C Tann-Starr's Outside Blog

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Interesting Question... Can You Help A Blogger Out?

Melissa Polce, author of,  "FHA Appraisal Came in too high on Short Sale" has a simple request, but no answers. I'd like for you guys to go over there to her original post and answer her. 

It's not a huge post. There are no pictures, just a straight forward blurb on needing advice. She reports that she has never had this problem until now and that her clients' home has been on the market for approximately a year. They have been blessed with obtaining full price offers from buyers, however, each incident where the bank sends out appraisers the values consistently return for "higher and higher values, which knocks out the offers and now the bank wants us to relist the property." Hmm...

Melissa would like to know if you have any suggestions?

I am fascinated by this.

So would I.

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Comment balloon 13 commentsC Tann-Starr • June 01 2009 06:14AM

Comments

C- I will take a look at it. 

Posted by Jen Anderson (Exit By the Bay Realty) about 9 years ago

That is seriously NOT right. The banks just continue to make our jobs harder and harder. Going to go read it now.

Posted by Connie Harvey, Realtor - Nashville TN Real Estate (Pilkerton Realtors) about 9 years ago

Thank you Jen and Connie. I find myself wondering just how often that goes on. Are they trying to make the home go into foreclosure? Seems a shame the bank would do such a thing...

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

I'm not a realtor and certainly have no clue, but I do find it very interesting and very frustrating.  I checked out the post and left her a comment of support.  It was very supporttive of you to draw more attention to her situation.

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) about 9 years ago

Thank you, Sharon. I was over there this morning and wondering how no one could respond when it obviously would mean the world to her clients to get the help they need. Sometimes support is enough to keep people going on a positive note. I appreciate your response and kindness to Melissa. I'm always picking people's brains (LOL). I love AR. I'm looking forward to the answers.  :-)

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

I will go take a look, C.  Thanks for bringing this to everyone's attention.

Mama Liz's Signature

Posted by Liz Loadholt, Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC (Liz Loadholt- AgentOwned Realty- Covering SC) about 9 years ago

Above and beyond, C. You're great.

These banks keep punishing homeowners and shooting themselves in the proverbial you-know-what, don't they?

Posted by Judy Chapman (Referral Network of Illinois LLC) about 9 years ago

C - thanks for sharing this, I missed it. Haven't seen this problem here, myself.

Posted by Mike Saunders (Lanier Partners) about 9 years ago

Lots of times those BPOs are done by out-of-area agents who don't know the market. We submit our own CMAs with offers to justify the price, and that seems to help a lot.

sacramento agent

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) about 9 years ago

I'm interested in seeing this discussion.  Thanks for pointing it out.  Hope all is well.

Posted by Erik Hitzelberger, Louisville - Middletown Real Estate (RE/MAX Alliance - Louisville REALTOR-Luxury Homes) about 9 years ago

I no longer work with short sales. Now I refer them out. Our area was not so badly hit by forclosures.

Posted by Lizette Fitzpatrick, Lizette Realty,Lexington KY MLS - Kentucky Homes - (Lizette Realty - Lexington KY - Richmond KY) about 9 years ago

Liz, thanks for looking. :-)

Judy, I am amazed at some of the things we periodically go through. :-)

Big Mike, my list of problems would probably make your nerves twitch(LOL).

Elizabeth, I'm constantly crunching my own numbers and am amazed when people argue subjectively instead of ojectively when you produce the actual data. It is what it is. I lost a sale today because a friend brought a friend who started acting as if she were the Realtor instead of me. She even disputed the listing price (LOL). I went back to the car after that. What could I possibly say? Sometimes you have to back up and shut up when you realize you've just lost the best part of your day to aggravation... Oh well... at least I'll be in CT collecting eye candy tomorrow. I hear that Yale is beautiful this time of year. :-)

Erik, life is a bowl of... (LOL) ;-)

Lizette, may God continue to bless you. :-) I'm ambivalent about short sales. I may be doing another one because of the equity return on investment for my buyer (if people would stop removing stuff from the home). It's advertised as having an above ground pool. We go out with check books, binders, two cars full of people. The fence was pushed down and the entire pool disassembled and removed... Hmm... couldn't get the listing agent to answer his phone so I don't know if he made a mistake with his REO property listing, if it was sold or if it was possibly stolen. The double deck is still standing and there's a beautiful depression where the pool used to be (LOL). I can't believe I gave up dinner and a movie with my kids for this. Oh well... it's only the third property we saw in Brentwood with a mysteriously missing pool. Trend? Don't know... killed the sale though. I'm hoping a second look and lower price might entice the bank and buyer to come to an agreement. :-)

 

 

Posted by C Tann-Starr (Tann Starr & Associates, Inc.) about 9 years ago

I'm going to go look at that post. Thanks for bringing it to our attention. We have had trouble with banks listening to our side of the comps, even when we provide our own CMA.

Sharon

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) about 9 years ago

Participate