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appraisal question

Posted by nestor on June 28, 2011 at 11:43am in Short Sale Discussions
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?

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Replies

  • nestor 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.
  • nestor 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.
  • Branon Sebastian 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.
  • Janice MacMillan 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.
  • nestor 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.
  • Kimberley Kelly 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.
  • Jeff Payne 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?
  • nestor 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?
  • nestor 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...
  • Jeff Payne 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?
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