3 comments to How Does The Seller Determine The Asking Price For A Short Sale?

• acermill

  December 27th, 2009 at 9:47 am

  It occurs both ways. Those with a functioning brain will make arrangements ahead of time with their lender, to reach an agreement to an acceptable ’short sale price’ to the lender. Others are as naive as can be, and offer their properties at an unacceptable low price to attract offers. They then HOPE that the lender will approve, which happens rarely.
  If you are interested in purchasing any short sale property, demand written evidence that the lender is in agreement with a certain range of acceptable prices.

• Big daddy

  December 27th, 2009 at 10:50 am

  What you really want to do is get with a local realtor. They know the area and should be knowledgable about how prices are moving. One of the keys to a short sale is having a fair listing and also a fair offer. When the buyer sees a short sale listing, they will usually low ball the offer, especially if it’s a cash deal. You want to be reasonable with the offer and current market conditions as if you are too high in the asking price, you will not receive any bids. You also have to factor in that it is a short sale, many buyer’s won’t deal with them due to the length it can take to complete, especially if you have a second lien and a buyer that needs financing as you are talking about 3 seperate entities that need to approve the transaction. When the offer is submitted the lender/investor will have a bpo completed to see what the value of the home is worth, this is what they base their negotiations off of. Usually a good realtor will at least send in comps with the offer to support their pricing. This way, a good negotiator can and should dispute the bpo value if there is a large discrepancy between the bpo value and the offer

• Common Sense

  December 27th, 2009 at 11:59 am

  The bank determines the price, not the seller.

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