If you have a short sale how do you price it? Do you take the lowball effect of just getting an offer in to start negotiating it or maybe you are on the other exteme and price the house as high as possible thinking the bank will more likely accept the deal if you can get an offer over market value.
I think both those methods are wrong. When I price a short sale in Tempe or anywhere in the Phoenix area I figure out what the value of the property is then I price it slightly higher than that and build into my contract an automatic price reduction every two weeks until we get an offer.
I also use electronic lockboxes to track how many showings the house gets. Now if there are any problems with the price being approved I have plenty of evidence that shows what priceing I have tried, what type of showings the house received at each price and where it finally got an offer.
Would love to hear how you price your short sales. Here is my video on strategy used to price short sales.
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