Skip Walker

I just taught a class on Short Sales. Send me your e-mail address and I can forward it to you in a powerpoint presentation..

SkipSellsHomes@bex.net - Sat Apr 26 2008, 17:00

Getting valuations from 3 local Realtors is a great idea. They know your local market conditions and the time and effort it will take to get your property sold. Depending on the property, it may be a good idea to make those repairs before you put it on the market. You may spend $5,000 now but benefit with $7-10,000 more from the sale. Your local Realtors can direct you on this as well. Make sure that the Realtors show you comparable sales from within the last 3-6 months as well as the current listings (your competetion) and the expireds (the unsuccessful sellers) and discuss the time on the market. Also let them show you their marketing plan. In this market a sign in the yard and a once in a while newspaper ad just won't get it. You will need internet exposure and lots of it. But you really need to study the data. Hiring someone because they tell you that they can sell it for a lot more than the competetion is crazy. If it is overpriced you won't get showings. There should be no charge for any of this information from the Realtors either. Good Luck! - Thu Apr 24 2008, 13:11

My experience is that some servicers use BPO's and others use an independant appraisal. I always teach my agents to list to MARKET VALUE-what the market will bear in it's current condition-not what is owed. It may come back to bite you if it is listed for $X but the offer comes in 15-20% or more below that. Then you have to explain why you couldn't get a higher offer. The servicer ownes the mortgage but not the property. Don't expect the servicer to know your current market. If a major plant is closing down, you need to tell them that and document EVERYTHING! Also, keep in mind that the servicers almost never pay for any buyers closing costs because they want that buyer to be vested in the property so that they aren't in the same position in a year or two from now because the buyer is in default. Good Luck! - Tue Apr 22 2008, 09:26

No, I don't think so but here's why. As a dual agent (not duel) he cannot represent your interests over the buyers, nor the buyers interests over yours. I agree with Gary-read your dual agency disclosures carefully.

It's hard to say but if your property has been aggressively marketed for over a year, $16,000 below asking might be about right in your market area. Many communities in Michigan are depreciating in value. - Tue Apr 22 2008, 09:05

Contact the Manager of your listing Real Estate Agency. Explain the problem and ask them to refer you to another Agent who will satisy your needs. If they can't do this or if the new agent is still lax, demand that they release your listing so that you are free to market the property with someone else. If this doesn't work, go to the local Board of Realtors, then to the State Board. - Tue Apr 22 2008, 08:47