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Answers (4)
- Nathan Wolf, "natewolf"
- Contributions:1825
This is always a difficult call. Ultimately it depends on the SELLER. The seller sets the price.
If a short-sale has already been basically approved by the bank, then you can list it based on the bank's agreement. HOWEVER, there are likely rules established by your MLS System regulating the listing prices and disclosures of such situations. Because if you list it for sale at the price, and the buyer makes the offer at that price, then if the bank does no appove, you and the seller may find yourself in a legal struggle. Especially if "time is of the essence" and the seller's bank causes delays.
If a short-sale has already been basically approved by the bank, then you can list it based on the bank's agreement. HOWEVER, there are likely rules established by your MLS System regulating the listing prices and disclosures of such situations. Because if you list it for sale at the price, and the buyer makes the offer at that price, then if the bank does no appove, you and the seller may find yourself in a legal struggle. Especially if "time is of the essence" and the seller's bank causes delays.
- Maria Morton, "MariaMorton"
- Contributions:716
My recommendation is to establish and maintain contact with the bank, as best you can, from the minute you take the listing. Provide them with CMA's, neighborhood trends, and your opinion of the home's condition. Include days on market and monthly costs of maintaining the home. Price it where you think it will sell then reduce the price every two weeks until you get an offer.
- Satar Naghshineh, "satarnag"
- Contributions:24
There are two schools of thought on this:
1. You list it at the high end of the comps and gradually lowering it until you get an offer.
2. You list it at the low end of the comps and gradually increase it as you get offers.
My opinion is to list it high and gradually bring it down if you need to. The reason is if the BPO comes back too high, you can state that you had it listed at that price and obtained no offers.
However, when I have no investors or interested parties and if I am up against the foreclosure clock, I choose option 2.
Good Luck.
1. You list it at the high end of the comps and gradually lowering it until you get an offer.
2. You list it at the low end of the comps and gradually increase it as you get offers.
My opinion is to list it high and gradually bring it down if you need to. The reason is if the BPO comes back too high, you can state that you had it listed at that price and obtained no offers.
However, when I have no investors or interested parties and if I am up against the foreclosure clock, I choose option 2.
Good Luck.
- Dianne Johnson, "diannej"
- Contributions:8
You do the CMA as usual. The home is worth what the market will allow. When you get an offer you take it to the bank and ask for their approval.
how do you price a listing on a home when it is going to be sold as a short sale
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