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home value short sale

Will be closing on shortsale very soon.Since we placed our bid,(which was accepted), this home value has decreased 30,000.I don not know if it matters or not because we intend on staying there for a long time.We will be signing with 2 weeks.Should we go ahead with signing.
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January 23 2011 - Town of Sharon
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Answers (4)

If you are signing in two weeks I would guess that you are approved for your mortgage and your contingency clause has passed. Who says the value has dropped 30k?
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January 23 2011

As Sunnyview stated, if the home has decreased in value just on Zillow's Zestimate, I would not worry too much.   These estimates are not appraisal's and I have seen them fall all over the place for similar properties in my areas. 

Has the property been appraised recently during your purchase?  It may be something to consider if you do think the value has dropped significantly.  You don't mention how much you bought the property for so it is hard to know if $30,000 is significant or not.

Good luck in your purchase and closing!

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January 23 2011
Profile picture for sunnyview
Zillow's numbers are not appraisals, but I think it does matter if the actual house value has dropped by 30,000.

You need to have an appraisal done before you buy. If you are planning to get a mortgage, there should already be an appraisal contingency for financing in the contract. If you are paying cash, you need to make sure that you have an appraisal clause in the contract and  get the house appraised before you buy.

Even if you are planning to stay for a long time, 30,000 is a lot of money and you don't want to start out underwater. You need to make sure you are getting good value.
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January 23 2011
I would be curious how you know that the value has gone down by $30k. A long term plan is key and a good idea, so it really does not matter what the value today is, it will go up and down over the coming years.

I hope you have gotten farther along than just an acceptance. Has the owner and the lender signed papers yet? When the lender signs you have a deal and they are not going to like it if you change you mind at that stage.

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January 23 2011
 
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