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Updated almost 8 years ago on . Most recent reply

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11
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5
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Kenneth Mcgee
  • Houston, TX
5
Votes |
11
Posts

Need help or Short sale advice

Kenneth Mcgee
  • Houston, TX
Posted

Hello bp community, 

Need a little advice, I recently put a offer in on a short sale in July on a property that was listed for 205k. The closing was set for sept 11 and everything was going smooth, we got conditional approval thus far. So we put earnest dwn $2010 survey $440 and appraisal $550 so 2 days ago the appraisal came back at 230k, my realtor is inexperienced in short sales and had comps for 210k, so he really don't know what to expect. I've heard that listing agents usually list homes for under market value just to see if bank would accept offer, but to me it seems like they putting you in an awkward situation because if they come back and say hey we want  market value it's like buy it for 230k or lose 3k and start over. I know they can negotiate but have anyone ever dealt with this before? My realtor has reach out to listing agent but so far no word back, I guess monday they'll let us know what's going to happen. 

Any advice on what to expect or how to get around it? 

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