Since the mid-2000s housing crash, there has been an extraordinary need for short sale appraisals in the Los Angeles County, Orange County and Ventura County parts of Southern California.
But first, a definition: A short sale is a sale below current loan amounts to avoid foreclosure. It is a last-ditch means by which to unload the property to avoid a foreclosure hit on one’s credit score. The lender must approve any proposed short sale. Lenders often go along with short sales because they don’t want the property back on their books.
Both the lender and the homeowner want that property unloaded immediately.
Time is of the essence. The lender will require the short sale appraisal to be finished very quickly. The requirements for the appraisal typically involve a narrower focus than a typical property appraisal. Because of the urgency, the banks want valuation established using comparables that are no more than three months old. By contrast, standard home appraisals use comps that are up to six months old.
We can handle your short sale appraisal needs. Since virtually instantaneous turnaround is required, and since I may be involved with some other project when the need arises, it may be necessary for me to assign the short sale appraisal to a very qualified associate. But I will be your single point of contact on the task.