Home Selling in 45426>Question Details

Reggie Great…, Renter in Wadsworth, OH

During a short sale process how low do you list your home

Asked by Reggie Greathouse, Wadsworth, OH Sat Mar 24, 2012

Im Reggie and during a short sale process how low do you list your home. I have gone from 249k to 149K mls number 507176. There are no homes selling in the 45426 zip code. Any suggestions. this home is financed by Wells fargo, and I need an offer to get them to consider short sale. Im now 60k below what pay off is. Im upside down what are my options.

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I'm so sorry, selling short sale can be so frustrating. Try not to worry about being too much below what you owe. We've seen short sales go through at 400k below payoff! As for reducing and reducing the price, that is EXACTLY what you want to do. When you do finally get that much anticipated offer you've got undeniable proof that you tried at every price point and this was the most someone was willing to pay. Wells Fargo loves that. So keep gradually reducing and someone will come along. If you listed it for $1 it would be sold by now, no? An extreme example, but you need to hit that illustrious 'price point.'

The good news is there is new legislation in effect that requires the large banks (Wells Fargo included) to respond to short sale offers in 30 days. So once you do get that offer, you should be off and running! Much luck to you and try to hang in there.
0 votes Thank Flag Link Sun Mar 25, 2012
Reggie,
It is such an incredibly frustrating process, and you are only at step one. It will continue to get worse and then get really bad as the process advances.

Mark, gave a incredibly import piece of data. You really, really need to digest what he really said.
The plan sells the home, not the price point. Contact a real pro and get on with your life.

Best of success to you.
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, Fl

Got Questions?
Let chat - http://www.FloridaRealEstateMadeEASY.com
0 votes Thank Flag Link Sat Jun 23, 2012
Reggie,

You really need to get with your agent and have a systematic plan in place to not only continue to lower the price but track the results to build a case to the bank as to why it is only worth whatever you eventually get an offer for... Nothing makes me more sad and frustrated than when I see short sales home either expire or go to sherrif sale and the price had not been reduced... I know my team and I could have sold them and yet the owner lost it to forcclosure.... Just sad. Don't let that happen to you!

Hope that helps, just general advice...
0 votes Thank Flag Link Sat Jun 23, 2012
Really nice house. Get with your listing agent, do open houses, ads in the local paper...offer her a bonus if she sells in 30 days...something like that might help.
0 votes Thank Flag Link Sun Mar 25, 2012
Wells Fargo will not simply give away your home


Personally, You should list your home at market value
0 votes Thank Flag Link Sun Mar 25, 2012
Hi Reggie

I understand the frustrations that come with short sales. The lenders will send their appraiser to verify the value of the home and compare with the offers you're getting. If the comps are low, you can hover around those. The short sales will typically priced less than fair market value.

Do you have a local agent with whom you can consult and go over your local market data, stats, trends and comps? Correct me if I'm wrong, but what I'm understanding from your message is that you haven't received an offer yet? There is no bad market but only bad marketing. It could be your advertising, your pricing, the impression people get when they see your house, the pictures ect...I don't know the product nor the area so I can't tell you. But I can recommend you a local expert who can assist you in this process.

Let me know and good luck!

Mimi
0 votes Thank Flag Link Sun Mar 25, 2012
Often times you start with 80% of what you owe the bank as a starting point. However, there are some neighborhoods here in Atlanta that are selling for 25% of what they had sold for only a few years ago. So to give a definative answer is diffucult. The price is what the market will bear.
0 votes Thank Flag Link Sat Mar 24, 2012
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