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House needs a little touch up paint and carpet is worn and stained in some areas. The property is As-Is. The dishwasher and washing machine aren't working.
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14 Comments on Here's a Bad Way to Start a Northern Virginia Short Sale
Chris Ann - Pricing a home correctly is so important especially a short sale where the clock might be ticking.
No, I wouldn't either. Pricing is an art. Condition is a no-brainer! To find a willing buyer you really need to be the best priced and best condition. People have to want it, badly.
Chris Ann - That would be defeating the whole purpose of a short sale, wouldn't it?
Michelle: When I saw that list price I thought, "Here's a Seller hoping to walk away with a chunk of change." If it's short payoff, why over price?
Cathy: Certainly no one is going to pay a premium for a home in poor condition when they could get a better one for less money.
Norma: I think so. I checked to see if maybe there was a bank dictating an unrealistic price. Nope.,
Ugh. Is the listing agent showing the bank that she at least TRIED to get a higher than market price? Doesn't seem like a good game plan to me.
Cynthia: I wish I knew what the Listing Agent's thoughts are. I have personally worked with Sellers who wanted desperately to get as much money as they could for the bank because they felt guility for being in the situation of a Short Sale, but once I explain the whole Buyer's Appraisal deal to them, they get realistic.
Getting the right balance in pricing can be tough and is an important reason for any seller, Short or normal, to go with an expert like you, Chris Ann.
Do you already have a post about the difference between North VA and So VA to which you can refer me? I don't know the difference. In CA, everyone in Nor Cal is above average in everything, everyone in the So Cal is below average in everything so it's easy to remember. Hopefully, it's obvious to you that Silicon Valley is Nor Cal.
Is it possible the overpriced short sale List Price was dictated by the lender(s)? Don't they sometimes pre-approve short sales under HAFA? or is it HAMP? If it doesn't sell maybe they'll reduce their payoff demand?
Every one of them is different. I have some priced higher than they should be because I know the buyers are gonna lowball 'em. A few others are priced lower than they should be because I knew I'd get multiple offers. Some are priced just right but for varying reasons will take a long time to sell. There isn't really any rule of thumb to use in my area.
Chris, It is hard to say if it was the agent or the homeowner. We have had our share of unreasonable homeowners. Of late, we have walked away from those listings wishing the owners good luck and good riddens.
Chris Ann ---- as we know there are some listing agents who will price a short sale far below market value as part of their marketing plan to attempt(or is that tempt) a buyer who truly believes they are going to get a fabulous price on a property that a bank(or number of banks and/or other lien holders) will never accept. What a terrible waste of time --- no wonder some buyers become so fed up with the short sale process.
Great point Chris Ann... and terrific use of key words... smart lady!
Lloyd: I suppose it's possible, but I don't think even a bank would go that high.
Elizabeth: Sounds like our market is a bit more predictable.
Belinda: I would understand if the Seller stood to make money, but in a Short Sale? Over pricing in that scenario makes no sense to me.
Michael: It's true. The success of a Short Sale starts with the Listing Agent.
Melinda: Thanks!
Pricing correctly is so key to a short sale. What I haven't liked about the HAFA program is the fact that it initially restricts the listing agent's ability to price a home correctly. I guess I wouldn't mind if they actually priced it right -- but that's a whole different subject.
Tni: Sounds like your experience with HAFA and mine are the same. I find their prices to be a bit.....how shall I say?.......overreaching.