why was the list price lowered if there is a contract on the house?

Asked by Clw1624, Washington, DC Sat Jul 31, 2010

MLS DC7311941 (2509 Perry St NE) shows as short sale under contract. However they just lowered the list price. Does that mean the house is back on the market or is there a glitch? Would love to put an offer in but don't know if it is still avaliable.

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Cat Tallant, Agent, Arlington, VA
Sat Jul 31, 2010
BEST ANSWER
The Property is under contract, the latest price drop was a day before the status changed, it's third contract since it was listed. Currently it isn't available.

Only 10% or so of short sales that go under contract ever close,usually you have to wait 6 months or more to get an answer from the sellers lender (which is usually not a positive response), and if it is approved by the lender, then an appraisal is ordered by them to determine market value, and that becomes the approved sales price. Values are increasing in the DC area, so that means the short sale price you and the seller agreed to will probably not be the final approved price, but it will be something higher. A low listing price will entice a buyer, but buyers need to be aware that the final price will usually always be higher than their contract price.....and that's one of the many reasons that short sales fall through.
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Zaza Pasori, Agent, Washington, DC
Sat Jul 31, 2010
Hi,
This listing came on the market on 15-Apr-2010 06:57 PM and the property went under contract twice and came back on the market on both times.

First price change was on 05-06-2010 05:48 PM From $214900 to $204900
Final price reduction was on July 29, 2010 before property went under contract .The reduction was from $204900 to $194900.
Finally property went under contract 07-30-2010 10:03 AM.

I hope this make sense if not please feel free to contact me

Regards,
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