Realtor @ Charles Rutenberg Realty
Serving Chicago and Suburbs
'Helping Sellers of Short Sales Throughout Chicagoland'
If you have any questions feed free to call or email me or visit my short sale website located at http://www.ShortSaleHelpOnline.com
Thank you, Mike
sometimes it is just picked somehow, sometimes low to attract multiple offers, sometimes high it just all depends.... But nobody except at the very end the bank/lender will determine which offered price they will or will not accept, not even the seller has a lot of input there....
Remember that in a short sale the loss on what the Sellers/owners currently owe on their loan, and will not be covered by the offered purchase price, will be the loss of the Bank!!!! So they will decide....
So if you are a buyer, and hopefully working with a Buyers Agent, a Realtor who represents you, and can provide to you solid market evaluation so that you will offer, what that home is worth in that area and that areas current market conditions..... and remember a short sale can take a long time, and the bank may very well accept the offer of another buyer....
Read the other comments below and you will understand....
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
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get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
Short Sales are the 'Wild, Wild, West of Real Estate" where there exists only an illusion of rules. These sales are suitable only for a very select portion of the home buying population. That population will suffer no financial or emotional loss knowing they will be on the team that loses 70% of the time.
You would be well advised to understand pricing in regards to bank owned homes also. And of course, you already know, traditional sales also have negotiated sale prices.
Lastly, the real estate professional plays NO ROLE in regards to the selling price. In a short sale, even the owner is sidelined in determining the selling price. So, who actually set the price for which a short sale is sold at? Does the price include ALL of the fees the buyer will be requested to pay?
It a convoluted mess, a highly complex transaction, and you may only be at the beginning.
Buckle up, you are in for a wild ride!
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
It has nothing to do with the Buyer or the LISTING PRICE.
Understand, also, that the LISTING is not set in stone, neither the Seller nor the Bank has to honor that Price. That may be a number, picked out of the air: It might, (and probably is) a low number to try to attract multiple offers.
If you are Buying, you should have a Realtor representing you; you would already have the answer to questions such as these. The Buyer's Agent costs you nothing, they are paid out of the Escrow.
You should have your Agent do a CMA to determine the Market Value and therefore your Offering Price. Please ignore the Listing Price; it is really meaningless.
Good luck and may God bless