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Answers (4)
- Chris Prickett, "The Prickett Group"
- Contributions:46
You may be already doing this, but I send comps to the bank, along with my offer, to help justify the price. I've not had one BPO come back high.
- Dan, "the_country_hick"
- Contributions:4700
Julie, why would you list a short sale of all things above its real value? i would never consider buying a short sale for anything less than a lot off comparative normal resale value. If I can not save massive cash it is not worth waiting many months for the almost inevitable rejection of my offer.
I have read several times online about a property being for sale. A CMA and BPO were done. A sales price is agreed to and then the appraiser comes in and says that price is way to high. My take from those events is that many agents and brokers alike are not being realistic about their pricing.
Can you get a different BPO to try to get the bank to renegotiate? If not it could be as simple as the bank is not yet ready to accept the loss on its books. I saw one realtor say they sold a foreclosure in under a month and the bank complained because it sold to fast.
Comps have gone lower in the past year. No new properties have sold. if it was me I would seriously reconsider having this listing. You now know that the asking price is above market. You know it is not going to sell for this price in a reasonable amount of time.
With all you know are you willing to tell the bank just how screwed up they are in their pricing and either get them to be more in line with reality or stop offering this listing of theirs?
I have seen realtors ask the question of when they should dump an unrealistic seller (or buyer). I think you need to ask that question of your seller who happens to be a bank. Obviously they are not really wanting to sell. Instead they are wasting your time, effort, and marketing as they are not priced to sell.
p.s. a zestimate is designed to be plus or minus 20%. If it is off it is no big surprise.
I have read several times online about a property being for sale. A CMA and BPO were done. A sales price is agreed to and then the appraiser comes in and says that price is way to high. My take from those events is that many agents and brokers alike are not being realistic about their pricing.
Can you get a different BPO to try to get the bank to renegotiate? If not it could be as simple as the bank is not yet ready to accept the loss on its books. I saw one realtor say they sold a foreclosure in under a month and the bank complained because it sold to fast.
Comps have gone lower in the past year. No new properties have sold. if it was me I would seriously reconsider having this listing. You now know that the asking price is above market. You know it is not going to sell for this price in a reasonable amount of time.
With all you know are you willing to tell the bank just how screwed up they are in their pricing and either get them to be more in line with reality or stop offering this listing of theirs?
I have seen realtors ask the question of when they should dump an unrealistic seller (or buyer). I think you need to ask that question of your seller who happens to be a bank. Obviously they are not really wanting to sell. Instead they are wasting your time, effort, and marketing as they are not priced to sell.
p.s. a zestimate is designed to be plus or minus 20%. If it is off it is no big surprise.
- Julie Partridge Stuart, "Juliestuart"
- Contributions:99
Here's my dilemma. It is a short sale listing that I have had listed since last year. My Comps said between 150K and 160K. We listed it at 165,900.00 at the beginning of summer before tax credit expired.with no showings we lowered to 159,900.00 no showings for a month so we lowered to 149,900. we had lots of showings and submitted the highest offer which was a cash offer of 145K . Keep in mind 2 foreclosures have sold now on that same street for 155K including closing costs. after 3 months the bank finally countered back at 169,900.00. So that buyer went away and we raised the price in October and had no showings. Still no calls no showings. Frustration! I am sure the BPO the bank got was way high. And my comps are way low for the area with matching square footage and rooms. Now my comps are even lower with no new solds.
- Mark Harris, "ExcelsiorREA"
- Contributions:17
BPOs are not worth the paper upon which they were written. BPOs are developed by agents that want listings, and are inherently a conflict of interest. States are beginning to repel against using BPOs as the basis of value for lending purposes. I suggest you get an actual appraisal of the property. The appraisal represents market value based on a typical marketing period. Have the appraiser also provide a liquidation or disposition value, which assumes a compressed marketing period.
my bpo on 437 w 300s spanish fork dosen't match your zestimate! Way off! 2 forclosures 145K
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- 4.7/5.0
- (7 reviews)
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