Silicon Valley Short Sale
When you are working on a Short Sales with your bank, they will order a form of appraisal called Broker Price Opinion (BPO). A BPO is NOT a typical appraisal since it is used to decide As-Is Sale, Repaired-Value and a Quick-Sale-Value.
Quick Sale Value of the Home is a good indicator of how much a home would sell if the escrow closed in 30 days or sooner to a cash buyer. However, your bank will never share this information with you if you are negotiating a Short Sale with them. Therefore it’s always a good idea for you as the homeowner to find an alternative to find your home’s value.
It’s important to find your home’s Quick Sale Value since this should be the value for you to use in your negotiations with the bank since it represents the lowest price your bank is willing to accept in a sale. One option to find your home’s quick sale value is to use websites such as Trulia, or RedFin. But it’s much smarter to get a valuation developed using a local realtor.
Realtors can use the most recent comps located within 2 mile radius of your home and then adjust them for size, age, amenities, floor plan, functional utility, pool and other features which you are not going to get from Trulia, Zillow or Redfin.
So, ask your realtor to find you the Quick Sale Value and have him/her stick to that number during the negotiation with the bank.
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