I just listed a short sale in a prime location. It is a condo but it has been trashed as the owner could not afford to keep up the the mortgage payments nor do any maintence work. I did my comps and discovered that this property could be the lowest priced home in a fabulous neighborhood. With that in mind I priced it considering the renovation work that would have to be done and the HOA dues still owed the Association. I immediately got calls and buyers to view the property. But the consensus was even though it was still a good deal the public wanted a better deal. After a contractor looked at the property and told me the approximate cost for rehabbing it. Within a week I lowered the price $50,000. Then the calls really started rolling in. I have an offer at the asking price with a solid buyer. Sometimes you have to listen to your gut. My client was agreeable to a price change. I warned her when I took the listing as we had no time due to auction date I would have to evaluate the price every few days so that we could get an offer to the bank. So far , so good.
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