Hot question of the day: I owe $X, do you think the bank will take $y?

When selling your home via Short Sale, most people think the bank is concerned about what is owed on the property.  Regardless of what is owed, the bank's only concern is what the property is currently worth.  Again, the only real number is what the property is worth in today's real estate market.

That means, if you owe $1.5mm dollars on a beautiful waterfront home and the surrounding waterfront comparable sales point towards a price of only $900,000, the bank wants an offer around $900,000.  Will they do their due diligence to make sure they aren't giving it away:  YES!

If you need to sell and find yourself upside down in value, it's time to Short Sale.  It's the best option if a Loan Modification doesn't work or doesn't help.  It's the best option as opposed to a Foreclosure.

Learn more about Short Sales by viewing our Short Sale Information Guide for Jacksonville Home Owners.

Posted by Brad Officer on
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