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Emerald Coast Short Sales

Posted by Tim Shepards on Thursday, May 14th, 2009 at 5:33am.

I received feedback from the bank today on two short sales. 

One was a beach front condominium in Destin that I had presented an offer of $210,000 to the bank about 3 months ago.  After several frustrating weeks of little to no communication from the bank, they finally called and told me that the appraisal came in at $260k and to bring another offer.

The second communication was regarding a home for sale in Destin.  The offer had been presented at $170,000 about four months ago.  Again, after several weeks with little to no communication, the bank came back and said that the property appraised for $200,000 and to bring a better offer.

What's the point? Simply this: APPRAISALS ARE THE HOLY GRAIL FOR THE BANKS. Listing a home or presenting an offer that everyone knows is significantly below the appraisal is a waste of everyones time.  The banks aren't stupid.

What's the best strategy?  Have your realtor prepare a comparative market analysis to estimate what an appraisal might look at.  Then make an offer 5%-7% below that value.  That's the most likely scenario of buying something below market value along the Emerald Coast and in Destin.


Listing Updates

 

Logo for Destin Real Estate, LLC

Tim Shepard, Broker/Owner
Destin Real Estate, LLC
Cell: (850) 259-4133
Toll Free: (866) 678-SOLD

https://www.browsedestin.com

 

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