How long should i wait with my regular sales price before i apply for shortsale.?

Asked by R. Davis, Miami Beach, FL Mon Apr 6, 2009

My condo is for sale in ok standing (1 month late cause no work). I lowered the sales price to
rock bottom so i won't make a dime if i sell. The short sale prices are similar to my price.

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Michael Young, Agent, San Francisco, CA
Sat Apr 18, 2009
If you're only one month late on your payments, even if you list your condo as a short-sale and you get an offer, it is unlikely the bank will accept the offer anyway. You need to demonstrate to the bank two things:

1. The value of your home is lower than what you owe
2. You can no longer afford the payments

Otherwise, in the bank's view, it appears that you can continue making the payments and they have little reason to take a loss on your loan, which is generally in good-standing.

As others have said, you need to work with an experienced Realtor who knows how to organize a proper financial package for submission to the bank to secure an "approved short sale".
0 votes
The Hagley G…, Agent, Pleasanton, CA
Sat Apr 18, 2009
Find an experienced short sale agent and drop your price 5% each week until you are in contract
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blaison samu…, Agent, Santa Clara, CA
Thu Apr 16, 2009

I hope you are working with a realtor, if not then I would suggest work with an experienced short sale agent to sell your house. Your realtor can study the market and price aggressively to attract the buyer to sell your condo fast so that you can move on.
0 votes
Fred Mateo, , Miami, FL
Tue Apr 14, 2009
Still there is no guarantee that the bank will accept the terms of the short sale listing, should an offer be made. How does your condo unit compare to the one in short sale? Do any of the two have any upgrades? How many units are for sale in the building for a comparable price. Those are the factors you need to consider to place an attractive sales price on your condo unit. Then, if no one wants to buy in that building or complex, price won't make any difference unless it's a drastic reduction. How long you will have to wait?...Until a qualified buyer falls in love with your property. :)
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