Nov
29
Written by:
Mayra Lema
11/29/2011 12:00 AM
IL – It is very helpful in loan modification negotiations to know the fair market value of your home. You can use the value to convince your lender to accept your loan modification offer.
As an experienced Short Sale Realtor, I can help you determine the value of your home. Here’s how I do that.
First, I will look at all of the homes similar to yours that have sold in the last 6 months. I will pick out the 3 homes that are most similar to yours.
Here are a few things that will cause me to pick one home versus another: Home has very similar features, number of bedrooms, and number of bathrooms. I also prefer to use bank owned and short sale properties.
Yes, it is true that bank owned properties usually sell for less than non bank owned homes. But, if your lender denies your loan modification or short sale and chooses to foreclose, then they will be selling the house as a bank owned property.
I might as well use the comparable sales closest to how they will be selling the property. After I pick out the 3 closest comparable sales, then I do a Comparable Market Analysis.
First, I make adjustments to the other sales. For example, if a home has 10% more living space, then I might adjust it’s comparable value by 5-8%.
After I make all the adjustments I average the sales price of the 3 similar homes. That gives me the fair market value of the home.
This process is very similar to what appraisers do, but it is not an appraisal. Rather, it is a Realtor’s Professional Opinion of your home’s value.
The professional terms for it is: Broker’s Price Opinion. The short version is BPO. Is it a good valuation of your home? Well, the banks think so.
In fact, they use another Realtor’s opinion of the value to determine if they should approve or deny a short sale. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at info@realtyonegroupinc.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (773) 427-9200
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jorge Romero.
Jorge is a Real Estate Broker at Realty One Group Inc. Short Sales Realtor:
Phone: (773) 427-9200. info@realtyonegroupinc.com.
View My homes for sale at www.RealtyOneGroupInc.com.
Jorge Romero and Team specializes in loan modification assistance and short sales in Chicago Illinois. Chicago Loan Modification Help, Chicago Short Sales. Chicago Short Sale Realtor IL Short Sales. Realtor.
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