San Diego Short Sale Blog!

What to Do If Lender Rejects Your Short Sale Offer

San Diego CA – Don’t give up! There are always options when the lender will not accept an offer.

Sometimes the lenders can be difficult to allow a short sale when they have an appraisal that has over valued the property. If the buyer will not pay more and the market is such that you cannot get a higher offer to please the lender, there are several things a qualified San Diego short sale expert can do for you.

Find out how other sellers did a successful short sale and request a free consultation by clicking here: http://www.SanDiegoShortSale.us

We had a condo on the market for 2 months. We started the price at 200k and slowly brought it down to $175,000. We finally got an offer for $160,000. The lenders will not always disclose what appraised value they received but I was able to get the information on this transaction and I knew they would not accept an offer of $160,000 without further negotiation.

The bank’s appraiser said the condo was worth $190,000. I knew that that current offer at $160,000 would have to be supported by supplying a more accurate Broker Price Opinion (BPO).

I was able to get this San Diego short sale approved by doing two things:

1. Escalating the file to a supervisor.

2. Educating the lender that their appraisal was overvalued and that they should order a new one.

Accomplishing Part 1. I request the file to be escalated to a supervisor who may have more authority to override an inaccurate appraisal and order a new one.

Accomplishing Part 2. Sending my own accurate analysis of the property value usually does the trick. My experience with providing Broker Price Opinions allows me the knowledge needed to pull the best comps for the lender’s review.

When the lender orders a new appraisal the value should come back within the appropriate range, and the short sale will be approved. I was successful using this technique on this property and others.

Owe more on your property than it is worth and want to sell it? I can help you short sale your property and negotiate a full release of the liens and notes. Send me an e-mail at Clay@CityFiedRealty.com. I will contact you for a free consultation.

During the consultation I will explain how short sales work in detail. Call me at (619) 663-9268.

Discover how other sellers successfully completed a short sale and request a free consultation by http://www.SanDiegoShortSale.us

Looking forward to hearing from you, Clay Gosnay.

Phone: (619) 663-9268 Clay@CityFiedRealty.com

http://www.CityFiedRealty.com

Clay Gosnay has lived and worked in San Diego California since 1989.
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