It is not just in Fullerton, but all over, that listed prices of homes for sale are understated. This is especially true for the "short sales". What is happening is that the seller and the listing agents are hoping that by listing at prices way below the market they can induce a bidding war. Yep, that is the bottom line. We should all understand that it is not relevant what the seller and agent want --- it is what the bank will accept that sets the price. And regardless of popular opinion, the banks are not being fooled, they get market price (BPO) opinions to support the going value of a home. So the really low price on the listing is what we call a "teaser price", only set artificially low to tease a buyer into making an offer. Later the agent or even the bank will come back and negotiate the price up from the first bid. Many times the agent for the seller just calls and reveals that they have multiple offers, and want the buyers highest and best next offer. This is happening all the time for Fullerton Real estate and homes for sale. Buyers for homes anywhere need to be aware of this process.
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