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A small tip on Short Sales....It may help you
Know the value of the home
When I say the “value of the home” I mean the value the Bank is going to accept. This is actually a range. Know the high value, and the low value. This is important because the bank is going to approve the short sale price based upon the comparison analysis method of appraising. They will not approve a value or price which is a below market so it’s important for buyers to know they are not going to steal the place and for seller’s to know they can’t give it away. The bank arrives at their value based upon “Broker Price Opinions” which are like appraisals only they have very strict rules regarding the evaluation process. Generally, the Broker performing the service can only use select comparable properties in their report. The limited selection tends to create a higher value than buyers are willing to pay. This inflated value is seen most when the home in question shows wear, has unique features, or is part of a declining marketplace where the next sale to be closed is the new low for the area. If the Listing and Selling agent know the Value Range they won’t ... more
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