Miami Dade Appraiser The Times reported that the Obama Administration has setup a plan to pay lenders and homeowners to sell a property for less than what is owed, also known as a short sale.
The bank would get $1,000, a 2nd mortgage can get $1,000 and the walk-away homeowner would get $1,500. The article reflects part of the problem on stubborn banks refusing to settle for what they feel is below market value.
The program caused a unified sharp response from the largest appraisal industry groups including the Appraisal Institute as the program would allow realtors to estimate the value of the property using a broker price opinion (BPO). What do you think? Please let us know.
Miami Dade Property Appraiser, We provide quality real property appraisals in Miami-Dade & Broward Counties. Multifamily and Waterfront are our specialty. Feel free to call us and speak to a licensed local expert. (305) 830-0520.
