In Short Sale Should I Trust?
I have finally spoken to the loss mitigator today and discovered that with permission from the trustee and the court I can proceed with a shortsale if i re-pay the hud assistance. the mitigator said that a bpo would not be ordered but an as-is appraisal. has anyone dealt with an as-is appraisal? are they favorable? the mitigator agreed to 82% of that as-is appraisal but i am unsure wether to proceed with this deal. how harde is it to get permission to buy property?
Go to the appraisal, bring comps that are in your favor, and plead your case to him/her.
Good Luck!
"has anyone dealt with an as-is appraisal"
An appraisal is supposed to reflect the property's value. Not yesterday. Not tomorrow. But it's value at the instant the appraisal was performed. In it's as-is condition.
Sometimes, if it is known, in advance, that the subject property might be in need of repairs, appraisers are asked to guestimate what the property could be worth (today) if it were in excellent condition, needing no repairs.
To answer your question... follow the advice as posted by GetGoing, above.... but really do your field homework... make certain you have been through the subject property and have identified everything materially dificient... and bring these defects to the attention of the appraiser.
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