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Fair Market Value Pricing Makes Sense When Short Selling Your Lakeland FL Home

By
Managing Real Estate Broker with Lakeland Real Estate Group, Inc. BK646565

Fair Market Value Pricing Makes Sense When Short Selling Your Lakeland FL Home

It is essential to price a Lakeland FL short sale at fair market value and not to price the home based on your mortgage balance unless you have the additional funds to bring to closing because there is no buyer out there who would pay for the house as much as you paid back in 2006. Let me explain to you why it would make sense to price your Lakeland FL Short Sale at fair market value.

Lenders have an idea what the home's fair market value is and even though they want the highest price possible, they really don't want to spend the money to pay the legal fees to foreclose, maintain and sell the property as foreclosure.

At one of my recent listing appointment as a Lakeland FL short sale real estate agent with a distressed homeowner, the homeowner ask me if I could list the home at a price so the difference between the amount owed on the mortgage vs. the list price on their Lakeland FL home would be minimal. The home is in great condition, the homeowner has kept the home nice and tidy and it was built around 2006 purchased at $250,000.

Pricing Your Lakeland FL Short SaleAs we sat down at the dinner table discussing the importance of pricing their Lakeland FL home as a short sale, I explained to the homeowner as they were not familiar with the short sale, that most of the homes here in Lakeland FL are underwater some may not be as drastic as others. The Lakeland FL homes drastically affected by the values are homes that were built in 2004 through 2007 or were purchased during that time period, such as yours.  I further explained to the homeowner that homes similar to theirs are selling as short sales in the range from $85,000 to $95,000 within the last six months. 

In addition I pointed out to the homeowner that while I try to achieve the best possible price, terms and conditions for their home, I must list the house as a Lakeland FL short sale at fair market value and here are the reasons why:

  1. Attract buyers who are interested in short sales In my experience as a Lakeland FL real estate agent representing buyers, a buyer will be equipped with the knowledge of what the market values are in a particular neighborhood they are interested in.  They have been watching sales history, viewed homes and they are being advised by their buyer's agent. When they see a home that is overpriced, they generally will not pay a visit to your home fearing the homeowner is unrealistic about the price therefore making it impossible to get an good offer as quickly as possible. I have seen short sales on the market for one to two years without any price reductions whatsoever and the reason for is either the seller has been unrealistic about the price or the seller was ill-advised by an unexperienced real estate agent that listed the property as a short sale.
  2. Get an approved short sale from your lender - time is of the essence when it comes to short sales and if you are facing foreclosure time is working against you the minute you are notified of foreclosure action.  As a Lakeland FL Short Sale agent, I will show proof to the lender that I market the property the best possible way and if necessary with the history of price reductions to attract buyers. Our ultimate goal to a successful transaction starts with a solid contract to hopefully receive an approval on your short sale in a timely fashion.

Do you need to sell your home as a short sale in LakelandAuburndale, Bartow, Winter Haven, Polk City, Highland City, Dundee, Mulberry, Bartow, Kathleen, or Lake Alfred? Call (863) 619-6918 or email me at pnorris500@gmail.com for a personal and confidential consultation. Don't be foreclosed!


IMPORTANT NOTICE: CDV Transatlantic,Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.

 

 

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Copyright © 2011 By Petra Norris *Fair Market Value Pricing Makes Sense When Short Selling Your Lakeland FL Home*

Comments (3)

Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Petra, this is case on point that sellers need to hear...i've seen short sales go into foreclosure with other realtors due to overpricing of the home...as Lakeland FL short sale agents, the sellers will get the experience, know how and follow through that is needed to reach a successful close...good post to share.

Aug 23, 2011 11:35 PM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

I liked this post Petra! It is not only informative, it is also practical and strategic! This post is a must read to all Lakeland FL Short sale agents. 

Aug 25, 2011 05:01 PM
Pasadena Short Sale Agents Pasadena Short Sales
Munson Realty Southern California Real Estate - Pasadena, CA

This short sale infromation is super informative Petra, I can see why you are the top Lakeland Fl  Short Sale Agents. Keep up the good work!

Aug 26, 2011 02:10 PM