Saturday Reporter-Herald July 16, 2011 E1
Real Estate Matters
www.reporterherald.com • Saturday, July 16, 2011 • Reporter-Herald
Seller’s bank wants appraisal ILYCE GLINK TRIBUNE MEDIA SERVICES
Q
uestion: We are closing on a house next week. It’s a short sale in a nice neighborhood at a huge discount. All the papers are in order. The deal went smoothly but took eight weeks. The seller’s bank wants a copy of the appraisal from my lender that I paid for. The seller’s lender is not paying any closing costs or putting anything into the deal. Do I have to send them the report I paid for? Answer: You are not legally obligated to send the seller’s lender your appraisal, but then again the seller’s lender is not obligated to let the short sale go forward. If you don’t provide the appraisal, the bank may not agree to let you close on the property. If you do provide it and it shows that the value of the property is way above what you’ve agreed to pay, the lender maybe try to pressure you into paying more money. Many short sale lenders request a copy of the buyer’s appraisal. In some cases, the short sale lender may have obtained its own appraisal but wants additional verification as to the value of the home. If your appraisal is at or near the price you have agreed to pay for the home, the bank can use that information to reassure any investor that will have to take a loss on the mortgage that it should allow the short sale to proceed. However, if the appraisal is way above the purchase price for the home, the short sale lender and the investor may suspect that the buyer is taking unfair advantage, and may request that the buyer bump up the purchase price to close on the home. While you may be paying most or all of the costs to purchase the home, you need to remember that if the short sale lender and its investor are taking a big hit in allowing the short sale to proceed, they want to make sure they are getting the most out of the sale. If your appraisal is at about the purchase price and you provide the appraisal, you can only hope that the short sale lender comes back shortly with an approval on the sale. With a short sale, the seller’s lender holds all the cards. If you want to get the deal done at the price you offered for the home, you’ll have to play by the lender’s rules. For more details, consult with a real estate attorney. For more information, call Glink’s radio show at 800-9728255 on Sundays from 9 to 10 a.m., write to Real Estate Matters Syndicate, P.O. Box 366, Glencoe, IL 60022 or visit www.thinkglink.com.
Photos courtesy Midtown Homes
Midtown Homes Silverton model at Boise Village North is one of six floor plans in the Rocky Mountain Series featuring large lots, 1,100-1,920 finished square feet and two-to-four-car garages.
Free Landscaping at
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M
idtown Homes is offering a July landscaping special on several new homes through the end of next week to celebrate the opening of its new model complex. The six models in the Rocky Mountain Series range in price from $184,900 to $234,900 and for a limited time Midtown Home is giving away free front yard landscaping on select newly built Keystone, Silverton, and Ponderosa models.
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offers over 1,634 finished square feet with a three-car garage with four full bedrooms and three full bathrooms and an unfinished basement. The home is in a cul-de-sac and backs to a greenbelt and is eligible for free front yard landscaping. Kitchen features include wood floors, two pantries, and a bar with granite like HD laminate. The home has a large master bedroom suitable for a king size bed with a walk-in closet and has a beautiful bathroom with two sinks, a linen cabinet, and a walk-in shower with seat and upgraded tile surround.
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1125 CAELUM COURT $201,900
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The Ponderosa at 1125 Caelum Court is the new single family version of the very popular duplex plan which sold out in less than a month in the fall of 2010. This three-bedroom, two-bathroom ranch is located on a quiet cul-de-sac and has vaulted ceilings, a full basement, and an extra-large two-car garage with full sized windows. The kitchen
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Midtown Homes Offer expires 7/24/11.
The kitchen of the new Keystone model at 848 Libra Court.
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