Comment

Comment by Stephanie Lim on August 10, 2009 at 7:29am

Karen--the numbers I've heard thrown out have always reflected the NET to FMV. Maybe that is where the confusion is coming in?

Comment by Wendy Rulnick on August 10, 2009 at 7:21am

Karen - There is really no standard percentage "off" for short sales. It depends on the market. Generally, fair market value or pretty close to it. Short sales ARE usually priced less than non-short sales, because they have to be discounted due to: length of time to close,uncertainty of approval...

Comment by Karen Mathers on August 10, 2009 at 7:13am

I am confused. It is my understanding that a buyer should get a good deal on a short sale. Otherwise, why would they put in an offer and wait for weeks and sometimes months for an answer? If the home comps at $205,000 then $185,000 seems like a good price? I have always been told a short sale price would be about 85% of market value? Am I missing something?

Comment by Wendy Rulnick on August 6, 2009 at 6:25am

Bud, good luck!

Comment by Stephanie Lim on August 6, 2009 at 3:19am

I agree. You have to be able to justify your contract price. We have good luck in explaining the process to the buyer's agent and how if the price can't be justified by comps it will just be rejected anyway so we will have all wasted our time. We have found it almost impossible to get the buyer to come up after the bank comes back with a higher counter. ( The exception for us is if we need to get a foreclosure sale cancelled and the bank won't do it without a sales contract and we absolutely can not negotiate the buyer up.)

Comment by Wendy Rulnick on August 6, 2009 at 3:04am

I would negotiate it now. Why waste time offer maybe for low based on what you said.

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