Don't kill the market. Be more realistic with listing short sale folks.

By
Real Estate Agent with RMX REALTY

Don't kill the market. Be more realistic with listing short sale folks.

While searching through some listings on the MLS, I noticed that several of the short sale listings were priced extremely low. It just does not make any sense. I understand that they may be short sale but let's not give consumers the false sense that prices have plummetted by 80%! Yes, listing the price really low will drive up the asking price but let's do a little more homework if one is a listing agent. If homes are priced this low, why not go all the way and just priced it at $1! I find this to be rather ludicrous. It is not even Black Friday and the specials have begun months in advance.

My recommendation is if one is that lazy that they do not make an effort to do a quick cma to find out the approximate market value of the home, don't bother listing it. It is a disservice to the community and to the profession. Moreover, what will the bank think if they see the listing price and discover that the offers coming in are over 40-50% above the asking price? No, the bank will not think the listing agent is a genius and should be hired for all their short sale listings. Rather, they bank will assume that the market is good and may want an even higher price. This may eventually end up killing the deal is the buyer do not want to go up any higher.

Again, do everyone a favor and perform a simple cma before listing the property. It is not only the right thing to do but the professional thing to do.

 

 

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For FORECLOSURE Prevention & all your Real Estate Services,

Contact: 

 

DAVID DEE
(626) 203-5676
 

"Client 1st. That's the David Dee Guarantee."

Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

(N. ORANGE COUNTY) Anaheim, Buena Park, Westminster, Garden Grove, Fountain Valley and other surrounding areas.                                                                  

Copyright © 2010 by DAVID DEE. All Rights Reserved. "Don't kill the market. Be more realistic with listing short sale folks."

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Ambassador
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Michelle Cherie CarrCrowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
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I understand your frustration. When I list below market, I include comps & averages in the remakrs to guide agents. David, asking price is just that, an asking price. Many of the cash buyers in our market could afford a lot more but seek out the lowest-priced ones and willingly pay over-but they only look in the low end.

Nov 10, 2010 07:01 PM #1
Rainmaker
126,381
David Dee
RMX REALTY - Alhambra, CA
Real Estate - San Gabriel Valley (L.A.) & N. Orang

Michelle, sometimes these asking price are questionable low it makes no sense when comparing to comps in the area. It is what it is as some listing agents 'use' this strategy to get quick offers.

Nov 12, 2010 06:07 PM #2
Rainmaker
886,623
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

I see this, and I also have sellers who think that if we price the house absurdly low their problem will go away that much faster. It doesn't work that way. 

Nov 26, 2010 08:57 AM #3
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Rainmaker
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David Dee

Real Estate - San Gabriel Valley (L.A.) & N. Orang
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