I was looking at this house when it was a short sale in January 2011, and it was listed at $74,000.00. What happened? $22,000 more?

Asked by chandrakoger, Belleville, IL Thu Jul 5, 2012

This question was asked from http://www.trulia.com/property/3035051101-224-Abend-St-BELLE…

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Charles Smith, Agent, BELLEVILLE, IL
Mon Dec 10, 2012
The home you look at was sold last year on Whitlow. This home is really nice. Been painted in side.
All Brick and cover Patio in back. Storage in garage.Please call for appointment. Charles Smith with Coldwell BANKER BROWN 618-531-7032 listing agent.
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lb.escobar09…, Renter, Belleville, IL
Wed Sep 26, 2012
INTERESTING. We are the homeowner and would love to sale this house. I could be reached directly via email. lb.escobar092212 at gmail dot com
I really wish we could have a serious short sale finish through completely but just seem to have quite the bad luck.
Right now I am attempting to pursue a deed in lieu simply because the process has taken so long and this is extremly stressfull we were APPROVED to sale the property JUNE 2012 by all parties involved at 54K.
Then I guess the lady changed her mind which is all and fine I guess considering that it was not her credit rating and family she was toying with.
I understand things come up but we have been through about 20 short sales and have gotten no where fast. We listed the house 4 years ago September 2012 and I can attest to that.
The bank does not own the house and this property has not been foreclosed upon.
Please by all means get your facts straight because people looking this up could see this and this could ruin our credibility.
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Marge Haworth, Agent, wood River, IL
Thu Jul 5, 2012
This home has had the additional legal paperwork completed and filed. It is no longer a short sale it is now properly a bank owned home. The bank will try to recoup some of the expense of this proceeding. - It has been all over the market. from 189,000 to 85,000 on and off the market around 800 days.
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Not bank owned please see my comment.
Flag Wed Sep 26, 2012
Suzanne Hami…, Agent, Orland Park, IL
Thu Jul 5, 2012
Another answer could be the short sale listing price was wrong. Sometimes it is often determined by the seller and the agent. Since the seller is not getting a benefit from the price anymore, they just want an offer.

Since many banks won't do anything with a short sale until they get an offer, this is often a tool some agents mistakenly use to get a quick offer. They don't go wild, but they do usually price a little under market. Even on short sales, banks want close to market, so this just sets up the buyer and the seller for failure. The buyer waits months and the bank won't approve it. Waste of everyone's time and effort.

They will likely not take that much less, but you can put in an offer.
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Ron Thomas, Agent, Fresno, CA
Thu Jul 5, 2012
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 “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” 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.
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