Best of Luck,
Century 21 Tenace
Many people think, or have been told by someone, that short sales can be bought for UNDER market value. NOT TRUE.
And, now in OC with prices rising everyday, multiple offers on every property, appraisals are coming in higher because the comparable properties are selling at higher prices.
This will sound harsh - not meant to be but it's reality - Pay what the bank is asking or find another property you can afford.
I hate to hear this. I always urge my clients not to get too hung up on a short sale listing. There are just too many what if's.
I take my hat off to you for waiting so long.
The main problem with a short sale is the BANK, they hold the power. The seller can accept an offer but they have no control over the offer actually being approved by the bank.
Sadly, there is nothing you can do in this case ,but pay the higher price the bank came back with or move on t to another property.
I really wish you the best on this!!!
Kawain Payne, Realtor
I understand your situation. It happens and it can be solved. Do Not Give Up. I am not sure why do you say " I lost my opportunity"? Did they accept another offer? If not, ask your agent to do more research in comps. See if the bank appraisal price makes sense. If It does and you can still afford it, go for it. I am sure this house is something you like, otherwise you would not wait five months for it. The home prices are going up and lenders are trying to get as much as they can. I am sure with consulting with your agent who worked with you for a long time, you can own this home. If nothing, you are now a very experienced buyer=).
Best of Luck
Mortgage and Real Estate Broker
the banks' "appraisal" value; First off that's questionable. Did the bank send out a REAL appraiser & did they do a full blown appraisal report OR did they just send out a BPO agent who was in & out of the house in about 5min ?
You have a lot of time invested in this deal so don't give up yet. You might consider ordering your own Private appraisal RIGHT NOW to contest the value the bank has apparently come up with.
I had to do this recently with Union Bank, they came back at one number stating "This is what we found the value to be", I told them "you're crazy, this is what it should be" & I gave them proof from a formal appraisal that I had the buyer pay for. Now I have them in agreement with me & everyone is happy & moving forward.
Shoot me an email directly if you'd like to talk about this further, I don't look back on this same Trulia thread for answers posted after mine.
Emily S. Knell
Realtor Since 1996
Realty ONE Group
Short Sale Specialist - 99.8% success rate
Your frustration and disappointment comes across loud and clear.
As real estate professionals, we hear words just like yours every week.
Even my own buyers express exactly the same words.
As the weeks passed, they forgot.
Even though they read and signed the Short Sale Disclosure (you did also) that detailed the process, which was accompanied by my familiar words. "Welcome to the Wild, Wild West of Real Estate, where there is an illusion of rules, but anything can and does happen. This is a Short Sale."
Short sales are not for everyone. 70% of short sale offers FAIL. Usually because the buyer actually does not believe what they have been told and what they have read. The truth is..."It's all true!"
The chronic and poor inventory of homes currently for sale have pushed many unwilling buyers into the short sale arena. I must assume this is also your situation. All the 'good' homes are short sales. So you make a grab at the ring.
Because there is no 'good faith partner' on the other side of the negotiations involving a short sale, it is imperative that you have the proper physiological and purchase strategy or you will take a beating. As the least significant element in the process, you will be the most neglected. There is no level of yelling, screaming, pestering, calling, messaging or stalking that will change this reality. If you have what it takes to compete in the short sale environment, you should continue. If you are impatient, expect logical reactions, need a lot of hand-holding, have a time limit or are 'in love' with the house, this is NOT the market you should consider.
So, you want to try again. Let the data direct your actions. Ignore the list price. Make a commitment to your real estate consultant, and together:
1. clarify your objectives,
2. define your strategy,
3. do the market analysis.
4. write a clean offer.
5. KEEP LOOKING
Wishing the the very best of success
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL