short sale Archives | Vandenberg AFB Homes

How Does the Bank Determine the Value of My Home in a Short Sale?

In a short sale, the bank will typically order either a Broker Price Opinion (BPO) or an appraisal to determine the value of the home. Most banks use BPOs. The use of BPOs is the source of much controversy among short sale listing agents, short sale sellers and appraisers. Appraisers often object to BPOs and believe that only an appraiser can give an accurate depiction of value.

Four Things Santa Maria Home Sellers Should Know About the HAFA Short Sale Program

HAFA stands for Home Affordable to Foreclosure Alternatives and it is a government program designed to help home owners who are in danger of losing their home to foreclosure. •1) You must apply for a HAMP (Home Affordable Modification Program) loan modification to be eligible for HAFA. If offered a modification, you can turn the loan modification down, or even if you are turned down under HAMP, you can request a short sale under HAFA if a short sale is the best answer for your situation.