Short Sale Appraisals are in high demand when property values have been declining. In many cases, declining property cause a situation in which the amount of the mortgage(s) on the property is greater than the current market value of the real estate. An appraisal during a short sale can help with the negotiations with the bank. A Short Sale is when the holder of the mortgage on a property allows the owner to sell the property for a price which is less than the outstanding mortgage balance. For example, if the property is worth $80,000 but the current outstanding balance is $100,000. The mortgage holder may allow the owner to sell the property for $80,000 and the mortgage holder will write off the loss of $20,000. For the owner to get approval to sell the property for $80,000, the owner will most likely have to get a Short Sale Appraisal to prove to the bank that the home is worth only $80,000.
Home Appraisals, Inc. can provide you with a reliable Short Sale Appraisal. Most appraisals are completed in four to five business days from when the appraisal in ordered. Call us today or fill out the form to your right for a free quote on fee and turn time.