Appraisals + short sales = no sale

On at least 2 different occasion this month a short sale transaction closing has been delayed because of a low appraisal.

You can imagine the frustration of everyone involved. The listing agent and the seller were successful in getting the seller’s lender to accept a reduced payoff of the seller’s mortgage. The buyer and their agent were excited to know that the short sale contingency had been met and the seller would be able to close.

All for naught however as the buyer’s appraisal of the property, required by the buyer’s lender, came in lower than the agreed upon short sale price!

Appraisers no doubt are being very careful as home values are bound to be affected by the numerous foreclosed properties hitting the market.


Related Florida real estate views:

How can I make sure I am not paying too much for a home?

Buyers suing over real estate appraisals

Orlando real estate - Selling your home tip #1.


- Greg Staker - Watson Realty Corp. - 407-304-0255

Short sale expert

Is it possible to be an expert auto mechanic if you have never worked on a car but took a class about working on cars?

Can you be an expert cook from watching a cooking video?

Many agents are claiming to be short sale experts and yet have not closed even the first transaction that was contingent upon a short sale.

That worries me.








Related Florida real estate views:





Real estate agents would be wise to pick short sales over long sales.





Battle of the short sale: Just say no





Short sales may be an option to some homeowners






- Greg Staker - Watson Realty Corp. - 407-304-0255