I have a short sale that I just got under contract. The listing has
been on the market for 3 months and we've made a couple of price
reductions. The Agreement of Sale is for full price (of the current
listing price). My seller obtained a very recent, (full) appraisal of
the property for his financial assessments. That appraisal values the
property at our listing price/Agreement of Sale price (actually the
appraisal is for $100.00 more). My question is: Would it be a
benefit towards getting the short sale approved to include the appraisal
with my short sale package to the lender or should I not include the
appraisal with the short sale package?
Your comments and insights
would be appreciated.

Views: 129

Reply to This

Replies to This Discussion

Yes, you should scan and save as PDF your HUD and put the appraisal report directly behind it. All negotiators look at the HUD over and above anything else so they will HAVE to see your appraisal report.

I do this too, I put my own BPO report directly behind my HUD.
Emily,
Thanks for the reply and your input.
Something else I just thought of & I'm going to start doing is put a cover sheet over the HUD to state Included: HUD & Full appraisal, please review both.'
Also Scott, I do the exact same but also when I find out the BPO has been ordered I go out and take the keybox off the door and make sure the BPO agent has to call me to enter the place. I often times tell them the offer price, which they do not always know in advance and email or hand them a copy of the appraisal. We just had one where the buyer performed their own inspection in advance and we were able to give the BPO agent that report as well with all of the deferred maintenence required. The BPO agent said he thought he could hit our number, or even "a little less" if we wanted him to.
It doesn't hurt to attach the appraisal,

However, I'm don't think the negotiators pay much attention to it. Remember, the Appraiser work for the person who hires them. In the bank's eye, if you supply an appraisal for which the seller or the buyer paid for they may think there is some conflict of interest.

The Negotiator doesn't know what kind of relationship any of the parties (Agents, Seller or Buyer) has with this appariser. That is why they order their own appraisals or BPO.
Juan, Tim & Emily,

Thanks for the replies. The appraisal has been included with the short sale package. And, I'll definitely be meeting the BPO agents at the property.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

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