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Hi, I am in NYC. I sent a short sale offer for $425k but bank appraiser appraised it $565k. I explained to bank that the seller could not sell the property in last 6 months due to market condition and it may appraise $565k (that does not mean it will sell)but it will not sell. I even told the negotiator that if they could sell it for $500k, i will give them $5k for the task. In my analysis, I showed them they will loose about $300k if they wait through the whole foreclosure process which might take more than 18 months in NYC or they both loose $200k now and sell it. Negotiator said that since the appraisal came higher that what the seller owe in 1st mortgage, they can not do a short sale on it. What is my next step? Please help!! Thank you |
