If you are going to list your home as a short sale I suggest you treat it like any other home for sale.
By that I mean…list it at a reasonable price.
Since your lender will need to sign off on any sale it is critical, in my opinion, sellers accept only a reasonable offer.
Some sellers and their real estate agents prefer to take the easy route…as I was told by another agent “let the bank decide."
As a real estate agent I work with Brevard County short sale sellers. And I always encourage a list price that will bring a realistic, although somewhat discounted, offer.
Short sales are time consuming and require much more patience on the part of buyers - and sellers. Discounting, in my opinion, is compensation for the uncertainty of a short sale.
Part of the short sale process is the Broker Price Opinion (BPO). This is basically a market analysis provided by a real estate agent to the lender to use in their decision process. It is an opinion of a property's market value. It is not an appraisal as appraisals are conducted by licensed appraisers.
I perform a lot of BPOs in the Brevard County market area. And I use real comparable properties just as I would if I were provide a comparative market analysis for any other seller.
Others who perform BPOs hopefully operate the same way.
It can be disappointing when the negotiator comes back at a significantly higher price because you opted to sign off on a low ball, unrealistic offer. This can result with the buyer walking away from the deal. The lower offer price may result in a seller having a larger deficiency they will owe to the lender if approved.
If you are considering selling your home as a short sale in Brevard County, call me at 321-693-3850 to discuss your home's short sale potential.