I've got a short sale property with a first with Selene, 2nd with Ditech. BPO was done and came back at $395k, which is right around the property value but not a competitive price. It's a nice house, great area. However, we have not been getting a lot of interest though and I'm wondering what I can do to help it get sold. I've had it on the market for about 2 months now. I'm thinking of lowering the list price below the BPO price, maybe like $370k. I know if we lowered it, that would drive a ton of interest but am not sure if that's a good idea. Would that be a good idea and does anyone have any other ideas?
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I think that's a good idea as you need an offer to get into negotiations with the bank. If you can get an offer around 370k theres a good chance you'll be able to push it through. That's about 95% of the FMV which IMO is a relatively strong offer in comparison to banks value. Who is the investor on this loan?
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