Special offer

Short Sales

By
Real Estate Agent with Coldwell Banker

I am trying to put a positive spin on a negative experience.  My client made an offer on a property that was listed at $625,000 (no picture) and was on the market for 170 days (Short Sale).  The bank wanted two weeks to do a BPO and then countered at $675,000.  My client countered at a price under the $675,000 and we sent 44 pictures to demonstrate that the property was in disrepair and needed work.    The bank held firm so we let the property go.  The next day, the property was listed as NEW on the MLS and did not show DOM from previous listing (first MLS violation) and the Listing Agent used one of my pictures (second MLS violation).  The positive is that our Real Estate Board took action and fined for the first violation and removed the picture for the second violation.   It was a matter of principle. 

Another cause for concern is that some Listing Agents are under pricing their listings to encourage our Buyers to make offers.  Then, the Listing Agent comes back with a higher price in the form of a Counter.  Unless the Listing Agent has a BPO and Negotiator assigned, I recommend passing on making an offer unless you can justify your offer based on comps, not just condition of the property.  Otherwise, we are just being used.  What are your thoughts?

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