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Low Appraisals: another step in the Short Sale process
Low Appraisals: another step in the Short Sale process It can happen; you have received written Short Sale approval and the Buyer completes their appraisal and the appraisal comes in below the Seller’s Lender’s approved sales price. Now what?
We’ll likely see more of this here in South Florida and nationwide where Sellers Markets are being experienced. Here in South Florida, homes can’t hit the Real Estate Market fast enough for a Buyer to want to swoop it up which will drive up prices resulting from multiple property offers leaving the lower sales prices of the last few months in the dust! We simply do not have enough homes for sale to meet the demands of the Buyers. The law of supply and demand.
When the Buyer’s appraisal comes in below the approved Short Sale price, you don’t have to panic in thinking that your Short Sale will now fall flat on its face. This can happen and you just have to know the process in obtaining a new Short Sale approval from the Seller’s Lender. The Seller’s Lender will want to see the Buyer’s appraisal, along with an adjusted estimated settlment statement from the Title Company reflecting the reduced net that ... more

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