I have listed several properties over the last few years where a short sale was required to sell the property and prevent foreclosure. At times I have been successful, other times not. My suggested procedure has been to select a starting list price near market value, and then continually drop the price until an offer is recieved. For example: I currently have a property listed at 9388 W. Lake Drive, Littleton, CO 80123 (MLS# 549349). The loan is insured by FHA.
On 8/1/2007 the property came on the market at $198,000.
On 8/8/2007 the seller dropped the price to $194,000.
On 8/23/2007 the seller dropped the price to $188,000.
Activity has picked up but we still have not received an offer. The home needs some work, but I have not recommended to the seller that he makes any improvements. Spending good money after bad does not make sense to us. Eventually we will be at a price that will generate an offer, and then we will approach the lender.
Any thoughts or suggestions will be greatly appreciated.
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