negotiating the investor came up in price by a few more thousand dollars and the short sale lender agreed to come down a few more thousand.
.............................................................................July 3rd we received Short Sale Written Approval!
Never Never Never Ever Surrender