Home Buying in Brentwood>Question Details

Frank Chu, Home Buyer in San Francisco County,...

what to do I put in a short sale and waiting for approval what if the bank appraises the house 20K than it is?

Asked by Frank Chu, San Francisco County, CA Mon Apr 6, 2009

worth I am not going to pay anymore than my down payment of 3 1/2 percent in most casses does the bank lower the purchase price to get the deeal done. I also am feed up with this because I blame the banks for taking so long to get back to you to close the deal of course in this market if banks takes months to approve the purchase price there might be a chance that more forclosures will cause price to drop.

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That's been the problem. By the time the bank figures out the value, it's dropping again. Although we're at the time of year, and there's so little inventory at the moment, that prices are more likely to be stable.

But there are a lot of other factors that will determine whether or not the short sale is likely to be approved. Market value is only a part of the equation. Make sure you understand the seller's situation - how many loans, who are the lenders/servicers, what are the balances, how far behind are they, do they have a legitimate hardship, did they obtain the loan legitimately, etc. etc.

Some banks are getting better about processing short sales, but it's still a difficult and LONG process...
0 votes Thank Flag Link Mon Apr 6, 2009
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