Low Appraisals: another step in the Short Sale process

Real Estate Agent with eXp Realty

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 the investor will be receiving along with an addendum to the contract where both the Buyer and Seller agree to the reduced price.  You’ll wait again at this point which, you’ve likely gotten used to by now if you’re selling your home as a Short Sale or buying a home as a Short Sale. Typically, it should not be too long, as I’ve seen this being resolved within a week or two and 9 times out of 10 it goes favorable in that the investor agrees to the reduced appraised price. (Unless the investor is Fannie Mae, for example; another subject for discussion).

Hoping for a revised Short Sale approval letter and once you’ve received it, you can proceed towards closing on the Short Sale.  See, not so bad...just a hiccup along the way.

Short Sales can and will be challenging yet as long as you have an experienced Short Sale Real Estate Agent going to bat for you, the odds are in your favor.

Posted by

Subscribe to My Blog

The more you know,  the better prepared, the better the outcome.

Whether you're Selling your home in Coral Springs or Buying your home in Coral Springs or other Southeast Florida cities from Boca Raton south to Miramar, I promise to be on your side working hard for you as your Coral Springs Realtor and South Florida Realor. Helping homeowners with Coral Springs Real Estate and the Real Estate in surrounding cities such as Coral Springs, Coconut Creek, Parkland, Plantation, Pembroke Pines, Margate, Miramar, Tamarac and Sunrise in Broward county to the cities of Boca Raton, Delray Beach and Boynton Beach in Palm Beach county. 

 As your dedicated Coral Springs Realtor, Short Sale Specialist, Keller Williams South Florida Real Estate Agent, Coral Springs Short Sale Realtor, South Florida Short Sale Realtor and CDPE Certified Distressed Property Expert, I'm ready to work hard for you.

 Real Estate Promises Delivered

I'm looking forward to hearing from you soon. Please call me at 954-464-1100 or email me at: lynnp@ImagineYourHouse and it would be my pleasure to help you!

Learn more about me and Coral Springs Real Estate as your Coral Springs Realtor and Coral Springs Short Sale Realtor 


Copyright protected. Do Not Copy




This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Home Selling
Keller Williams 'Rainers
Short Sales and Forclosures ONLY
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Short Sale REALTORS®
short sale real estate agent
south florida short sale
short sale appraisals
sell home as short sale in coral springs

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Lynn Pineda

Real Estate Promises delivered in SE Florida
What is your Real Estate question?
Spam prevention

Additional Information