Stop Foreclosure: Get the Right Value on the Denver Short Sale Appraisal!

Westminster CO – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is done with the right market value information! In an earlier blog, we discussed how important it was to know when the appraiser or real estate agent is doing the appraisal or BPO.

Here is the process the listing broker needs to follow to ensure a more accurate appraisal/BPO.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The person doing the appraisal/BPO doesn’t understand why the home is selling for a specific sales price. They don’t understand why buyers are only willing to pay a certain contract value. That is why the listing agent must explain that story to them.

First, your listing agent should always meet them at the property and bring a detailed Comparable Market Analysis (CMA) with them, whenever possible. Appraisers do like getting MORE information in order to assist them in their evaluation!

It means they do not have to spend more time chasing down information that might be difficult to locate. Thus, getting the appraisal/BPO done in a timely manner.

The CMA should include at least 3-5 comparable sold homes, 2-3 comparable homes currently under contact, and 3-5 active competing homes currently on the open market. When we talk about short sale listings, the best comps are other short sales listings or foreclosed listings!

Also, appraisers want the closest geographic comps available.

In order to better tell the story of this property, the listing agent should show them the MLS history and explain why the house is only selling for this amount. More supporting data will HELP the process!!

Also, our Short Sale Team likes to use a "property condition" report, that the sellers filled out when the listing agreement was done. Why?

This information includes items that need repaired or replaced and an estimated cost of those tasks! This is provided to the appraiser or real estate agent doing the appraisal or BPO. Again, this input helps tell the story of this property!

A real estate agent will use the listing agent’s comps most of the time. An appraiser will be receptive to taking the information, and it is the listing agent's job to "encourage" the use of their input!!

Thinking about a loan modification?Our Westminster loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Request your FREE copy, below!


Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at denverforeclosureblog@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-521-0984

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Dan Hopper.

View My homes for sale at www.danhopper.com.

Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

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http://denverloanmodhelp.com/?p=265

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Important Notice

Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Dan Hopper's personal views and do not reflect the views of Remax Alliance.

This information on Stop Foreclosure: Get the Right Value on the Denver Short Sale Appraisal! is provided as a courtesy to our viewers to help them make informed decisions.