Appraisal came back too high - short sale denied!?

Just ran into this earlier this week. I submitted everything to SPS and they ordered an appraisal. The homeowner owes $137k and the appraisal came back at $139k. Homes in that area typically sell in the $120's. Any time I call to talk with someone about it they won't even let me finish my sentence before saying that deed-in-lieu is the only option and ordering another appraisal isn't. Seems like they have no interest in actually helping.

This home is an investment property so it's not eligible for HAFA so we have very little leverage and I'm not sure what to do. There is also a second mortgage.

 

Any suggestions?

 

-Justin

Views: 359

Replies to This Discussion

Permalink Reply by Linda Solomon on August 9, 2011 at 1:56pm

I have a similar situation with SPS and the individual I spoke to said if I could submit comps showing the drive by BPO was too high they would review the file.  So I am preparing my own BPO and will wait to see what happens.  Maybe if you were to submit a BPO to support your claim and with lots of comps or as many as you can find they might reconsider.

Permalink Reply by justin.hanke on August 9, 2011 at 2:02pm
Thanks Linda. I'll at least give it a shot. If anyone else has any ideas, let me know!
Permalink Reply by justin.hanke on August 9, 2011 at 2:06pm
Interesting angle, I'll give that a shot too if the comps don't work! Thanks.
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on August 9, 2011 at 2:12pm
Justin -  Do you hold a Real Estate Salesperson's or Broker's License? In what State?
Permalink Reply by Jeff Payne on August 10, 2011 at 2:15am

I know this is the short sale superstars and I am going against the grain but would a DIL help your seller the same as a short sale?  If so, talk to the sellers and help them get this done with a DIL.  You won't make any money but you may gain a great referral source or even a future buyer.  Don't forget that our jobs are to do the best for our sellers and sometimes that means helping them do something other than a short sale.

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