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Realtors - Make Sure You're Pricing Your Short Sales Right
Success! This week we closed on Rick and Cathy’s Clinton Township home. Rick was a builder before he had to go on disability because of a variety of health problems. The timing couldn’t have been worse for them because the house was left with multiple projects at varying stages of incompletion. This of course made it very difficult to find a buyer, but when we did, this $145,000 home sold for $130,000, but most importantly, the two mortgage holders wrote off over $110,000 in debt (it was very over-leveraged) and put in writing the loans were paid in full (“settled”). Big discounts do happen when they are justified.
 
Your Tip: That story is a good lead-in to this week’s tip. Once you’ve decided to take on a new client who needs a short sale, one of the most important steps in the entire process is pricing the property “right”. This is where Realtors® drop the ball most often. Why? I have two theories, and it’s probably a combination of both.
One: Realtors® are programmed to get as much for a house as possible – to serve their client. Let’s think about that. Who is the client, the lender or the ... more

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