I have a house which we tried to short sale but our bank (us bank) denied the short sale because it apprised at 148,000 and will only take 132,000.

Asked by Keyonna Gonzalez, Presidio, TX Thu Dec 6, 2012

What can we do?

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Susan Black’s answer
Susan Black, Agent, Sun City, AZ
Thu Dec 6, 2012
Fight the BPO- Appraisal- It is a long shot but I've had this happen several times. If your agent can show other comparable values in the lower price point sometimes the bank MAY consider it. IT is unlikely, however if enough time has lapsed from the last BPO/Appraisal sometimes it will expire and you can try again if you are in a community that the values are declining. If the area market is in recovery and values are going up, you haven't got a chance. Another strategy is to show items on the home that are major cost in repairs showing pictures relating to those items or contractors repair estimates can also affect the banks decision. It is a challenge in convincing the argument but your agent has to be somewhat forceful and tactful in communicating the issues. Good example of this is an AC unit not working. I was able to negotiate it to be replace by the bank to sell the home to a first time home buyer with FHA financing but not the Cash investor buyer, instead was able to get the bank to reduce the price in lieu of the ac unit on the cash purchase. This may not be the be your situation. But if you are creative you may think of some serious issues that need addressed in your home to reduce the price. Just a thought.
Best Wishes for Success!
Susan Black
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Thu Dec 6, 2012
call me i can help you get in touch with correct people

That's what i thought. VA Compromise sale is a va short sale Particular guidelines need to be adhered to.

Search foreclosures and short sale here: http://www.BuyNJShortSales.com

"Nobody Sells More Real Estate than RE/MAX"

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo When you want it Sold Fast!
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes
Keyonna Gonz…, Home Buyer, Presidio, TX
Thu Dec 6, 2012
Its a VA loan and it was on the market for a year.
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Thu Dec 6, 2012
Is your home loan an FHA or VA?
How long has your home been on the market?

Your bank has put a NET NET number on your sale. Many times it is because of Mortgage insurance or FHA/VA loan types. If it isn't then it could be the loan is the bank's personal holding, very rare but possible. Meaning it is not a Fannie or Freddie loan.

You can get around it but it takes a little savy work. Your negotiator should be able to handle this for you. You can get around this but an escalation process will need to be done.

Search foreclosures and short sale here: http://www.BuyNJShortSales.com

"Nobody Sells More Real Estate than RE/MAX"

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo When you want it Sold Fast!
RE/MAX Preferred
609-868-1171 call / text / email 7 days
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes
terryriw53, Agent, Sewell, NJ
Thu Dec 6, 2012
Challenge US Bank. Have the buyer's agent provide a list of comparables that justify their offer price. If there are circumstances and issues with your home that affect the price, then include those photos. If there are issues that are not easily visible or able to take a photo of then get 2-3 estimates for costs to repair. Remember, banks will only include repair/replacement issues for items that are none functional or missing. If an issue deals with something being outdated, the banks do not take that into account. An exampe would be that the home has an old inefficient oil burning furnace and the buyer will want to replace with a more efficient gas furnace. Banlks won't care. I do a large number of short sales and I am called by the banks to give market evaluation for their properties. I know what they look for and what they take into account. If the buyer's agent cannot provide comparables that are better then the appraiser provided to justify their offer, that bank will not beleive that the price being offered is within the market price range.
Also, remember that the banks really don't care what sellers sell their homes for, just what they will take to release the lien. If the seller has no money to make up the difference between offered sale price and what the bank will take to release the lien, then the seller has to go back to square one and try to locate a buyer that will pay the amount needed to release the lien from the bank.
0 votes
Ines De La C…, Agent, Marlton, NJ
Thu Dec 6, 2012
Hello Keyonna,
Thanks for your question.
Did your agent sent them comps that go around the price the buyer is offering? Has your agent sent them pictures to justify a price lower than what the bank BPO came out?
Sent to the bank and see what they respond to your agent.
You can show the bank what the house is worth or at least give it a try.
Good luck!
Best Regards,
Ines De La Cruz
RE/MAX Connection
To view all the homes in SJ visit http://www.inesdelacruz.com
0 votes
Andrew Tisel…, Agent, clifton, NJ
Thu Dec 6, 2012
keep speaking with the lender and keep trying to get a better offer. Hey you have free rent anyway
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more