"Temecula Short Sales", Priced Lower Than Market May Be Too Good To Be True!

Hi, Jane. I know. They use that marketing strategy here also and it confuses the buyers who are not familiar with the concept.

Jane,  I have never had to list low to trigger an offer.  You can bet your sweet bippy I would if I had to take drastic measures to trigger an offer to submit to the lender in order to postpone a trustee sale.  There are strategic reasons for pricing low.  Many agents price low for the wrong reasons ... no strategy they simply do not know what they are doing.

Jane - Unfortunately, I think this happens on an all to often basis.  When a buyer client is interested in a short sale, I am quick to point out that some agents will use an obscenely low price to attract attention, but that the lender (who is already losing money) has no obligation to accept an offer that isn't close to market value.

Jane, I'm constantly amazed at agents who still continue to price their short sales WAY below market, only to trigger a contract  on homes which are not pending foreclosure.  Then, the buyers become disillusioned thinking they're getting a steal of a deal only to have the bank come back in at "fair market."  

Personally, I think the whole system is backwards - I wish the banks would order their BPO's as soon as the sellers inform them of a hardship and the need to short sell their home.  Then, the bank could tell the listing agent what they are willing to settle for - all of the parties know UP FRONT what the costs will be -period.  This goofy system of not even talking to us until there's a contract on the property - makes no sense.  

I can't imagine pricing below market now anyway but your right if they want accept it why waste the time