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June 2, 2009 at 10:42 PM in reply to: Strategies if the appraisal comes below the price in Escrow #409646June 2, 2009 at 10:42 PM in reply to: Strategies if the appraisal comes below the price in Escrow #409892
SD Realtor
ParticipantDepends on which side of the transaction.
When a lender reviews offers for a short sale, part of the valuation process they perform is to obtain an appraisal, and/or obtain a BPO.
When you the buyer need to obtain an appraisal for financing, it is a nightmare now. With the new rules in effect, the appraisal is ordered through an appraisal management company. That company will contact an appraiser. In some cases you the agent are not allowed to have any contact with the appraiser and the appraisal management company. Getting an appraisal done in the 17 day contingency period is very challenging now.
June 2, 2009 at 10:42 PM in reply to: Strategies if the appraisal comes below the price in Escrow #409954ParticipantDepends on which side of the transaction.
When a lender reviews offers for a short sale, part of the valuation process they perform is to obtain an appraisal, and/or obtain a BPO.
When you the buyer need to obtain an appraisal for financing, it is a nightmare now. With the new rules in effect, the appraisal is ordered through an appraisal management company. That company will contact an appraiser. In some cases you the agent are not allowed to have any contact with the appraiser and the appraisal management company. Getting an appraisal done in the 17 day contingency period is very challenging now.
June 2, 2009 at 10:42 PM in reply to: Strategies if the appraisal comes below the price in Escrow #410105ParticipantDepends on which side of the transaction.
When a lender reviews offers for a short sale, part of the valuation process they perform is to obtain an appraisal, and/or obtain a BPO.
When you the buyer need to obtain an appraisal for financing, it is a nightmare now. With the new rules in effect, the appraisal is ordered through an appraisal management company. That company will contact an appraiser. In some cases you the agent are not allowed to have any contact with the appraiser and the appraisal management company. Getting an appraisal done in the 17 day contingency period is very challenging now.
June 2, 2009 at 9:39 PM in reply to: Strategies if the appraisal comes below the price in Escrow #409361ParticipantYes I believe the bank will. Have your agent send the listing agent your appraisal. The listing agent will send it to the negotiator. This should be a no brainer.
Just my guess. I had an appraisal come in 35k under the approved price and Wells agreed to it a few months ago.
JACQ my mistake… Is the BPO that was done coming in 7k higher then your offer or was the appraisal your lender got done for you 7K lower then your offer?
If the BPO was 7k higher then your offer I would say just pay the 7k. When you open escrow and get your appraisal done, if your appraisal doesnt come in then do what I said above.
June 2, 2009 at 9:39 PM in reply to: Strategies if the appraisal comes below the price in Escrow #409599ParticipantYes I believe the bank will. Have your agent send the listing agent your appraisal. The listing agent will send it to the negotiator. This should be a no brainer.
Just my guess. I had an appraisal come in 35k under the approved price and Wells agreed to it a few months ago.
JACQ my mistake… Is the BPO that was done coming in 7k higher then your offer or was the appraisal your lender got done for you 7K lower then your offer?
If the BPO was 7k higher then your offer I would say just pay the 7k. When you open escrow and get your appraisal done, if your appraisal doesnt come in then do what I said above.
June 2, 2009 at 9:39 PM in reply to: Strategies if the appraisal comes below the price in Escrow #409847ParticipantYes I believe the bank will. Have your agent send the listing agent your appraisal. The listing agent will send it to the negotiator. This should be a no brainer.
Just my guess. I had an appraisal come in 35k under the approved price and Wells agreed to it a few months ago.
JACQ my mistake… Is the BPO that was done coming in 7k higher then your offer or was the appraisal your lender got done for you 7K lower then your offer?
If the BPO was 7k higher then your offer I would say just pay the 7k. When you open escrow and get your appraisal done, if your appraisal doesnt come in then do what I said above.
June 2, 2009 at 9:39 PM in reply to: Strategies if the appraisal comes below the price in Escrow #409908ParticipantYes I believe the bank will. Have your agent send the listing agent your appraisal. The listing agent will send it to the negotiator. This should be a no brainer.
Just my guess. I had an appraisal come in 35k under the approved price and Wells agreed to it a few months ago.
JACQ my mistake… Is the BPO that was done coming in 7k higher then your offer or was the appraisal your lender got done for you 7K lower then your offer?
If the BPO was 7k higher then your offer I would say just pay the 7k. When you open escrow and get your appraisal done, if your appraisal doesnt come in then do what I said above.
June 2, 2009 at 9:39 PM in reply to: Strategies if the appraisal comes below the price in Escrow #410058ParticipantYes I believe the bank will. Have your agent send the listing agent your appraisal. The listing agent will send it to the negotiator. This should be a no brainer.
Just my guess. I had an appraisal come in 35k under the approved price and Wells agreed to it a few months ago.
JACQ my mistake… Is the BPO that was done coming in 7k higher then your offer or was the appraisal your lender got done for you 7K lower then your offer?
If the BPO was 7k higher then your offer I would say just pay the 7k. When you open escrow and get your appraisal done, if your appraisal doesnt come in then do what I said above.
ParticipantWent there today. Oh man… Very poor floorplan. Yeah the flooring is … well… not quite my taste. The home backs up to power lines and sits far back on the lot. It is squeezed into a tight lot. Very tiny backyard. The living room has two windows that have a great view of the side yard. The master bedroom is downstairs right off the family room. Upstairs there are 2 bedrooms and den. Not a great layout. I have seen many better floorplans for 200k less in LCV.
ParticipantWent there today. Oh man… Very poor floorplan. Yeah the flooring is … well… not quite my taste. The home backs up to power lines and sits far back on the lot. It is squeezed into a tight lot. Very tiny backyard. The living room has two windows that have a great view of the side yard. The master bedroom is downstairs right off the family room. Upstairs there are 2 bedrooms and den. Not a great layout. I have seen many better floorplans for 200k less in LCV.
ParticipantWent there today. Oh man… Very poor floorplan. Yeah the flooring is … well… not quite my taste. The home backs up to power lines and sits far back on the lot. It is squeezed into a tight lot. Very tiny backyard. The living room has two windows that have a great view of the side yard. The master bedroom is downstairs right off the family room. Upstairs there are 2 bedrooms and den. Not a great layout. I have seen many better floorplans for 200k less in LCV.
ParticipantWent there today. Oh man… Very poor floorplan. Yeah the flooring is … well… not quite my taste. The home backs up to power lines and sits far back on the lot. It is squeezed into a tight lot. Very tiny backyard. The living room has two windows that have a great view of the side yard. The master bedroom is downstairs right off the family room. Upstairs there are 2 bedrooms and den. Not a great layout. I have seen many better floorplans for 200k less in LCV.
ParticipantWent there today. Oh man… Very poor floorplan. Yeah the flooring is … well… not quite my taste. The home backs up to power lines and sits far back on the lot. It is squeezed into a tight lot. Very tiny backyard. The living room has two windows that have a great view of the side yard. The master bedroom is downstairs right off the family room. Upstairs there are 2 bedrooms and den. Not a great layout. I have seen many better floorplans for 200k less in LCV.
June 2, 2009 at 9:30 PM in reply to: Short-Sale Shenanigans…….Gotta be a way to keep the listing agents honest #409351ParticipantHeller was the listing agent. He does alot of sales.
The agent for the buyer is not listed here. On the MLS he said it was an out of area agent. You can call, or ask your agent to call Hellers office to find out the name of the agent and where they operate out of. The deal was not cash. They financed 399k of the deal.
A client of mine was caught up in bidding for an REO awhile back and got outbid. The listing sold to an out of area agent, same thing. We did validate that it went for cash and we were outbid as well. So it wasn’t as bad as this deal. Sorry to hear about it.
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