Replies (4)
- Edyta Gryc, "IL and FL broker"
- Contributions:372
In short sale, the lender always order BPO (broker's price opinion) and/or an appraisal in order to determine a fair market value of the property.
Here is a great link how to value a house?
- Bryan Leynes, "Bryan Leynes"
- Contributions:9
Using a qualified user friendly agent is usually the best approach. There are so many variables that can influence price. The good agents can present the optimum price and sell it fast.
- Reallyfedup
- Contributions:810
You need to price it at the current fair market value, a point which all other condos in similar condition, size and location are selling for.
A short sale is not a blue light special on housing. The transaction will take longer since the deal will be contingent on bank approval, but the price should be comparable to any other unit currently on the market and what has currently sold.
If there are numerous other units on the market, then you may want to price it slightly lower than those units to make it more attractive to buyers. A lower price may make the wait worth it.
Since it may be a short sale, the bank will be looking for the highest price possible within reason of comparable properties. You can't price it higher than other units just because the bank is owed more than it could sell for, but you can't price it too low either, because the bank will do a brokers price opinion on the property since they are most likely looking for a number that will work for them in order to approve the sale.
May have miss interpreted this question. Saw how to price property, but just noticed the headline states "Offer on short sale".
Short sales are no different than comparable properties other than the fact that the offer will be contingent on the bank approving the sale. If the property is properly priced, then your offer should be in the range of where comparable properties are selling.
You can try and low ball the sale, but this in mind. the seller can agree to any price presented. It is the bank, however, that has the final say as to whether or not they will approve the sale. Too low an offer and the bank may disapprove the sale and you will have to start from scratch with a new offer.
A short sale is not a blue light special on housing. The transaction will take longer since the deal will be contingent on bank approval, but the price should be comparable to any other unit currently on the market and what has currently sold.
If there are numerous other units on the market, then you may want to price it slightly lower than those units to make it more attractive to buyers. A lower price may make the wait worth it.
Since it may be a short sale, the bank will be looking for the highest price possible within reason of comparable properties. You can't price it higher than other units just because the bank is owed more than it could sell for, but you can't price it too low either, because the bank will do a brokers price opinion on the property since they are most likely looking for a number that will work for them in order to approve the sale.
May have miss interpreted this question. Saw how to price property, but just noticed the headline states "Offer on short sale".
Short sales are no different than comparable properties other than the fact that the offer will be contingent on the bank approving the sale. If the property is properly priced, then your offer should be in the range of where comparable properties are selling.
You can try and low ball the sale, but this in mind. the seller can agree to any price presented. It is the bank, however, that has the final say as to whether or not they will approve the sale. Too low an offer and the bank may disapprove the sale and you will have to start from scratch with a new offer.
- Jorge Alvarez, "Buyers Expert"
- Contributions:12
Edyta is correct. In short sales the Bank determies the price. This however doesn't mean that you can't help the bank set the price by sending them Comprables of properties that are similar. Banks like the freshest sales ddata so i suggest keeping closed sales less than 6 months.
Offer on short sale
How should I price property on Condo Potential Short Sale?
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