Short Sales Maryland
Why does a Bank deny a Short Sale?
Reason #3:
The Offer is too low
Short Sale Offer Price is Too Low
Banks will normally request an appraisal or some banks may also order a BPO.
A BPO (Brokers Price Opinion) is a mini-appraisal that banks use in order to make a decision on a short sale. The BPO or the appraisal will be take in consideration relative to the comparables.
In another words: "What has similar properties been selling for in the last 6 months"
$$$$$$$$
When your listing agent submits the short sale offer, they should also include a comparative market analysis that justifies the price in the short sale offer. If the bank believes it can make more money by taking the property through foreclosure proceedings, the bank will then reject the offer.
Tip: normally your Realtor should protect you from low ball offers . . before an offer is accepted by the seller and sent to the bank, the offer has to be validated with a comparable.
To find out more if a short sale is an option for you:
(Click on the Image to Read our Ebook )
"Is a Short Sale an Option for You?"
"Need immediate help? call 240-426-5754"
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What is the difference between a short sale and a foreclosure?
In a short sale, you sell your home
In a foreclosure. . you lose it
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Short Sales Maryland / Virginia Realtors Experience doing short sales and helping to solve the Foreclosure Crisis one client at a time
Real Estate by Herboso & Associates
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