Short Sale pricing is a key.. to a successful closing. Setting a correct price is a skill that comes with experience. There is more involved than simply running comps. With a Short Sale, the Lender(s) involved and the months delinquent on the Seller's part have to be figured in. The condition of the house, HOA delinquency, repairs required, examination of comps for Short Sale % pricing. Do I need to establish a Property History? Is there time? Who has any extra money here?
Once the price is set, a Listing Agent cannot simply let it rot. If that price is too low..too many offers and the Lender will not go for it. If the price is too high...why??
A Short Sale Listing Agent must have Sellers that co-operate and understand the plan of attack when the Listing is accepted. Everyone agrees where they are in the process.
When a Buyer's Agent calls and asks for explanation re: pricing, give it to them. Be detailed. There should be a method to the Short Sale pricing the List Agent has in place. There are MANY scenarios for Short Sales..as many as there are types of loans and Lenders.
Take your time at the start, establish the correct price for your particular Short Sale Sellers and stick with the program. Get that local BPO and work it wisely...
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