The issue here is the short sale seller is broke, so that source of funding for the appraisal does not exist. The listing agent is taking a gamble already with all the time and money invested in the short sale on a transaction that may not actually be approved and close. It is unreasonable for that agent to be the source of funding.
However, most buyers will not invest the cost of the appraisal until the short sale is approved i. There are some occasions where the buyer may be willing to take that risk.
If the property has repair issues, the easiest thing is to get a licensed contractor to prepare a written bid for the repairs. Appraisals are expensive, so most agents will submit a Comparative Market Analysis CMA along with the history of the listing and comments by the Realtor however, if the buyer is willing to move forward with their appraisal this can also be submitted to the lender to reinforce the value.
If the lender responds back and states they require more money because their BPO shows a higher value, do not accept that as the final answer. Dispute that value by furnishing the sort of facts and figures that you see in the Fannie Mae procedure.
Since the lender is accepting less than is owed on the mortgage, in a short sale the seller cannot receive any proceeds from the sale. Basilio - a seller of a short sale does not make any money , on the contrary, they loose money and so does the bank.
Emilija Balahonsky Professional. Does Realtor get commission on short sale? In a short sale , bank pays all the costs including real estate commissions, closing costs for seller, etc. You should not have to pay for your Realtor's commission in a short sale - not ever. The Realtor's commission comes from the proceeds of the sale. Banks will pay commissions. Kennedy Nguema Professional.
Is a short sale bad for the buyer? A short sale results when sellers don't receive enough cash from buyers to pay off their mortgages. This might sound like a good deal for the buyer , but these homes usually sell "as is" and can take longer than usual to close.
Recuerdo Melia Explainer. Can a short sale close in 30 days? Mortgage lenders prefer to close short sales within 30 days or less after approving buyer offers. In fact, lenders often push for closing short sales within two to three weeks of sale approval. Who benefits from a short sale?
This type of sale requires the lender to approve of the deal. While short sales sometimes leave sellers owing money to the lender, they also provide an alternative to foreclosure.
In addition to helping the seller protect their credit, short sales offer a number of benefits to buyers. Shahnaz Schonig Explainer. Can you ask for closing costs on a short sale? Paying Closing Costs. Abderazzak Schoelhammer Pundit.
How do you win a short sale? How to Make a Short Sale Offer. Offer a Strong Earnest Money Deposit. Check the Comparable Sales. Ask About Competing Offers. Don't Ask for Special Reports or Repairs. Give the Bank Some Time. Assure the Seller You'll Wait.
Agree to Pay the Seller's Fees. Gerardina Verushkin Pundit. Why do houses go on short sale? A short sale is when a home owner sells his or her property for less than the amount owed on their mortgage.
Some banks get approvals in less than 30 days, while other banks' short sales can sometimes turn around in 24 hours. On the opposite side of the spectrum are other lenders so swamped with short sale submissions, their employees may not respond promptly. The process is generally as follows after submission of the offer and a complete short sale package from the seller:. Some short sales require additional levels of approval.
If a government entity is involved, you should add a couple of weeks to your short sale approval expectations. The process can be slowed if the loan has mortgage insurance that the borrower didn't add. If you're running past days, it's possible that the listing agent or a third-party negotiator is not on the ball and is lax about calling the bank.
Calling the bank often means waiting on hold for anywhere from 10 minutes to an hour or longer—not something anyone would look forward to multiple times.
An especially lengthy short sale period can also mean that the bank has internal problems, a staff shortage, or that it's lost the file a few times; this causes the listing agent to resend the package over and over again. An extended delay can also mean that the appraisal is substantially higher than your offer, and the listing agent is building a case for a new appraiser. If you see a home languishing on the market month after month as a short sale, it's usually not the lender holding up the sale.
The buyer might have canceled, which starts the entire process all over. Unfortunately, you can't always avoid problems on a short sale. One of the hardest things for buyers to understand is that threatening to cancel an offer means absolutely nothing to the bank. It doesn't care about the property's condition, location, repairs you want to make, or an urgent matter.
Your best bet—if you truly want the home—is to stick it out and wait. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance.
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