Having done dozens of Short Sales here on the Emerald Coast, I have one key observation about their pitfalls. It seems odd that we hope for appraisals and Broker Price Opinions (BPO’s)on Short Sales to come in low, when on normal sales they should be at or above contract price. Banks on these short sale properties still don’t seem to understand that the market is coming down further, that appraisals are “behind” current values because they don’t show competition, and that BPO’s are just ” opinions” of value. In this Destin and vicinity real estate market, where some of the inventory times are six years– they have to start understanding that ANY offer is a good one.
