Why list it as a short sale when it is not?

By
Real Estate Agent with Gold Key Real Estate

Today my partner pulled in a listing.  The owner is a friend of his sisters.   We went to the home that had been marketed for 135 days as a short sale.   The pictures on this listing were awful.  The home had been shown exactly twice in these 135 days.  After 135 days on the market there was no price change.

 

Bill's sister talked to him about her friend.  She wanted to talk to him.   We figured out the listing by the shortsale status and the agency.   Bill set up an appointment for this morning.  We got to work early and did a market analysis.  We already knew we were to high because it had been on the market for so long.

 

The owner was in foreclosure but only owed $121K on it.  The other agent had it marketed at $145K.  If one gets $132K it is not a short sale.   So why was it listed as a short sale?  Why did the agent use the BPO's price?

 

We talked about short sales.   I told her we needed to know how much was owed.   The place was tired and in desparate need of repairs.   When I talked to the bank I asked for an approximate payoff amount.  I was told $121K.  So we listed at $132K and we are not listed as a short sale.

 

I have seen many things as an agent but I have never seen a short sale that was for sale $13K about short sale territory.  I bet we get an offer within a couple of weeks!

Posted by

  Debbie Holmes

Gold Key Real Estate     Company logo

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Tags:
boise
boise real estate
market analysis
short sale
bill taylor
debbie holmes
gold key real estate
great boise homes
partnerpayoff
repairs repairs

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,977,611
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Sounds like the agent was on the lazy side, or really did not know what they were eoing.

Feb 12, 2015 09:47 AM #1
Rainmaker
298,139
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

I would think the previous listing agent might have some potential liability for their actions.  Maybe they were hoping it wouldn't sell so they could step in and pick it up as a short sale or at the auction for them or for another client?

Feb 12, 2015 05:46 PM #2
Rainer
501,058
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

The word "Short sale" has a very negative connotation on the marketing aspect of the property and invites offers from RE Investors.  With such a close loan balance compared to the market or the listing price, I will be very careful not list it as a short sale

Feb 12, 2015 07:30 PM #3
Rainmaker
280,079
Jeanne Gregory
RE/MAX Southwest - Sugar Land, TX
The most important home I sell is YOURS!

I believe she should be reporting the previous agent.

Feb 12, 2015 10:17 PM #4
Rainmaker
1,477,506
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

When you’re representing either a buyer or a seller in a short sale transaction, one of the most important messages you can convey is, “This will not be quick.” When it comes to short sales, patience is not only a virtue, it is a necessity. 

Dec 14, 2016 02:35 PM #5
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
200,219

Debbie Holmes

Gets the job done!
Want to sell that home?
*
*
*
*
Spam prevention

Additional Information