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What happens when you list a short sale too low?
What happens when you list a short sale too low?
Anyone that’s been in the field at all over the last year has seen it:  a home that is in a $120,000 neighborhood is all of a sudden listed as a short sale for $75,000.  I just saw that very situation first hand in a neighborhood that I own a rental property, in fact it’s the first home I ever bought and Tim & I lived there for 3 years before turning it into a rental, so over the years I’ve tracked the values in there VERY closely, it’s kind of my temperature gauge for the real estate market.
After I got over my initial anger over how someone could POSSIBLY list a property that much below market value in MY neighborhood, I started thinking rationally about why this might not be a good practice.  Here’s a few ideas that I came up with and I’d love to hear any others you might have.
Bank turns the short sale offer down.  Come on… banks aren’t stupid (oops, sarcasm!).  If a house is solidly worth 120 and the BPO comes in at 120, they’re going to turn down 75!  Yeah, you’re ... more

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