Thursday, October 6, 2011 / by Lynn Horner Baker
North Metro Atlanta – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate.
Here is the process your agent needs to follow to ensure an accurate appraisal.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The person doing the appraisal doesn’t understand why the home is selling for a specific sales price. They don’t understand why buyers are only willing to pay X. That is why your agent must explain that to them.
First, your agent should always meet them at the property and bring a detailed Comparable Market Analysis (CMA) with them.
The CMA should include at least 3-5 comparable sold homes, 2-3 comparable homes currently under contact, and 3-5 active competing homes currently on the open market.
They should put together a detailed CMA using the sold comparable sales. They will give that CMA along with the actives and pendings to the person doing the appraisal.
They will ask them what they feel the value of the house is. Then, your agent should show them the MLS history of showings and agent comments, when available, and explain why the house is only selling for X.
The key with the CMA is to use the closest comps available. You can use 1-2 REO comps when a real estate agent is doing the appraisal. Appraisers want the closest geographic comps available.
A real estate agent will use your agent’s comps most of the time. An appraiser won’t do that very often. 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 at Horner Baker Partners. North Metro Atlanta Short Sales Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
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