In the past 6 months, I have found more and more cases where the BPOs and Appraisals that Loss Mitigation Departments are receiving are higher than foreclosures in the same area - and even in the same subdivision.
I have a client who is working on a Short Sale with one of the Big Banks. The bank sent me an appraisal on the property, after I submitted the one and only offer I have received for this property in six months. The negotiator came back and countered the offer asking for $35,000 more than the buyer was willing to pay. Not surprisingly, the buyer dropped his offer and I was at square one again.
I contacted the negotiator and asked her how it was possible to have an appraisal $35,000 higher when her own company has a foreclosure property under contract in the same subdivision for $35,000 less than the appraisal claims this house is worth. She stated that the Appraisal showed a higher value because the house had not been "stigmatized" as a foreclosure yet, and the tax records show that the foreclosure is a few square feet larger than the Short Sale. The loss mitigator stated that they would not review any offer below the appraisal's number, and I needed to increase the listing price to match it.
Two months passed, and a new negotiator has been assigned to the file. I shared the same information adding that yet another house foreclosed by the same bank has already closed, and both the foreclosures are less than the $35,000 additional that the bank is asking any buyer I receive to offer for a short sale on my client's house.
In the Real Estate market we are enduring in Georgia, it is like pulling teeth trying to keep a buyer happy during a transaction that involves a short sale. It is even more frustrating when you are competing with foreclosures and a 6 month long process to close. I cannot count the number of times I get a call from a buyer's agent asking to see one of my properties now, and when they find out it is a Short Sale, they do not bring their buyers. They just skip those houses.
So where is the real stigma?
| 2165 KEENLAND Court CUMMING, GA 30040-7446 $ 109,000 Property Information: Schools |
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Remarks DON'T MISS OUT ON THIS INCREDIBLE VALUE,HRWD FLRS,BEAUTIFUL FENCED B/YARD!HOUSE IS IN GREAT CONDITION,MUST SEE TO APPRECIATE.OPEN TO A SHORT SALE,SOLD AS-IS NO DISCLOSURE.MUST BE PRE-APPROVED BY DIRECT LENDER. |
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Features Bedroom: Other Master Bath:: Garden Tub, Sep Tub/Shower Kitchen:: Pantry, View To Fmly Rm, Other Dining:: Separate Dng Rm Const:: Stone, Vinyl Parking:: 2 Car Garage, Auto Garage Door Rooms:: Family Room, Separate Lvng Rm Basement:: Slab/None Lot Size:: Under 1/3 Acre |
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| 1182 Beechwood Court STONE MOUNTAIN, GA 30087-3021 $ 90,000 Property Information: Schools |
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Remarks BEAUTTIFUL RANCH STYLE HOME. GREAT LOCATION, MUST SEE TO APPRECIATE, OPEN TO SHORT SALE, SOLD AS-IS, NO DISCLOSURE, MUST BE APPROVED BY DIRECT LENDER. |
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Features Bedroom: Bdrm On Main Lev, Master On Main Master Bath:: Tub/Shower Combo Kitchen:: Breakfast Area, Cabinets Stain, Counter Top - Laminated, Country Kitchen, Pantry, View To Fmly Rm Dining:: Dining/Great Rm Const:: Brick 4 Sides Parking:: 2 Car Garage, Attached Rooms:: Family Room Basement:: Slab/None Lot Size:: 3/4 Up To 1 Acre |
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| 9925 RIVERCLIFF Lane VILLA RICA, GA 30180-3366 $ 86,000 Property Information: Schools |
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Remarks NICE HOUSE,GREAT NEIGHBORHOOD.MOVE-IN CONDITION.MUST SEE INSIDE, OPEN TO A SHORT SALE.SOLD AS-IS NO DISCLOSURE.MUST BE PRE-APPROVED BY DIRECT LENDER. |
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Features Bedroom: Other Master Bath:: Tub/Shower Combo Kitchen:: Breakfast Area Dining:: Separate Dng Rm Const:: Concrete Siding - Not Stucco Parking:: 2 Car Garage Rooms:: Other Basement:: Slab/None Lot Size:: 1/3 to 1/2 Acre |
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| Residential Detached | $ 85,000 | |||||||||||||||||||||
| #:4053218 | Active | Broker: KWFA01 | Area: 91 | Map: 880D5 | ||||||||||||||||||
| 3156 CEDARDALE Drive | Media:  13 |
PPVT | ||||||||||||||||||||
| City: DOUGLAS | State: GEORGIA | County: DOUGLAS | Zip: 30135 | |||||||||||||||||||
| Subdivision: JAMESTOWN FOREST | Demographics | Yr Built: 1985 | Age Desc: Resale | |||||||||||||||||||
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Lake: NONE | Waterfront: 0 | ||||||||||||||||||||
| Stories: 2 Stories | Elem: ARBOR STATION | |||||||||||||||||||||
| Style: Traditional | Middle: CHAPEL HILL | |||||||||||||||||||||
| High: DOUGLAS | ||||||||||||||||||||||
| Directions: I-20 WEST EXIT 36 SOUTH TOWARDS MALL,TURN RT ON STONE OAK DRIVE.LT ON FIVE LEAVES,RT ON NORTH WOOD,LEFT ON CEDARDALE DR. |
| Public Remarks |
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| BRIGHT SPACIOUS HOME*FAMILY ORIENTED N'HOOD*LRGE BDRMS,LOTS OF UPGRADES,HRWD FLRS,MUST SEE INSIDE!APPROVED SHORT SALE,CAN CLOSE IN TIME FOR THE 1ST TIME HOMEBUYER TAX CREDIT.STRICTLY AS-IS, NO DISCLOSURE. |
| Private/Confidential Remarks |
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| PRE-FORECLOSURE SOLD STRICTLY AS-IS.PLEASE CALL AGENT BEFORE SHOWING & FOR ADDIT PAPERWORK*1% SELLING BROKER COMM IF WE SHOW,IF BUYER IS GA LICENSED AGENT,NO COMMISSION SHALL BE DUE AT CLOSING. |
| Features |
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| Bedroom: Sitting Room | Master Bath: Tub/Shower Combo | ||
| Kitchen: Breakfast Area, Breakfast Bar, Cabinets Stain, View To Fmly Rm, Counter Top - Laminated | Dining: Liv/Dine Rm Comb | Setting: Other | |
| Const: Brick & Frame, Frame | House Faces: NE | Tennis on Prop: No | Pool: None |
| Parking: 2 Car Garage, Kitchen Level | Road: Public Maintain | # FP: 1 | |
| Rooms: Other | |||
| Basement: Slab/None | Home Warranty: No | ||
| Lot Size: 1/2 To 3/4 Acres | Lot Desc: Corner, Level, Level Driveway, Private Backyard | Lot Dimensions: .5951 | |
| Green Building Certification: | HERS Index: 0 |
| Other Descriptive Information |
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| Nbrhd - None Appl - Dishwasher Appl - Elec Ovn/Rng/Ctop Int - 9 ft + Ceil Main Int - 9 ft+ Ceil Upper Int - Hardwood Floors Int - Perm Attic Stairs |
Int - Walk-In Closet(s) Ext - Deck Ext - Fenced Yard Ext - Front Porch Hcap - None Fplc - In Living Room Heat - Forced Air |
Heat - Gas Cool - Central Electric Enrgy - Clock Thermostat Water - Public Water Sewer - Septic Tank Laundry - Laundry Room Laundry - Upstairs |
Real Estate Agent specializing in the North Fulton area and in Commercial and Residential Short Sales throughout the Metro Atlanta area.
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