I do a lot of short sales and find the strategy of list price varies widely depending on the listing agent. Some agents price low to get lots of offers, knowing the bank will determine the sale price. Some agents price at market to try to get real buyers and then lower the list price if there are no offers. Some agents still don't understand how to price a short sale.
If you'd like comps run on the property, email me the address and i'll tell you what is on the market for sale, under contract and what has closed in the last 90 days to determine what price would be a good starting point.
I hope this helps!
I have sold share of "short sales: and my clients have:
1. Offered list price and gotten an accepted offer;
2. Offered list price only to have the lien holders demand more
money shortly before closing;
3. Offered less than list price and gotten an accepted offer;
4. Offered less than list price AND less than market value and gotten an accepted offer.
To figure out how much YOU want to offer, first have YOUR agent comp the property. Then decide
how much the home means to you. If you really, really want the property offer at or close to the list
price. If you want it only at a certain price, offer that price.
Whatever you choose to do, be prepared to wait for an answer from the lien holders, sometimes as
long as several months. It helps to know how many liens are on the home. Ask your agent to inquire.
If only one mortgage is on the home, it should take less time to get an answer.
Assoc Broker Prudential Indiana Realty Group