Special offer

HOW did you come up with that price you offered on a SHORT SALE?

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

I do not know what is worse, a SHORT SALE in the Manchester NH area that is priced WAY below market value or the offers BUYERS want to place on these listings. It creates a "CIRCLE OF FAILURE". You must be asking yourself why am I being so tough on Short Sales this morning? Because... Home Owners may not even know their choice of a Short Sale Listing Agent may have just doomed their Short Sale becuase that agent has PRICED THE HOME TOO LOW....

Despite what people think the bank will spend some time and money to determine what the current market value of the home is. They will then use a "secret formula" to determone what price the net price they will accept for the short sale home. By pricing the home ultrea low to attract more buyers, if the price is  not at or above this value the bank sets, your short sale is done before it begins.

On the flip side setting low prices give sthe buyer false hope they can buy a $300,000 home for $200,000. They spend time on an offer, they spend money on home inspections and appraisal fees only to wait 3-6 months to get a big REJECTION all becuase the price was too low to start.

Home Owners now may get fast tracked into foreclosure...

THE BEST TIPS WHEN SELLING A SHORT SALE

If you owe more than your house is worth, if you are behind in your payments or if you have to move. A Short Sale could be for you. The most important tips is to list with an agent who is well experienced in listing, negotiating and selling Short Sales. If you live in NH, call me first. I use a professional negotiator that works on the sellers behalf when negiotiating with the bank at no cost to you. Most often the home owner can complete a short sale at no cost to them.

 

THE BEST TIPS WHEN BUYING A SHORT SALE

1. Work with an agent who is well experienced in the short sale process
2. Get pre-approved BEFORE looking at homes
3. Find out if the house in is in foreclosure, if so - you may want to avoid it.
4. Never base any offer on an asking price.
5. Assess what the house is worth and base your offer on that less any needed repairs.
6. Try to inspect prior to making an offer. Include a credit for repairs needed in your initial offer.
7. Do not try and renegotiate after the bank accepts the short sale
8. Have patience and 2-3 months to wait to close as it may take that long
9. If you have no patience or need to close quickly, a short sale may not be for you
10. Be ready to close in 30 days from when the back approves the short sale





CONCLUSION: As a Leading Listing Agent here in New Hampshire, I strive to offer my clients the best in personal and Professional service. Whether you are the seller, the buyer or another agent it is my goal to be the most helpful agent i can be. Treating Buyers and Other Agents with respect (Like i would want to be treated) is the only way to lead ones life and business. It keeps buyers and agents coming back as well as gets my listings sold quickly and at the best price obtainable.

In a Short Sale you often only have 1 chance to sell it correctly. Making a bad choice on who you list it with or waiting too long if the foreclsoure process has started can kill a short sale quickly. CALL ME FIRST for RESULTS!!!

AVOID OUT OF STATE AGENTS AND NEGIOTIATORS!!!!!!!!

Please call for a FREE MARKET ANALYSIS to let you know what the value of your home is.

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.

Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees. WE GET RESULTS!!!

We stand by you through every step in selling your home.

PLEASE SEE MY "SPOT LIGHT" Series for differnt neighborhoods in NH

1.
Spotlight on FOX HOLLOW CONDOMINIUMS in Manchester NH
2. Spotlight on ROSECLIFF in Manchester NH
3. Spotlight on ROSEGATE FARM in Manchester NH
4. Spotlight on NEWTONS MEADOW Condominiums in Manchester NH
5. Spotlight on EAST MEADOW Condominiums in Manchester NH
6. Spotlight on SunView Condominiums in Derry NH
7. Spotlight on the Trolley Crossing Neighborhood in MANCHESTER NH
8. Spotlight for STONE TERRACE CONDOMINIUMS in Manchester NH

PLEASE SEE MY "TOP" TIPS FOR BUYING A HOME

PLEASE SEE MY "TOP" TIPS FOR SELLING A HOME

SUPPORT LOCAL BUSINESS!!!

ONE OF NEW HAMPSHIRE'S LEADING AGENTS FOR SHORT SALES AND BANK OWNED HOMES...

If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.

If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.

Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 25 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Ssles, Residential Properties, Condominiums, New Construction and Investment Properties. Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.

Comments(14)

Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Scott:

Good post and information. There is a successful method for listing short sales and you nailed it. 

Jul 09, 2012 11:25 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Thank you for the comment Alan, now just to get home owners to see it.

Jul 09, 2012 11:35 PM
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Those agents that don't know how to determine list price on a short sale are the same ones that complain when the fairly accurate BPO comes back $30,000.00 or more higher than their list price.

Jul 09, 2012 11:36 PM
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

This post is wonderful.  Just getting an offer is not the point...getting an offer the bank will accept (one that is close to fair market value) is the best way to avoid foreclosure.

Jul 09, 2012 11:40 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

JEFF you hit that on the head, right now I am completing about 15 bpos a week most of which are short sale bpo's it seems and maybe 1 out of 5 listing agents even show up. Then they call to complain about their under priced listing price

Jul 09, 2012 11:42 PM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Kathryn well said, an offer is worthless if it is not near market value. Low ball offers do nokt work with short sales especially in this recovering market. 

Jul 09, 2012 11:44 PM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Morning Scott -

I went through this list last week with a home owner that needs to do a short sale.  In fact I made two trips to the home to explain the pros and cons of a short sale and what this particular home owners options are.  I bet I get a third call and will be explaining it again. 

 

Jul 10, 2012 12:04 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

JOHN great point, many home owners do not understand, it is why they need a full time, local and well expereinced agent with the patience to help them through the whole process. Too many home owners ruch into listing with a large company with flashy tv ads to be left to battle themselves.

Jul 10, 2012 12:10 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Scott - Just a thought, but wouldn't this all be a lot easier if the bank agreed to a price prior to marketing the home? I know that's not how it's done - I just don't really understand why, unless banks want the process to be as difficult as possible.

Jul 10, 2012 02:47 AM
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales

Nice post Scott, and those are some good short sale tips.  Pricing a home too low just to attract buyers should be made illegal.

Jul 10, 2012 03:06 AM
Roy Kelley
Retired - Gaithersburg, MD

Good advice for short sale sellers and short sale home buyers.  Too many short sale offerings end up in foreclosure.

Somewhere along the line, sellers should be filing legal actions against agents that gave them bad advice on short sales.  

Jul 10, 2012 04:20 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

You say it all in tip #1...Work with an agent who is well experienced in the short sale process!

Jul 10, 2012 10:57 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Scott, I do not care if it is a Standard, REO or a Short Sale, I provide comparables to the buyer and we jointly come up with the price period! Great advice you give to potential buyers work with someone who is experience especially with Short Sales if they want to get the property!

Jul 11, 2012 10:39 AM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Good morning Scott,

Great post - a contract is only as good as the bank will approve, this process takes long enough without bogging it down with ridiculous offers that will be turned down.

Jul 11, 2012 10:27 PM