In general, most short sale experts say to price the property at or near fair market value, although a few will begin with the total payoff amount owned by the seller. How frequently prices are dropped will depend in part on whether the property is in preforeclosure. Most banks have a formula for what percentage under market value they will accept, say interviewees. Figures cited vary from 8 percent under to almost 20 percent under.
"I always price the property 10 percent lower than comparable to peak buyer interest and initiate buyer activity," says Cole-Murphy, who's also founder and curriculum developer for Real Estate Pro Guides, a line of educational books for practitioners. However, it's important for buyers to understand that the bank will not give away the property, she says.
Tip: Most lenders will want to get a broker's price opinion or even an appraisal to see what the property is worth before you and seller set a list price. One way to help ensure that the bank's estimate of value is realistic is to offer comps of recent sales - both traditional and REO, says Churchill, who is also the author of The Foreclosure Specialist: A Real Estate Agent's Complete Guide on Working in the Foreclosure Market (Valco Press, 2007).
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