Who Prices a Short Sale?
Inspiration for this article comes from a recent conversation I had with another agent about a short sale listing that hasn’t received any offers because the seller is emotionally attached to the house and won’t lower the price.
Guys, you’ve got to hear me on this one. Just like any other real estate offering, the owner is responsible for setting the price, but it’s our job to advise them. The seller is who prices a short sale. Short sales, like any other property, can be priced wherever you choose.
You could price a $400,000 home for $200,000 and sell it for $200,000. You might neet to spend some time in a padded cell for a while, but the bottom line is, you can ask whatever you wish. You could ask $800,000 for a home worth only $300,000. You’ll never see an offer, but you can do that.
Will you get what you ask? Not necessarily. And furthermore, if you don’t own your home outright, what you ask may be less than what you owe, in which case you would a) need to cover the difference out of pocket, or b) appeal to your lender for a short sale.
Short Sale Pricing
If you can’t cover the spread, you’re a short sale candidate, and you must learn to remove yourself from the emotional attachment to your home and price the property to sell.
Think about it! You’re not going to make more money when you sell it, so why would you resist pricing your home at a market value that will actually draw offers.