Wednesday, November 09, 2011 / by Lynn Horner Baker
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
We had a house on the market for 5 months. We started the price at 425k and slowly brought it down to 375k. We received no offers for 5 months.
Then, we finally received an offer for 350k. Since we knew the bank’s appraised amount, we knew that offer wouldn't work.
The bank’s appraisal had come in around 390k. (We didn’t think that number was the real value because buyers weren’t doing anything at that price.)
We knew that that current offer at $350,000 didn't have a chance at getting accepted.
In order to get this file through the process, we had two things to do.
1. Get a new, more accurate appraisal done.
2. Escalate the file.
To handle Part 1, we sent our own version of an appraisal to the lender. We explain to them why we did not think the appraisal was accurate and requested that they order a new one.
Then, we asked for their supervisor's contact info. The new appraisal came back at 380k. The buyer told the bank that they would pay 365k, but no more.
The bank accepted the buyer’s offer and we received an approval and the home sold a few weeks later. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at Lynn@HornerBakerPartners.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770 579-4060
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our North Metro Atlanta loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Lynn Horner Baker.
Lynn is a Real Estate Agent and owner of Horner Baker Partners. North Metro Atlanta Short Sales Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
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