Wise words from an AR neighbor to the south...know what you don't know...and if you don't know...prefer to refer and give the seller the justice and dignity they deserve.
Hansons Both
Just because you TRY to sell your house as a Short Sale doesn’t always mean you SUCCEED at selling your house as a Short Sale.
When agents list distressed properties, they should market the house as they would any other house ... by not skimping or shortchanging on service or marketing efforts.
In a Short Sale, one aspect must always be handled differently, and that’s with price.
In a Short Sale situation, an aggressive pricing strategy must ALWAYS be applied.
Too often, Short Sales listings are priced the way houses are normally priced ... by trying to sell the house for as much as possible. Since ‘short sellers’ are already in an upside-down position — where they owe more on their loan than their house is worth — there’s no profit in trying to sell for top dollar. Neither can a house be sold for too little since lenders won’t approve Short Sales that are not in line with market value.
That’s why getting a contract price that will satisfy both a willing buyer AND your lender is the ultimate goal.
Homebuyers go for Short Sale properties because they anticipate a discount in exchange for the inconvenience of having to wait several months before closing on the sale. When a Short Sale property doesn’t get a contract quickly, it’s because the list price was too high.
Homeowners in a Short Sale situation don’t have time to wait. The good news is that there’s no reason a Short Sale property can’t get a contract within 1-2 months ... or sooner ... provided the real estate agent knows the difference between a Short Sale and a Regular House Sale.
You know the saying ...
If at first you don’t succeed, try try again.
But the next time, try again with a Short Sale Specialist who understands that a Short Sale pricing strategy is an absolute must.
* * * * *
JUDY CHAPMAN | “The Real Estate Agent Who Always Has Time for You”
LUXURY HOMES | SHORT SALES
Central Florida Real Estate
Contact me for a complimentary Neighborhood Sales Analysis
WINTER PARK · WINTER SPRINGS · OVIEDO · MAITLAND
LAKE MARY · LONGWOOD · SANFORD
EAST ORLANDO · ORLANDO
Coldwell Banker Residential | 521 E Mitchell Hammock Rd | Oviedo FL 32765 | Judy@OrlandoHouseSales.com | (407) 227-7763
© 2007-2010 www.activerain.com/blogs/OrlandoforSale by Judy Chapman ALL RIGHTS RESERVED. Portions of this content may be used with attribution.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Good advice. One more thing that must be considered though, is whether the lender is likely to require a promissory note for the deficiency or reserves the right to sue for it. The lower the price, the more the deficiency. The situation varies depending on the state laws, the lender, and what type of loan, which is another reason why using a Realtor who knows short sales is important.
good point Susan...each situation is different...each lender is different....and that is why a successfully eperienced short sale listing agent can be the difference between negotiation of a deficiency and foreclosure.
Great information!
Sally
Sound advice from someone that truly knows.