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Emerald Coast Short Sales

Posted by Tim Shepard - Broker 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.

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


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