Wow what a ride it has been so far. These short sales are really like a roller coaster ride that you may end up at the top of the loop hanging upside down. They are crazy here in Prince William County VA. One minute they are on and the next day they are off. First trust lender approves short sale with a deadline but wait, second trust lender gets stuck in the mud and can not make a decision. Deadline passes and presto! The second trust is approved for short sale. Now the listing agent has to put up $2200 out of his own pocket to the first trust loan holder for foreclosure attorney if we do not close by the 24th. Back on.
But wait there is more, "The Appraisal". So I am talking with the appraiser and ask how he will adjust for the difference in the amount of land from the subject property to the closest comp, a little over an acre more. His response, most of the time we just see land as more grass to cut. Say what! Hello, they are not making any more land. I could not believe those words came out of his mouth. This was an experienced appraiser. No wonder so many deals are being killed by the appraisal.
No, there can't be more? Yep. You see I then asked how he would value the granite fireplace surround and hearth. Well, I will not, unless it is in the listing. Hmmmm, you are staring right at it. No I can only compare what I see in the listing. Okay, so I remember someone telling me this years ago that I had forgotten. Change the remarks in your listing after the property goes under contract from the public view to the appraisers eyes. Good luck!
Comments(0)