HUD Uses Zillow Valuations on Short Sales
Coming up with a home sale price on a RI short sale should not be like bobbing for apples. Should it? All I can say that my last short sale approved sales price was from Zillow! Yes, both my seller and I happened to look at their zestimate and lo and behold were struck it was the new price the bank wanted. The buyer could not believe it either since his family had found the same figure online.
Now the BPO had been done before I listed the home as a short sale. The bank appraiser knew the neighborhood and current comps. I am sure he did not come up with this figure. My comparable home price analysis was a couple of thousand below this bank approved price. Condition, location and the right price makes a RI real estate sale happen whether it is a regular sale or a short sale.
My experience on pricing well has been very good on short sale property and rarely challenged by the bank. Yes, I do get a bit upset when even my current home price is not supported by the new 'Z' price. I take ownership in my home pricing!
Well the home buyer really wanted this house and has accepted the new price the bank is asking for (demanding). Personally, if I were representing the buyer, I would have done the comps and sent it back in holding firm with my offer but it is not my call. Representing the seller is my business here and all I want is a good strong offer to make the short sale lender happy. We got it, we now wait for the approval letter and I am happy to say my seller will be given relocation expenses.
Just what galls me is that the new number looks like it comes from Zillow!
Ginny Lacey Gorman is a Rhode Island coastal real estate agent who works and knows the RI geographic area of homes for sale, schools, happenings and important tidbits of information well.
Coastal, water view, ocean front, luxury and waterfront Rhode Island real estate are my specialty. If you are considering Buying, Selling or Relocating to Rhode Island and need a real estate Professional it would be my pleasure to help you! When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849 or email at RiByTheBay@gmail.com.