I have successfully closed short sales for both buyers and sellers. They are a lot of work. They require great patience on the part of buyers, sellers and agents. They are a huge part of our first-time buyer market at this time.... more
Provide the copy of the appraisal to your lender. Ask them to have the appraiser either reconsider value or explain why his appraisal is different from the old one. If this is a conventional, a new appraisal could be ordered. If it is a govey (fha or va) you are more than likely stuck.
Having said all of that, how is a "walk out basement" not considered below grade? Is this a split or raised ranch? Regardless, the appraiser will use similar comps and how he classifies the basement in your case isn't likely going to kill value as long as he is using the right comps.
If you wouid like, i would be happy to look at your appraisal and see how he gridded it.... more
In my experience dealing with foreclosure sales this varies from hours to weeks but most of the time it is within a day or two on average. I have found though that sometimes in multiple offer situations that sometimes if your buyers offer is not the one accepted they don't respond back unfortunately.
Real Living Southland
Knoxville, TN... more