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!