I understand the listing agent's job is to list a short sale below market in order to attract offers and stop the pending foreclosure. That seems reasonable to me, even though it is confusing to potential buyers who think they are getting a whopper of a deal. Only to be disappointed when the bank counters at market price and the buyer can't or won't accept. Of course, an astute buyer's agent will have shown the buyer comps for the area and prepare them for the increase in the offer (maybe).
When this happens the property comes back on the market. My question-- why does the listing agent who knows the price the bank will accept, put the property back on the market at the ridiculously low price when first listed?
This just happened and I had two buyers call me because they were so excited with the list price of the home. After a conversation with the listing agent I gathered the facts. The price was actually $141,000 below the what the bank was willing to take, which no longer looked like such a deal.
I am sure there is a rational behind this, yet I can't see it.
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