How to get a lower appraisal and why you’d want to
Posted in: loan workouts
Athol has a wonderful blog Bad MLS Photo of the day such as this bad MLS photo.
If you want a laugh, head over to Athol’s blog.
I am showing you this picture because it can be a most wonderful education. It shows us how to lower our appraisal.
If your house looks sloppy and smells bad, you will get a lower appraisal. And this can be exactly what you want!
When would you want a lower appraisal? When you are negotiating with your lender to get them to say “yes” to lower payments, or “yes” to a short sale. Then you want to show the lowest home value possible. And one way to do it is to not clean up, not tidy up, and not remove the garbage.
A lender typically will get a Brokers Price Opinion, or BPO, to help figure out what your house will really sell for. If the broker comes out and sees a pig sty, the BPO will come in much lower. And if you are looking for a short sale or a loan modification, then you will want the lowest BPO possible.
This is one way to get it.
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