Careful Pricing Will Help The Short Sale Specialist
Days gone by we chatted about how the BPO disputes are on the rise yet again. We also discussed pricing listings properly and making regular price changes. The list price is incredibly significant. As an example, let’s infer that you list a property at $200,000 and get an offer for that house in the first week or two. When you go to the bank with that offer, the lender may say that the property is worth $225,000. So, as the real estate broker, what evidence do you have thta the residence is not worth $225,000.
We prefer to start a small more careful with our pricing. We reckon you are doing yourself a incorrect if you price your homes too low. You will maybe find a few more battles with the lenders. It is not traditionally the best way to get an offer on the property. On the other hand, we don’t automatically want to get an offer on the residence in the first few weeks. When i get an offer after a couple weeks, I can show the lender that I had the house listed at a fastidious amount and lowered it, and lowered it again. Only after lowering it did the bid come in.
We are not looking to NOT get offers or get a outrageous amount of money for the property. Yet, we appreciate how this game is played. Unlike the REO market where the real estate handler and his view matter, with the small sale market our view doesn’t matter.
At the end of the day, the bank may not like what we have to say about home values. Still, we are building a basis for the offer by pricing the house accurately.
Tomorrow’s focus will revolve around advising your clients on whether or not to make their mortgage payments. We will show you how Group 4610 deals with it.
Get powered up by Kevin and Fred at Small Sale Power Hour by the Small Sale Specialists of Arizona