Short Sale Listing- Price It Right !!

Great simple advice for short sale listing agents! Will they ever figure it out?

A problem that I've ran into with short sales is that banks won't disclose their minimum price.  For example I'm in escrow with a short sale representing both sides.  The bank has a price set yet won't let us know what it is.  They said to submit an offer and if it's below their minimum price, they will just reject the offer.  The buyer can submit up to three offers, and if the third offer is rejected because it's still under their minimum, the buyer is "locked" out and the bank will not look at any more offers from the particular buyer, regardless of what the offer is.

Pricing, more than any other factor, is critical to the success of a short sale.  It's not always easy to get that price right, so I prepare three post-dated price reductions, which I have the sellers sign at the time we list the property for sale.  If there is little activity, or lots of activity and no offers, then I drop the price, and continue to do so until it sells.