{"id":538,"date":"2022-01-11T11:40:58","date_gmt":"2022-01-11T16:40:58","guid":{"rendered":"https:\/\/handsomehomebuyer.com\/?p=538"},"modified":"2022-01-11T11:40:58","modified_gmt":"2022-01-11T16:40:58","slug":"how-to-properly-dispute-a-short-sale-value","status":"publish","type":"post","link":"https:\/\/ecommercewebhub.com\/dev\/Handsome-homebuyer\/how-to-properly-dispute-a-short-sale-value\/","title":{"rendered":"How To: Properly Dispute a Short Sale Value"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Imagine a scenario where you\u2019ve seen a short sale property listed on the market, and you\u2019ve gone into contract and received an accepted offer. But the bank comes back with a value higher than your offer and won\u2019t sign off on the short sale. How do you convince the bank that your proposed purchase price accurately represents the true market value of the property, especially considering that you were the highest bidder? There are three very important things which you need to prepare before you present your argument to the bank.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First, get an independent appraisal. This can back up your stance regarding the state of the local real estate market and demonstrate why your bid is in line with fair market values.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another impactful piece of evidence is a contractor\u2019s estimate. A licensed and insured contractor can provide you with an itemized estimate of the cost of any and all repairs needed to rehabilitate the property. This is vital because the bank\u2019s BPO (broker\u2019s price opinion) professionals are experts in determining property values, but not in estimating construction costs. The contractor\u2019s estimate will back up any claim you make that your purchase price is reduced due to the anticipated cost of repairs to the home. This is one of the greatest sources of the discrepancy between your bid on a property and the bank\u2019s proposed value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, draft a concise, clear letter expressing to the bank or asset manager why your offer on the property is what it is. It should briefly summarize the following:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The state of the neighborhood<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The desirability of the school district<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any outside factors which may negatively affect the property\u2019s value, such as proximity to businesses (for example a gas station) or another less desirable location\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The letter should be brief, but clearly illustrate why these factors should be taken into consideration when determining the property\u2019s true value (and why your bid is in line with it).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With all this evidence compiled, you can make a compelling case to the lender that your offer is reasonable and likely to be the best way to minimize their losses. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Imagine a scenario where you\u2019ve seen a short sale property listed on the market, and you\u2019ve gone into contract and received an accepted offer. But the bank comes back with a value higher than your offer and won\u2019t sign off on the short sale. How do you convince the bank that your proposed purchase price [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How To: Properly Dispute a Short Sale Value - Handsome Homebuyer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ecommercewebhub.com\/dev\/Handsome-homebuyer\/how-to-properly-dispute-a-short-sale-value\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To: Properly Dispute a Short Sale Value - Handsome Homebuyer\" \/>\n<meta property=\"og:description\" content=\"Imagine a scenario where you\u2019ve seen a short sale property listed on the market, and you\u2019ve gone into contract and received an accepted offer. 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