Craig Siphers, Your Trusted Bitterroot Valley Real Estate Advisor (EXIT Realty Bitterroot Valley, Inc.)

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Rainmaker
3,296,258
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

In the short sale world there is no usual and no average, each bank makes their own rules and they can change for every property. Right now i am seeing current market value less any repairs is only what most banks will take. They dont want the loss and dont need to take it, 

Oct 30, 2015 10:33 PM
Rainmaker
3,333,268
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

The truth is that there is no "usual"....I would have words with higher authorities on 105 per cent of anything or look at the appraisal for holes in it...

Oct 30, 2015 10:15 PM
Ambassador
5,209,255
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

People say a lot of things during a negotiation, some of it is true.

I would decide what I was willing to pay rather than letting them decide what they want to accept.

Jan 06, 2019 10:07 PM
Rainmaker
3,069,684
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Scott nailed this one!

Oct 10, 2016 11:56 PM
Rainer
8,223
Craig Siphers
EXIT Realty Bitterroot Valley, Inc. - Stevensville, MT
Your Trusted Bitterroot Valley Real Estate Advisor

Hey, Acitve Rain Friends who weighed in on this one and you all had sage advice.  We have been working on this for better than a year.  We did get acceptance several times at 95% of the appraisal.  Have not closed yet but I'm hopeful after at least 7 (yes you read that right) appraisals later.  This is efficiency? If I were a share holder in Wells Fargo, I'd be "Can you imagine if we actually treat people well and be efficient?"

2009 was a hurt but since then, these idiots still make money.  Sorry for venting.

 

 

Apr 08, 2016 09:29 AM
Ambassador
4,312,167
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Craig Siphers I'd say, this depends on the lender. As Scott Godzyk said, there are no norms!

Oct 31, 2015 02:09 AM
Rainmaker
3,953,491
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Although we compare averages and median in our business, it is comprised of individual transactions.   Short sales are not as common in our market as they are in others but we are often finding distressed sales selling at or above their list price.

Oct 31, 2015 12:46 AM
Rainmaker
1,378,714
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

We put an offer on a reverse mortgage here and it sold higher than expected and needed a lot of work. The banks have deeper pockets and it does vary from property to property.

Oct 30, 2015 11:31 PM
Rainmaker
292,535
Jack Lewitz
Exit Strategy Realty - Evanston, IL

Banks do BPO's and and then use that information to give you an approval letter . 

Oct 30, 2015 11:00 PM
Rainmaker
2,441,966
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

It used to be 85% in my market, but I haven't done short sales since 2010.

Oct 30, 2015 01:05 PM
Ambassador
1,563,268
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

It just depends. Usually if we are in the ballpark, and the bank is motivated, then they take it. Also depends on how long it's been on the market. 

Oct 30, 2015 12:20 PM
Ambassador
3,986,518
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I have had some go for 12% under and others that held tight close to appraised value. I think it depends on the negotiator.

Oct 30, 2015 11:21 AM