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What if the lender/bank believes the price is too low?

In many cases the lender/bank will approve the short sale purchase price as long as it is at or near the current market value. The lender/bank uses information from recent sale of nearby properties to determine the estimated value of the property. If the lender/bank believes the price for the short sale is too low they may send out an appraiser to determine the price. If the market value of the property is higher than the purchase price the lender/bank may make a counteroffer to the buyer to increase the price. In many cases the buyer will raise their offer to meet this request and expected this request when calculating their initial offer. A short sale lawyer or real estate attorney can often work with appraisers to contest the values arrived at by the lender/bank if unreasonable and push them to approve the original offer is supported by an independent appraisal.

Contact Tiller & Rivera Law P.A. today to discuss your short sale options with West Palm Beach short sale lawyer and real estate attorney.
Main Office: West Palm Beach Satellite Offices: Stuart Palm Beach Gardens Fort Lauderdale


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