We are not allowed to advertise that the home is a short sale in the Columbia MLS. We can notify the agent in our agent remarks section and if you agree, you can post it on a sign rider, but that information will not feed to Trulia or any other automatic feed website.
Make sure you find someone who has experience with short sales and wants to work it. They are a unique challenge in today's real estate world.
Please contact me if I can be of assistance to you with this process.
It is a great time to buy, however it is a confusing time for the real estate market!
I agree wholeheartedly that listing agents should have to make the buyer aware in their listing remarks where the public can see that the property is a short sale or possible short sale because it leads to misconceptions and skews what buyers perceive as property values in that neighborhood. A listing agent's duty is to work in the best interest of the seller and that is to get as many people as possible interested in the listing, so they price it low but they don't say why.
It is very important that you get a buyer's agent who will represent you so that they can assist you in locating a property that will suit your needs and provide you with all of the details on properties upfront so that you are fully aware of any such situation before even looking at it.
Please contact me if I can help. I am an Accredited Buyer's Representative.
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called â€œchasing the curveâ€) and Buyers will be asking the question; â€œWhatâ€™s wrong with that house?â€ and â€œWhy has it been on the Market so long?â€
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; â€œArenâ€™t you obligated to sell at this price if someone offers it?â€ The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
The general rule of thumb is that the bank will consider any offer but may accept or counter the offer for any number of reasons.
The home is listed as a short when looking at the local MLS Listings. If you are looking at sites like Trulia, Zillow, etc. this info may not appear.