Comments

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  Stephanie Lim June 21, 2010 at 6:29am

  Sorry...reread my 1:14 comment below again..what I meant to say is $10k every two weeks...not $1k...sorry for the confusion there! Let me know how it goes!
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  Stephanie Lim June 21, 2010 at 6:17am

  P.S. I never, ever, ever, ever under any circumstances tell someone to stop paying their mortgage. I tell them that they need to talk to a foreclosure attorney about that and that I can not, and will not, personally advise them to stop making their payments.
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  Stephanie Lim June 21, 2010 at 6:14am

  Fiona--I always start on the low end of the comps. I also use nice round numbers like the $10ks because that's how agents search the MLS (ie nobody ever puts in 456,789 as a starting or stopping point for a search). I really "listen to the traffic". You said you have good traffic and no offers. Most of the time I find that with my listings this is my sign that it only needs a slight decrease. I usually decrease in $10k increments, however, I never go more than 2 weeks without a decrease unless we are at the bottom of where I think they could possibly accept. If I decrease this week and we still have no showings, that is when I would probably do a second decrease the following week. So my normal game plan is $1k every two weeks but I will watch closely and see if I need to speed up or slow down the adjustments. Bottom line is I create a record of where the price was and how that price only had X showings and no offers. This has come in very handy when I need to challenge a BPO. I would never start with a too low amount. I personally think that is asking for trouble. Hope this helps! Good luck!!! :-)
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  Craig Barry April 27, 2010 at 8:51am

  Welcome- I am having fun on this site. It is really a great community. Let's build up the NJ Players- Craig
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  Taunee English,GRI,SFR April 20, 2010 at 4:15pm

  Hi,
  
  I just picked up a listing where Citi is the lender but my seller is current and wants to buy an affordable home. Can you tell me how you were able to get yours approved please? Thanks