Short Sale Myth #3…..
Pricing the home very low will get an offer quickly!
But at what cost to the seller and the buyer? Banks do their homework and though you can get a great price on a short sale they will not just give the home away. Most buyers are still of the mindset that they should not pay over asking price. An experienced agent will price the home in accordance to what the bank would most likely approve the short sale for. In some instances, the agent may price the home on the higher end of the current market value and maintain a marketing report to help prove their case as to why. This detailed report will provide the pricing history where offers were not entertained until the home was listed at a lower price. Most deals fall apart because of low ball offers, lack of communication between all parties and changing seller circumstances. The disadvantage to sellers is that the time is ticking if they are facing foreclosure. To waste their time on an unrealistic offer could cost them the home all together.