I've never challenged a valuation but it's good to know it's possible, especially since we handle so many of them here in NJ!
Just went through a Wells Fargo short sale that required a challenge to the value set by the BPO. It was embarassingly unrealistic...it took effort, but the deal closed two weeks ago. ( There are several so called short sale experts who claim Short Sales are not negotiated, merely faciiliatated...I disagree...they often require skilled negotiation). It sounds as if you too, "get it."
Debb - Yes. it's refreshing to find some else that "get's it." Here, it's become the norm for every agent to take short sale listings even if they don't understand what it takes to get them closed. They pass them off to the title companies who are happy to "facilitate" at no cost to the agent, but by state law they can't negotiate. They can upload documents and relay messages but that's all. They can't raise questions, challenge a decision or go to battle for the distressed seller. I had one local agent tell me it's just a numbers game. Take as many short sale listings as possible, let the title company deal with them, and free up your time to go get more short sale listings. He said even if they only close 50%, he is still better off financially in the long run. Is this in the best interest of his seller clients? Of course not, but it IS in his best interest. Personally, my success rate for my short sale clients is 100%. As one who "gets it", I'm sure you know the herculean effort it takes to keep that record!
Wayne - It really is a straightforward process, so if you truly believe a valuation is inaccurate, don't hesitate to give it a shot.
Lisa - Patience, absolutely. The best way to get buyers to hang in for the long haul is to manage expectations from the very beginning.
Good morning Janna,
Excellent post, points that many agents are not aware of. Short Sales can be successfully negotiated, but it takes knowledge and patience!