Short Sale Question
I just bought my first property and am also trying to do a short sale. Her mortgage company is sending a real estate agent out to the property from my area. Anyone know what percentage of mortgage companies send someone out for an appraisal on a possible short sale? just wondering 
thanks
larryr,
All lenders order a BPO or full appraisal of the property before making their decision to accept or reject the short sale offer. If you read up on short sales enough, then you would have known that. But, you also learn from your mistakes.
Did you already buy the property? Or do you have it under contract? The reason I ask is because the owner cannot short sale their own home.
Tanya
I have it under contract, however I have not closed yet, figured It doesnt hurt to try. I have read alot of material on short sales. Dawn Bent and the other lady say to send all these pictures etc, etc, whats the point if they are going to send someone to appraise the property?
Larryr:
An appraisal as well as a BPO (which is more commonly used) is simply one persons opinion of what a property is worth. The appraiser/realtor will have their opinion and you will have yours. Your job, should you choose to accept it (I always wanted to say that) is to attempt to convince the appraiser/realtor that your estimate is closer to the "real" value of the property. Highlight the problems with the property (repairs, leaks, etc). If the property has alot of equity and is in perfect shape you are probably wasting your time but even then, it never hurts to try. Each bank has its own philosophy about short sales.
I've heard that for VA, FHA, and HUD, they'll accept an offer for 82% of the BPO.
As for other properties, I'm not sure if theres a number that goes across the board.
Anyone?