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Permalink Reply by Bryant Tutas on March 1, 2011 at 2:30am

Kristin. I would list the property at Fair Market Value. Any offers much less than this are probably a waste of time. The sellers should care about the price as they may have tax and/or deficiency issues to deal with. Price matters.

The listing needs to be ion the MLS. The lender will have an issue if it's not. The BPO will show this.

It's my understanding that HAMP is is being discontinued in the very near future. HAFA  is also a failure with very few people being helped through this program.

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Permalink Reply by Eddie Petrie on March 1, 2011 at 2:32am

Hi Kristin

 

We are seeing a number of our agents list their properties right in the middle of the comparable range. Doing your best for your client means not setting them up for a higher prom note if there is PMI on the property so you want to check that out as soon as you can. The whole purpose of listing a short sale is not to set it too high as you run the risk of the BPO agent just going along with your listing values and not putting too much effort into finding a median price point which would help in getting the short sale approved faster once you had the right offer. Personally, it doesn't matter to me where my agents list their properties as long as they are in the low to mid range of fair market value including repairs, etc. Again this is set up this way in preparation of the BPO.

 

As for listing in in the MLS remember the more days you have a short sale on market it can help your case down the line if you need to show the lender their value set on the property is too high. DOM can help your case if you need to lower the list price at any time in the future. 

Yes there have been positive results with HAMP but again they are all lender & seller specific meaning they had to qualify and meet the requirements. 

Hope some of this helps. 

 

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