Chicago Short Sale Question: How Come The Bank Won’t Approve The Short Sale?

Chicago Short Sale Question: How Come The Bank Won’t Approve The Short Sale?

Posted on April 11th, 2012 in All Articles.

Chicago IL – The Stop Foreclosure Institute recently received a question from another agent named Tom. Here was his question.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

“I am negotiating a short sale with a bank. The short sale loan is a Veteran’s Administration Insured Loan. An appraisal was completed and sent to the lender. Here is the problem.

The home needs a lot of repairs. However, the appraiser never viewed the inside the house. I feel that the appraisal is innaccurate because he is not factoring in the necessary repairs.

What can we do. I don’t want to see my client lose his home to foreclosure. Tom.”

Here was our answer to Tom’s Question. Tom, here is what I would do.

1. Get your hands on a copy of the appraisal. Compare that with a Comparable Market Analysis done by a realtor. See if there is anything the appraiser overlooked.

2. Determine what other homes in similar condition to this home have sold for. Put together a Comparable Market Analysis using homes in similar condition as comparable sales.

3. If you see a big discrepancy, then contact the appraiser about it. In addition, I would check the VA Appraisal Guidelines. I am guessing that the appraisal guidelines require the appraiser view the inside of the home.

If that is the case, then contact the bank, VA, and the appraiser. Tell them what you have found. Ask for a new, more accurate appraisal that shows the home’s value in it’s current condition. Thinking about a short sale? Learn more from Chicago’s short sale expert at www.ShortSaleSuperMan.com

I can help you short sale your property and get back on your feet. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com. Learn more about Chicago short sales at www.ShortSaleSuperMan.com

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Phil Buoscio, Better Living Realty – Buoscio Brokerage, Inc., and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Phil’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..

This information on Chicago Short Sale Question: How Come The Bank Won’t Approve The Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.