appraisal question

My shortsale just got approval from the 2nd lienholder.  The next step is to upload new appraisal to equator.  What does that mean for me? Does this mean either lienholder is going to ask me for more money?  Why do they usually do this?

Views: 117

▶ Reply to This

Replies to This Discussion

Permalink Reply by Jeff Payne on June 29, 2011 at 4:30am
I dont think that means anything for you, that should be a task for the lender, not you.  Most likely they ordered an appraisal and will upload when they get it.  They may ask for money, you just dont know until they do, but if the second has approved it the approval letter would have the request on it
Permalink Reply by nestor on June 29, 2011 at 6:59pm

Hi Jeff,

Thanks for the reply.  Do I get to see a copy of the approval letter?   The 1st lienholder (boa) accepted my offer.  Would they come back & ask for more????

Jeff Payne said:

I dont think that means anything for you, that should be a task for the lender, not you.  Most likely they ordered an appraisal and will upload when they get it.  They may ask for money, you just dont know until they do, but if the second has approved it the approval letter would have the request on it
Permalink Reply by Jeff Payne on June 30, 2011 at 1:42am
Nestor, no you wont get a copy of the appraisal, it is really irrelevant.  If the second approved your sale, check the approval letter to see if they are asking for any contribtion and if the first accepted the offer, did they provide you with an approval letter?  Where is your agent?
Permalink Reply by nestor on June 30, 2011 at 7:34pm
The seller agent has not given any copies of approval letters..All this is via phone.  The agent said he may know something early next week.  I guess an offer accepted in equator means nothing...without the official letter...i guess anything is up in the air.  how frustrating for all involved...
Permalink Reply by nestor on June 30, 2011 at 7:35pm
The seller agent has not given any copies of approval letters..All this is via phone.  The agent said he may know something early next week.  I guess an offer accepted in equator means nothing...without the official letter...i guess anything is up in the air.  how frustrating for all involved...

Jeff Payne said:
Nestor, no you wont get a copy of the appraisal, it is really irrelevant.  If the second approved your sale, check the approval letter to see if they are asking for any contribtion and if the first accepted the offer, did they provide you with an approval letter?  Where is your agent?
Permalink Reply by Jeff Payne on July 1, 2011 at 3:40am

You dont have an approval in hand?  Then you dont have an approval.  You need the official approval letter to have approval
nestor said:
The seller agent has not given any copies of approval letters..All this is via phone.  The agent said he may know something early next week.  I guess an offer accepted in equator means nothing...without the official letter...i guess anything is up in the air.  how frustrating for all involved...

Jeff Payne said:
Nestor, no you wont get a copy of the appraisal, it is really irrelevant.  If the second approved your sale, check the approval letter to see if they are asking for any contribtion and if the first accepted the offer, did they provide you with an approval letter?  Where is your agent?
Permalink Reply by Kimberley Kelly on July 1, 2011 at 2:24pm
You Agent is a dreamer.  No written approval letter, no approval..period!  You are still negotiating..hang in there.
Permalink Reply by nestor on July 1, 2011 at 7:35pm
Thanks for the reply.   By the way, is zillow estimate a reliable gage for the current price of a property?

Kimberley Kelly said:
You Agent is a dreamer.  No written approval letter, no approval..period!  You are still negotiating..hang in there.
Permalink Reply by Janice MacMillan on July 2, 2011 at 12:28am


I find Zillow Zistimates incredibly inaccurate for the majority of the properties in our area.

 


nestor said:

Thanks for the reply.   By the way, is zillow estimate a reliable gage for the current price of a property?

Kimberley Kelly said:
You Agent is a dreamer.  No written approval letter, no approval..period!  You are still negotiating..hang in there.
Permalink Reply by Branon Sebastian on July 5, 2011 at 10:16am
My house is worth about $145k in an area of homes worth between $130k-$170k. Zillow has it valued at $650k. Enough said.
Permalink Reply by nestor on July 6, 2011 at 6:29pm
thanks for the reply

Janice MacMillan said:


I find Zillow Zistimates incredibly inaccurate for the majority of the properties in our area.

 


nestor said:

Thanks for the reply.   By the way, is zillow estimate a reliable gage for the current price of a property?

Kimberley Kelly said:
You Agent is a dreamer.  No written approval letter, no approval..period!  You are still negotiating..hang in there.
Permalink Reply by nestor on July 6, 2011 at 6:29pm
thanks for the reply

Branon Sebastian said:
My house is worth about $145k in an area of homes worth between $130k-$170k. Zillow has it valued at $650k. Enough said.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************