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Including Appraisal with Short Sale Package

Posted by Scott Loper on April 16, 2010 at 3:39am in Short Sale Discussions
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.

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Tags: Appraisal, Indepedent
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Replies

  • Scott Loper April 20, 2010 at 6:22am
    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.
  • Juan Reyes April 20, 2010 at 6:05am
    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.
  • Tim Schmitz April 17, 2010 at 7:12am
    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.
  • Emily S. Knell April 17, 2010 at 6:05am
    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.'
  • Scott Loper April 17, 2010 at 5:51am
    Emily,
    Thanks for the reply and your input.
  • Emily S. Knell April 17, 2010 at 5:25am
    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.
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