December 12, 2011 Blogging Challenge - Short Sales

December 13, 2011 scroll to read ...
Today I had to meet two appraisers - one for a CHAFA loan that has taken forever to come this far - yay, and the other for a short sale to lower the price. The appraiser for the CHAFA loan was very...

December 12, 2011 Blogging Challenge - Short Sales

Today I had to meet two appraisers - one for a CHAFA loan that has taken forever to come this far - yay, and the other for a short sale to lower the price. The appraiser for the CHAFA loan was very sure that the house would appraise beautifully, so there was not much discussion there.

butterfly

However, when the appraiser came for the short sale home, the learning began. I always like to be present for these appraisers, since they have a totally different exposure to the banks, and usually have a lot of information to share if you care to pick it up.

The Short Sale Appraiser was so cooperative and helpful - he sat down and we spoke for about 15 minutes after he was finished - spoke about how each bank is different. I have listings with Bank of America, CitiBank, and Wells Fargo. He began to tell me how each bank's history made their approach to the short sale process in our area different from another bank.

Bank of America is basically way behind the eight ball, and trying to catch up. Citi Bank has no desire to be in the same position, so they are working hard to stay ahead of the curve for these short sales. Wells Fargo did mostly new construction in California, and feel that they are fairly insulated from this disaster, and therefore may be a little tougher to deal with. That was the over simplified version.

This definitely gave me a better understanding of how to proceed with each listing, and I am grateful for that.

The Citibank seller then received an offer this evening, so we will see how all of this plays out for him with Citi Bank. We have been busy with the Third Party Agreement, the Arms Length Agreement, and the comps. The offer is a cash offer - we'll see if the bank likes that.

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