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Friday, December 07, 2012

Why Should Short Sales Be Treated Like Any Other Sale?

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.

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