Replies to This Discussion

Permalink Reply by Kent Dills on March 9, 2010 at 9:47am

The decline of value letter is your explanation (i.e. CMA) about why the value has declined to the point that it's a short sale.

Banks often demand that properties get listed on MLS to ensure the get the best and highest open market offer. Try and explain your way around it. You might be OK if your offer value isn't far off the BPO value.

Permalink Reply by Steele V. Propp on March 9, 2010 at 10:25am

They are asking for an mls printout to see that the property was in fact marketed and was exposed to more than one buyer. Because that does sound very suspect if only one buyer has had a shot at it.

Decline of Value letter is an explanation of why this property is now worth less than it was. I usually provide them with a full blown BPO along with a letter of explanation.

You are going to have to also explain that the property was never on the market. Don't lie. Some gurus out there have been teaching that an investor and seller fake an mls listing but never let the property really go on the market. Just tell the truth and see if that is an issue. It may not be.

Steele