You must be confused by answers all over the place. The Gilroy marketing is strengthening (today's Mercury News said median prices were up 30% over last year) but has not become the seller's market with multiple offers a way over list the way it has up North. Nevertheless, properly priced homes are selling quickly, at times above list price. On the other hand, up North there are signs of a stabilizing market (I laughed when I saw a Realtor interviewed who was upset it might take two weeks to sell rather than two days). In the end, pricing, marketing and negotiating are as much an art as they are a science, and they are the main reasons you ask a Realtor to help. It is easy to leave more than the commission on the table when you are not experienced. In your case, no-one can tell you your agent is advising you correctly unless they know the house, know the market (which some obviously don't) and know the strategy. You are not wedded to your agent, though some agents try to lock you into a long term contract and refuse to let you out until expiry. Most agents will let you leave the relationship graciously. Talk with another trusted agent, invite them into your home to discuss your pricing and marketing strategy, listen to their advice and then make your own decision. You may be priced high. You may be priced low. You may have an agent who has your best interests at heart. Unfortunately, occasionally, you may not.... more
This is a very competitive market and if a property is priced right, the sellers are receiving multiple offers. Are you getting any showings? Do you have a lock box on? Do you leave the home while prospective buyers come through? One problem is, you and your agent probably overpriced the listing in the first place. Once it's been on the market for a while, it becomes what we call "shop worn." Agents will say to themselves, "Oh, I've seen that already," and they won't show it. Most of the important activity for a new listing is in the first 30 days. That's why it's key not to overprice it.
Without looking at the home, it's hard to say what it should be priced at. If your listing is expiring soon, give me a call. Even if it's not expiring soon, call me and I'd be glad to look at the property for you and see if we can't come up with better marketing ideas that could help you sell. It sounds like you're motivated.
Are you also buying something? Perhaps I could represent you on the buying end.
Real Estate Broker
CA DRE #00957311... more
Grace gave you pretty much the " Low Down " on your question, I would just add a couple of points,
1) most Reo listing agents are not set up to handle buyers ( some are ), so if they have an offer into the bank and they are waiting for a reply they won't show the home and they won't put the property pending.
2) grace is correct, if you have a good buyers agent they will read the confidential notes as most reo's have a dead line date for taking offers, and your agent can keep you informed.
3) You almost certainly need an agent when buying an reo as the addendum from the bank is geared mainly towards the bank and the listing agent WORKS for the bank/assest manager. The listing agent will not put his source of future reo's in danger representing you. You will need someone on your side to point out the possible pitfalls.
I hope this helps,
DRE# 01397256... more
There are alot of details that need to be addressed. However, there are also other options to doing a short sale. Are you selling because you have to due to the market swing or a bad loan? Or, are you relocating? Short sales are just one of the strategies available, and not always the best option. Interview at least three top producers in the area and check references. Good luck!... more