now that i lowered the price of my listing by $55,000 but turned it into a short sale - how quickly do you think i can get an offer ?

Asked by John Acevedo (323) 270-7873, Eagle Rock, Los Angeles, CA Sun Nov 7, 2010

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Brad Korb, Agent, Burbank, CA
Mon Feb 17, 2014
Hi John !

You should get an offer right away ! If you don't have an offer with-in 21 days my advise would be to drop the price again ! Good Luck !
0 votes
Catherine Be…, Agent, Lawndale, CA
Tue Nov 9, 2010
As many other agents have already pointed out, just getting an accepted offer on a short sale will not guarantee a sale. The most important factor to consider in a short sale is the fact that you must present a strong short sale package. If you have not put one together before, do some homework and start preparing your package.
0 votes
Richard "RJ"…, Agent, Beverly Hills, CA
Tue Nov 9, 2010
Getting an offer is only the start of the battle. You could reduce $300k to get an offer, but does it reflect market value. Once you get that offer and submit it to the lender, the lender will let you know if the net will be sufficient to the short sale approval. Reducing a price for a shortsale can be tricky. Price right. If you are just trying to get an offer to submit, you may be doing yourself more work that will be necessary. Market and advertise as any diligent agent does for their listings and get a fair offer. You are still trying to get your client the best offer possible and this will now relate to the lender as well. If you are still within market value and comparable to the competition, then, I would expect you would get an offer as would the rest of your neighborhood does... what is the average days on market? Good luck.
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Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
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0 votes
Linda Grey, Agent, Port Orange, FL
Mon Nov 8, 2010
Hi John,

I take it that you must not have done short sales over the years the 10 years of your RE experience, just look at the question you posed to us and answer it as though one of your sellers was asking you the question, what would you tell them? Would you even give them an answer in this market? Since it is a short sale, getting an offer may not be the problem, keeping the buyer hanging on for the length of time it will take your lender to deal with the short sale will be, here in FL it can take from 2 to 12 months for a reply from a lender on a short sale and CA and FL have similar markets.

While many of the other answers are very good I don't think that some realized that you were an agent asking the question. Best of luck on your sale.
Web Reference:  http://www.TheBeachLady.com
0 votes
Richard Schu…, Agent, Los Angeles, CA
Sun Nov 7, 2010
John,

How does the home compare to other similar listings and similar sales?


-Richard
0 votes
Bob Georgiou, Agent, Danville, CA
Sun Nov 7, 2010
John,

A good home will always find a buyer. A small short will not/should not be an issue. The question is how will the buyers perceive the short sale in addition to any other deficiencies in your house? I would imagine that the average market time for similar priced homes still applies since that number includes short sales that attract offers. Youc an always ask your agent to manipulate the MLS data so you can contrast your DOM with other short sales only.
Web Reference:  http://bob2sell.com+
0 votes
Eulanda, , Los Angeles, CA
Sun Nov 7, 2010
There are many factors to determine the saleability of your property, although you reduced the price of your property, is the price competitive for the market? Does the property need any repairs? And last but not least, is the property getting good exposure? Those are just a few of the main determining factors that would help to generate or create activities to bring an emediate offer. Good luck!
0 votes
Bill Eckler, Agent, Venice, FL
Sun Nov 7, 2010
John,

It is true that pricing is the number search criteria for today's buyers. They also know there are great deals out there and expect to fine one. The fact of the matter is though, that there are other factors that influence a homes desirability.

The price becomes secondary is the prospective buyer is not attracted to it. "Curb appeal" will strongle influence buyers and bring them into the home....but the appeal needs to be much more extensive than looking nice on the outside. It needs to "shine" on the inside as well. Our recommendation is that sellers are well advised to invest some time in improving the appearance of their home...it will be appreciated by the buyers.

Additionally, visibility is a major factor in selling......simply stated, the more people that know about the opportunity to purchase anything, the better the chance of selling. If it's priced right and it truly "shines" your problem may be one of visibility. In today's market it just is not enough to put a sign in front of the home and put it on the local MLS......success is found far beyond this.........

Best wishes,

Bill
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