Bellevue WA – Buyers often contact me for advice on short sales. They are frustrated with the short sale process and want to know why their offer hasn’t been accepted.
“I made an offer on a short sale property six months ago. How come I haven’t received an answer yet?”, they ask me. Most people don’t know that it is fairly simple to determine if a short sale offer will be approved.
You simply need to know what the lender’s guidelines are for approval. Most lenders will first order an appraisal to determine the value of the home.
They don’t want to sell the home for less than the appraised value. The appraiser will look at recently sold properties and how they compare to the subject property.
They will use that info to determine the Fair Market Value. They turn in their report to the lender. The lender uses the reported value to accept or deny an offer.
If the offer is substantially lower than the appraisal, See Entire Story