How Do You Price A Short Sale?
Short sale sellers who don’t price their homes appropriately are unlikely to receive viable offers. That’s because pricing needs to appeal to more than the buyer to ensure a short sale transaction will close. Pricing a short sale correctly involves choreographing a delicate dance between bringing in an offer and getting the bank to buy into that offer. Moreover, if a Notice of Default has been filed, time is of the essence. In that instance, there are only so many days left on the calendar before a short sale seller may lose the home to foreclosure. Price it wrong, and the home goes to the bank. That’s one of many reasons why it’s important to hire an experienced short sale listing agent. The short sale price needs to be attractive to the following five parties: • The Short Sale Bank. Because short sales can take a minimum of 3 months
