Why No Accountability on Short Sales?

Are you thinking about short selling your home? Here is a way that any seller can help with the short sale. First off, the biggest problem is that there is very little accountability in the short sale industry.

The banks use appraisers and other people to tell them what a house is worth
before they sell it. They banks will not approve a short sale offer unless the
house is selling for close to what these people tell them it is worth.

The bank's use this process to make sure that they are not selling homes for
less than they could sell them for after a foreclosure. Here is why there is
very little accountability.

Very few people ever look at the valuations turned into the bank. The realtor
helping you with your short sale can't access this information. The valuations
often have glaring inaccuracies in them.

For example one property was valued at 375k. Because of that valuation a short
sale offer for 275k was turned down. We can agree that it would be stupid for a
lender to accept 275k for a house worth 375k.

However, the house wasn't worth 375k. It had been on the open market for
several months and that was the highest offer received from any home buyer.
But, it gets worse.

The home ended up selling as a short sale for $235,000. Yes, that bank lost
$40,000. But, why did it happen? Because someone gave the bank an inaccurate
property value.

However, that person was never held accountable for their actions. They caused
a bank to lose $40,000. But today they are still doing property valuations for
banks. It's insane, isn't it?

In tomorrow's post we'll detail what you, the short sale seller, can do to help
with this problem.

If you have any questions about a Short Sale, Please feel free to contact me by email at bion@bionsellshomes.com or, if you prefer, you can call me at 770-875-4268.

Thanks for reading this, Bion Grady.

Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.

Bion Grady specializes in loan modification assistance and short sales in
Georgia. Loan Modification Help, Short Sales. Short Sale Realtor.

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

Important Notice

Bion Grady, Maximum One Realty Greater Atlanta, 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.

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.

The views expressed here are Bion's personal views and do not reflect the views
of Maximum One Realty Greater Atlanta.