Don't kill the market. Be more realistic with listing short sale folks.

Don't kill the market. Be more realistic with listing short sale folks.

While searching through some listings on the MLS, I noticed that several of the short sale listings were priced extremely low. It just does not make any sense. I understand that they may be short sale but let's not give consumers the false sense that prices have plummetted by 80%! Yes, listing the price really low will drive up the asking price but let's do a little more homework if one is a listing agent. If homes are priced this low, why not go all the way and just priced it at $1! I find this to be rather ludicrous. It is not even Black Friday and the specials have begun months in advance.

My recommendation is if one is that lazy that they do not make an effort to do a quick cma to find out the approximate market value of the home, don't bother listing it. It is a disservice to the community and to the profession. Moreover, what will the bank think if they see the listing price and discover that the offers coming in are over 40-50% above the asking price? No, the bank will not think the listing agent is a genius and should be hired for all their short sale listings. Rather, they bank will assume that the market is good and may want an even higher price. This may eventually end up killing the deal is the buyer do not want to go up any higher.

Again, do everyone a favor and perform a simple cma before listing the property. It is not only the right thing to do but the professional thing to do.

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