Good Morning:
I got a call from a client today wanting to see a new listing that came up in his neighborhood. The average price of a home in that particular neighborhood is $375,000 for 2500 square feet. The new listing is about 2300 square feet and is listed at $249,900! I did my research and the home is classified as a "Short Sale...." After pulling comparable sales data and reading the comments in the MLS about the home, I decided to call the listing agent. The listing agent responded to my questions by saying "I don't know what the bank will take. My Seller has to fill out some package explaining why he wants to sell his home. I told my client to contact the bank and get this package." To further complicate matters, the agent told me that he has never attempted to sell a Short Sale and has taken another job to help pay the bills, so his response time for a return call in the future may be hours. I called my client back and said "The chances of this Short Sale being approved is nil. And the list price would not be approved by the bank, because they have their own appraisal process to substantiate the value of the home." How many of you have dealt with this type of scenario?
Have a great and productive day!
David O
This is my first posting. I am dedicating my participation to Active Rain to Short Sales!! If I can be of assistance, please let me know. If you know what you are doing, Short Sales are where the best deals can be made. For homeowners, the Short Sale is a way to sell your home and salvage your credit.
Thank you
David
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