Short Sale - Who pays for the appraisal?? Helppppp !

I’m trying to do a short sale with GMAC and they require an appraisal of the property to complete the short sale package. Is there a way out of this? I don’t want to pay the additional $300 for an appraisal because we may not even accept the bank’s offer. What can be done ???

Tell GMAC thanks but no thanks and move on.

This is first I head that investor is asked to do appraisal by the lender.

Usually during the appvoal process bank will do a BPO which will give them status of property and how much it will go for. There are two types of BPO.

  1. Drive by BPO - broker/appraisal will do CMA and just look at the property from outside and make the call.
  2. Full BPO… pictures and details condition report is done by broker by actually going and around the property and doing CMA report from MLS.

This is funny because GMAC in my case did the BPO and did not require appraisal.

Good luck.