How Your Home Will Be Valued While Completing A Short Sale
Today I want to talk about what you should expect when working with your bank on a short sale. One of the most common questions I usually get when speaking with potential clients is always about how much money the bank will want; or if the bank will accept the difference between what their home sells for and what they owe the bank.
When I list a short sale property, I don’t look at what is owed to the bank for your property. What I’m concerned about is finding a fair market value for your property. A fair market value for your home can be found by looking at comparables, or similar homes within your area, and comparing their selling prices to what your home is currently worth. After determining the fair market value, we will make a proposal and submit an offer to the bank.
Once we submit your short sale file to the bank they will always do their own appraisal or BPO, which stands for broker’s price opinion, done to determine what they think is a fair value for the property. They will then base their response and acceptance on what we are offering versus the value that they have determined for your property. What matters most to the bank is getting the best possible price in today’s market for your home.
If you have any questions about your particular situation, and think a short sale is an option for you, call me, email me, or visit my website today.
More related articles on short sales:
Easing The Burden of a Short Sale With The Help of The HAFA Program
Latest News on Short Sale Deficiencies and the MARS Law
Important Steps You Need To Know In Order To Qualify For A Short Sale
Beware Of A Company That Tries To Charge Any Upfront Fees For Your Short Sale
When I list a short sale property, I don’t look at what is owed to the bank for your property. What I’m concerned about is finding a fair market value for your property. A fair market value for your home can be found by looking at comparables, or similar homes within your area, and comparing their selling prices to what your home is currently worth. After determining the fair market value, we will make a proposal and submit an offer to the bank.
Once we submit your short sale file to the bank they will always do their own appraisal or BPO, which stands for broker’s price opinion, done to determine what they think is a fair value for the property. They will then base their response and acceptance on what we are offering versus the value that they have determined for your property. What matters most to the bank is getting the best possible price in today’s market for your home.
If you have any questions about your particular situation, and think a short sale is an option for you, call me, email me, or visit my website today.
More related articles on short sales:
Easing The Burden of a Short Sale With The Help of The HAFA Program
Latest News on Short Sale Deficiencies and the MARS Law
Important Steps You Need To Know In Order To Qualify For A Short Sale
Beware Of A Company That Tries To Charge Any Upfront Fees For Your Short Sale
This article can originally be found at How Your Home Will Be Valued While Completing A Short Sale
Comments