A short sale is when a house is being sold for less than what is owed on the mortgage; shorting the bank. In this scenario, the bank makes the final decision on the sale of the house. While the home owner may be willing to accept the offer; in a short sale, the offer must go through the bank. The bank goes through their process to determine whether they will accept the offer. Additionally, if it’s an FHA loan, the offer must go through FHA and get approval as well.
When making the decision to accept an offer, the biggest factor is the appraisal. The bank makes decisions based on what they have in writing. They aren’t able to consider factors, such as market value. On occasion, the market value does not equal the appraisal value. The appraiser assigns a value based on past performance compared to what similar homes in an area have been sold for. Essentially, they make a mathematical calculation based on what’s on paper. However, the actual market value may be different, depending on the neighborhood, number of bedrooms, location of the house, school district, etc. The appraised value may be higher than the market value, or it can be lower. For example, an appraiser may value a house at $150,000; however the real estate agent believes the house could sell for more, based on market conditions.
There is a strategy when it comes to pricing a home, and this is why you want an experienced agent. Don’t list your home without downloading our free seller report “20 Questions You Absolutely Must Ask Your Next Agent Before You Sign On The Dotted Line.” This free report provides questions you need to ask before you commit to an agent. These questions help you feel empowered to make the right decision. When it comes to selling your home, it’s not all about marketing. You want someone you can trust, someone who can answer the tough questions, such as “What repairs need to be made?”, “When receiving multiple offers, which offer is the best?”, or “What’s the market like?”. Take the time to go through an interview process before you choose an agent.
If you are looking for a short sale in Tulsa; check out 6718 S Atlanta Ave. This 4-bedroom, 2-bath home is located in the beautiful Williamsburg neighborhood. Features include updated kitchen with stainless steel appliances, master suite/bedroom with enclosed sunroom, large patio, and privacy fencing.
Contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com