Found 1 blog entry tagged as short sales.

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…

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