Correct Pricing Can Make or Break a Naperville Short Sale
With all of my short sale listings, my primary goal is to price the short sale listing correctly so that the seller receives an offer from a qualified buyer which will result in a successful closing. I tend to start on the conservative side with my pricing but will make price adjustments as needed.
I often times see a problem in my marketplace where either short sale listings are priced too high or they are priced too low. Let me explain why I feel that it is a problem -- When a short sale listing is priced to high, that house may lose out on potential buyers because there is a chance that buyers might shy away from the house based on price. Therefore those homes tend to sit on the market for a while and meanwhile "the clock is ticking" for the seller.
On the other hand, when the short sale listing is priced to low, yes - it might attract buyers and receive an offer quickly but, that price will need to be justified to the bank and if it cannot be justified then there is a strong chance that the short sale will not be approved.
That is why pricing a short sale is correctly from the start is very important. The correct price on a short sale listing will help shorten market time and at the end of the day, will make it easier to justify the price to the lender which will improve the chance of a short sale approval.