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.
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
Let chat - http://www.FloridaRealEstateMadeEASY.com
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...
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!