Elk Grove Short Sale Sold in less than 1 week

Elk Grove Short Sales are moving fast!  This Elk Grove listing located at 8877 White Peacock Court is a short sale and sold with multiple offers in less than 1 week.  This seems to have become the norm in the current spring market!

In the past 6 months in Elk Grove, CA we have gone from over 2.5 months of Elk Grove short sale inventory down to less than 3 weeks inventory!  In March 2012 we had 3 times the short sale listings go pending as we had new ones come on the market.  We are seeing most short sales sell within the first couple of weeks on the market with multiple offers.

If you are an Elk Grove homeowner thinking about selling your Elk Grove home and you are upside down on your mortgage or behind in your payments, now is a good time to get your home on the market.

If you are a home buyer looking for an Elk Grove home, remember Elk Grove short sales are closing. Just make sure that your real estate agent asks the right questions about the short sale before you make your offer. If you would like a list of the right questions, give us a call at (916) 405-5737 and we will be happy to send them to you!

Remember, the deadline is fast approaching for the Mortgage Forgiveness Debt Relief. 12-31-2012. If you have any questions about this deadline or want to know what your options are on your mortgage, give us a call at (916) 405-5737 or send us a quick email to Info@ModeandDurhaM.com We are here to help!

Here are some quick links to other blogs I have written regarding Elk Grove Short Sales

How much will a short sale cost me?

Are there credit consequences to a short sale?

Who is eligible for a short sale?

Questions to ask the listing agent?

What is a deficiency judgement?

When is it too late to list your home as a short sale?

Behind on payments – how long until the bank forecloses?

If you are interested in finding out more about the Elk Grove real etate market, buying foreclosure properties or short sales or about financing investment properties, make sure to check out our website at www.FindaHomeinElkGrove.com.

 

 

 

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Bank of America announces a new process for valuation disputes

Over the years of negotiating Bank of America short sales one of the most difficult stumbling blocks has come when the value of the home is not what Bank of America or their investor seems to feel the value is.

First, let’s explain how value is determined on an Elk Grove short sale.  The listing agent completes a comparative market analysis on the home prior to listing.  The short sale is then listed.  Once offers come in, the seller selects one to submit to the bank for consideration as a short sale.  Bank of America then orders a “BPO” or Broker’s Price Opinion.  A third party vendor, sometimes an agent and sometimes an appraiser, completing the BPO then inspects the property and lets Bank of America know what they feel the value of the property is. Unfortunately, these two numbers are not always in agreement and this can become a wall in the negotiation process.  In the past there has not been a standarized way to argue this valuation with the bank and each negotiator seems to want something different.

Bank of America has just announced that they now have a process for these valuation disputes.  This process has been taken from the Bank of America website at www.bankofamerica.com/realestateagent:

Process Steps

1.     Tell your short sale specialist that you would like a reconsideration of the value.

2.     Receive an investor-specific, easy-to-complete form from your short sale specialist that specifies all requirements for a successful value dispute.

3.     Fill out the form and attach specified evidence.

4.     Stay in touch with your short sale specialist for results.

5.     Expect a value dispute review within 10-12 business days once all required information has been received.

Evidence Needed to Dispute a Value

When contesting a home value, make sure you have compelling evidence to support your claim.  Do not reference property pricing amounts in the narrative on the form. This violates appraiser independence policy and is against industry standards. Any reference to pricing will disqualify the dispute.

Provide comparables that are recent, proximate (nearby) and similar to the property in question.

  • “Recent” means sold within 90 days of the actual value document date.
  • “Proximate” varies by location. In a rural area, for example, a home five miles away could be considered proximate.
  • You will be able to provide additional notes to highlight characteristics of the comps.

When the dispute centers on property condition or hazards:

  • Provide an itemized estimate from a licensed contractor on the contractor’s letterhead.
  • Provide photos to illustrate the repair, condition issue or hazard you want to highlight.

This seems as though it should simply any valuation dispute we might have!  At least it finally gives us a process to follow when we need to dispute a BPO value with Bank of America.

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