Denver, CO – It is very helpful in loan modification and short sale negotiations to know the fair market value of your home. You can use the value to convince your lender to accept your loan modification or short sale offer!As an experienced Short Sale Realtor, I can help you determine the value of your home. Here’s how I do that.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
First, I will look at ALL of the homes similar to yours that have sold in the last 6 months. I will pick out the 3 homes that are most similar to yours.
Here are a few things that will cause me to pick one home versus another: Home has very similar features, number of bedrooms, and number of bathrooms. I also prefer to use bank owned and short sale properties.
Yes, it is true that bank owned properties usually sell for less than non bank owned homes. But, if your lender denies your loan modification or short sale and chooses to foreclose, then they will be selling the house as a bank owned property.
I might as well use the comparable sales closest to how they will be selling the property. After I pick out the 3 closest comparable sales, then I do a Comparable Market Analysis.
First, I make adjustments to the other sales. For example, if a home has 10% more living space, then I might adjust it’s comparable value by 5-8%.
After I make all the adjustments I average the sales price of the 3 similar homes. That gives me the fair market value of the home.
This process is very similar to what appraisers do, but it is not an appraisal. Rather, it is a Realtor’s Professional Opinion of your home’s value, based on previous sales. These SOLD properties tell us what the Buying Market is willing to pay!
Remember, it is THAT Buying Market that truly dictates what the Market Value really is!!
What do banks rely on? They will perform their own Broker’s Price Opinion. The short version is BPO. Is it a good valuation of your home? The banks do believe they are, and that is why they hire third party companies to hire local Realtors to perform the BPO.
In fact, they have used another Realtor’s opinion of the value to determine if they should approve or deny a short sale. Make sure your Short Sale Realtor is on board with how to work with a Realtor performing a BPO on your home so that it truly reflects what is going on in this neighborhood!!
Thinking about a Short Sale?
I can help you short sale your property and never pay the bank another penny. 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.
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!
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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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 RE/MAX Alliance.
This information on Stop Foreclosure: Determining the Value of Your Short Sale Property!, is provided as a courtesy to our viewers to help them make informed decisions.
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