Do you have a home in Silicon Valley? Are you tempted to sell it and take some profits? Well, how will you go about pricing your home?
If you try to price your own home, it’s akin to trying to price your own car without using KBB. But that’s what some Homeowners are doing when they decide to sell their home (FSBO) or negotiate with a bank on a Short Sale. They attempt to go solo.
But it’s critical to know how much your Home is Worth before you start discussing any of your options with the bank. So what is the best way to find your home’s value to find out if you would qualify Short Sale or if your lenders will be paid off in full?!
In case of a Short Sales; banks use a type of appraisal called Broker Price Opinion (BPO). BPO is NOT a typical appraisal that is used to underwrite the loan during a purchase since the banks are only interested in finding answers basic questions on value. One of these question is the Quick Sale Value of a home.Quick Sale Value of the Home is a good indicator of how much the bank would collect if they were forced to sell a home to a cash investor who can close within days. However, the banks will never share this BPO value with the homeowners.
So, it’s always smart for Homeowners to find another source of valuation and don’t allow the banks to hold ALL the cards. We offer our clients no obligation home value report which is based on our experience of marketing homes for banks. We consider the most recent sales and then adjust the value with the price of features. This report will includes recent Sales, Mortgage History, Recent Foreclosure Activity School districts and even Fair Market Rents.
These kind of comprehensive pricing provides you a complete picture that would be helpful to share with your buyer. These reports become powerful marketing tools to help you sell your own home.