Short Sale - Week 3

Short Sale - Week 3

This is Part 3 of an on-going series documenting my most recent experience attempting to use Bank of America's Equator system to complete a short sale. You can find earlier posts in this series at:

Short Sale - Week 1

Short Sale - Week 2

November 29, 2010

• Met with the appraiser. I provided him with a full set of comparables showing that the purchase price offered by the buyers is in line with prices paid for similar homes. I also gave him information on the Homeowners Association and complex, the amount of the monthly dues, and what this amount covers. He told me he would submit the appraisal no later than tomorrow. But he had no idea how long it will take to enter the system.

December 1, 2010

• Got a call from the appraiser asking a question about the property. Of course, this is a question that I covered in the documentation I provided at the time of the appraisal. And it also means that the appraisal has not yet been completed. So much for his promise to have it submitted the next day!

Analysis - Days 15-21:

It's been a week of nothing to do but wait for the appraisal to be submitted. I was pleased that, in the world of real estate lending, it only took about a week to schedule the appraisal. Even more impressive was that the appraiser actually knows the area where the property is located and has done other appraisals here. Past experiences with short sale appraisers is that they cover a very broad territory. Often this means that the appraiser knows nothing about the property's specific neighborhood, and this almost always results in a bad appraisal. Some have been so bad that I have had to petition to have a new appraisal done.

Hint:

Make sure your agent meets the appraiser at the property and provides accurate comparables. If the home is part of a Homeowner's Association, have the agent also provides the appropriate HOA information to the appraiser. Your agent's goal should be to make the appraiser's job as quick and easy as possible so that your appraisal gets done in a timely manner.