How Do You Determine the List Price for a Home That is a Short Sale?

How Do You Determine the List Price for a Home That is a Short Sale?

A short sale should be listed for a price that makes the home stand out from the competition. Since short sales normally take longer than standard sales, the price should entice the buyer’s agent and the buyer to put up with the time involved. It is smart to price the home close to the fair market value. Over time price reductions can be made accordingly to increase interest from buyers if the home does not receive an offer. Pricing the home for a fair value proves to the bank that the selling agent is trying to maximize the amount the bank will receive from the short sale.
Of course, if a home is close to going to a Trustee Sale soon, a better pricing strategy is to price the home aggressively so that many offers are put in, then the highest offer will be submitted to the bank. Sometimes short sales are priced well below market value to encourage multiple offers.For more information about short sales, please contact Torelli Realty.