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Real Estate Short Sale Questions and Answers |
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Question: house appraisal for a short sale?
my spouse and I have put in an offer for a house, which is a short sale. country wide which owns the property had the property appraised last year in october for 475k. my spouse is an agent, her and her boss put an offer for that amount but asked for an updated appraisal. we feel as well as the listing agent for that property that the house is no were near the 475k amount. we had rencently put in a offer for 390k but they rejected it. can we still negotiate after they appriase the property? does the lender appriase the property or an outside agency?Answer: Get your own independent appraisal and match the numbers up ...
Get your own independent appraisal and match the numbers up with what CW gets.
I do the valuations for CW so I'm quite familiar with their model.Answer: On a short sale, the lender will request a Broker Price ...
On a short sale, the lender will request a Broker Price Opinion (BPO) and use this figure to set a minimum selling price.
The lender is trying to determine how to minimize their losses on the short sale. Generally, a price at or above 80% of the BPO would be acceptable, but this varies by lender, and is not a hard-and-fast rule.
If the BPO came in that high, then you might want to revise your offer upward a little bit. Right now, you are just above 80%, so that explains the rejection. If you think the market will support it, you might try to offer $400K-$410K. If you think values are lower, walk away, and find another house.
Good luck!Answer: Hi,
I work out of San Diego CA and I do a lot of short ...
Hi,
I work out of San Diego CA and I do a lot of short sales with Countrywide. To get a new appraisil the easiest thing to do is resubmit the short sale package. Countrywide will reassign the case to a new loss mitigator and thus grant an apraisil. The lender hires a real estate agent signed up with an appraisil company do do the BPO (Broker Price Opinion). Then it is turned in to the lender.
Please feel free to email me with any question. justinekesary@yahoo.comQuestion: The business case for a short sale?
Debating about short selling my current home: THe facts: +Home in Gilbert, AZ (Primary residence, 2-and-a-half years living in it) + Purchased in 2005 for $530,000
+ I have just been told by my agent that after looking at comps, I could list it for $430,000 to attempt to sell it (Currently 18.9% decline vs. purchase price, not yet considering any low-ball offers) +If everything goes according to analysts? expectations (what I read in the Journal, opinions from Credit Suisse, etc), the market would continue to slide in the months to come. (Additional 25% to 35%) + First Mortgage is for $360,000, 5/1 ARM at 5.25% but resetting in 2010. +Second Mortgage is for $150,000 fixed rate 7.45%. This second mortgage was originally 86k but I refinanced it +Provided there is a new law that Congress has passed (?Mortgage Forgiveness Debt Relief , would be liable for taxes if I pursue this short sale?Answer: Assuming you CAN get the short-sale approved.
I seriously ...
Assuming you CAN get the short-sale approved.
I seriously doubt if a bank is going to take a $100K loss on a loan amount that low.
No, you won't have to pay taxes on the loss....again, the banks aren't forced to take the loss.Answer: 3 things about your proposed short sale.
1. You have ...
3 things about your proposed short sale.
1. You have prove that you can't handle the payments. I see nothing about being late or moving towards foreclosure in your question...
2. You had a 1st mortgage for 360,000 and second for 86,000 (total of 446,000). You refinanced and took another 64,000 out. This 64,000 is the amount that puts you in trouble right now.
Congress' law addressed federal taxes only, you could still be liable for AZ state income tax (if there is one) on the difference.
3. The business case for a short sale is to contain the loss for the lender. You are in for difficulty because your first mortgage holder would get paid in a foreclosure (they are owed 360,000 and you can list at 430,000). It is the company with the second that is in trouble. The primary mortgage holder would be much better off if they just foreclosed (remember that a short sale is a loss mitigation measure and they won't lose in foreclosure). They would be first in line to get paid, they would get paid everything they are owed and they would be happy. The second mortgage company would probably be forced to buy out the first to see any cash...
I'm betting you aren't a candidate for a short sale from your primary mortgage lender.
good luck!Answer: Hi,
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http://doiop.com/e560kfQuestion: the pros and cons of short sale since house will not sale...living in NC area?
Answer: pros: Gets you out of the house, its better than a ...
pros: Gets you out of the house, its better than a foreclosure, doesn't look as bad on your credit.
cons: your credit will take a hit.Answer: Yep, it's that simple. A short sale, assuming that the ...
Yep, it's that simple. A short sale, assuming that the lender will agree to one, gets you out of the house. However, your credit report WILL take a pretty serious hit, just as bad as that of a foreclosure. The reason for that, of course, is you failed to live up to a financial commitment which you made, and it cost the lender serious money.Question: what is a short sale ?
i am looking to buy this house I called the court house they said the house was appraised at 33,000 but that is before the many updates they made to this 4 bedroom house its a small house on a big corner lot. the owner hasn't lived in it for sometime and it is going into forclosure it is up for sale for 72,900 . we are paying cash for the house but I don't think the house is worth it. I want to but a bid on it and with the housing market today I want to throw a low ball figure out of 40,000 to start im not sure what condition it is in cause it sat all winter long with no elect or water on. we had to use flashlight to tour the house and that made me wonder. that is why I am throwing such a low bid. and iwant to know what a short sale is?Answer: We offer You the opportunity to be trained by some of the ...
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GOOD LUCK! WITH YOUR DECISION!!Answer: A short sale is when an owner is trying to sell a house for ...
A short sale is when an owner is trying to sell a house for less than what is owed on their mortgage(s).
In a short sale, the person selling the house will have to get approval from their bank to be able to sell the house for less than they owe. Either their bank will take the loss (which saves them the cost of a possible foreclosure) or the person will have to pay them the difference.Answer: A short sale is a sales transaction in which the ...
A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. |
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Bank Foreclosure
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