Another short sale successfully closed. Had some more appraisal issues with the home not appraising for the contract amount but that is becoming more common these days it seems.
This property was listed for 119 days before we received a contract. I try and market the property the best we can in order to bring the best market offer to the bank. Once we hit the market price point, after a series of reductions, we got 2 offers in on the same weekend. These offers came just 16 days after we hit the market price on the homes asking price. We countered both and both increased the offer amount. We selected the higher offer and started the approval process.
Total process from acceptance of the initial offer, to the closing of escrow was 75 days. There was a time delay while addressing the issue of appraisal not coming in where offer price was. We had 2 offers within 500 dollars of each other. Somehow the appraisal came in at 84% offered price. Not sure how you can have 2 people willing to pay a certain amount and not get the appraisal valuation around the same but that is another post. Anyways, the new sales price had to be reduced and obtain another approval from the bank. Received and closed in no time.
I know 75 days doesn't sound that great but considering how some of these are going for others I read about, I would have to say I am happy with 75 days including a re approval for a lower price.
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