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Careful Pricing Will Benefit The Short Sale Agent
By Vic Hurlstorm | August 10, 2010
Yesterday we chatted about how the BPO disputes are on the increase all over again. We also discussed pricing listings appropriately and making frequent price changes. The list price is very significant. As an illustration, let’s assume that you list a residence at $200,000 and get an offer for that home in the first week or two. When you go to the lender with that offer, the bank may say that the property is worth $225,000. So, as the real estate agent, what evidence do you have thta the residence is not worth $225,000.
We prefer to begin a little more conservative with our pricing. We believe you are doing yourself a disservice if you price your houses too low. You will probably find a few more battles with the banks. It is not traditionally the best way to get an offer on the property. Nevertheless, we do not necessarily want to get an proposal on the property in the first few weeks. When i get an proposal after a few weeks, I can show the lender that I had the property listed at a specific amount and lowered it, and lowered it again. Only after lowering it did the offer come in.
We aren’t looking to NOT get bids or get a absurd amount of money for the home. Nevertheless, we recognize how this game is played. Unlike the REO market where the real estate agent and his opinion matter, with the short sale market our opinion does not matter.
At the end of the day, the bank may not enjoy what we have to say about property values. Still, we are building a basis for the offer by pricing the home right.
Tomorrow’s attention will revolve around advising your customers on whether or not to make their mortgage payments. We will show you how Group 4610 handles it.
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
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