False Short Sale Prices
Posted Sep 7, 2008 @ 3:08 pm, Viewed by 559 Visitors, Read 584 Times.False short sale list prices. We are seeing more and more listings on the Tampa mls that are just not realistic and are fictious numbers that effect the entire real estate market. If you are working with a buyer who is not interested in short sales it gives the appearance that they can buy a home at a price that is a lot lower than a bank is going to approve. For instance there are two similar homes on the market one is a short sale with a list price of $150,000 and the exact same home listed at $190,000. Now the actual fair market value on the home is around $185,000. Well the buyer is looking at the exact two homes and say wow that short sale home is $40,000 less than the non short sale home it appears at first glance if you were to purchase the non short sale home you are grossly overpaying considering the other home is listed $40,000 lower. But the short sale list price is a made up number just to draw interest and offers on the home and is not a number the bank is going to accept. I just don't think this is right and fair and just adds confusion to potential buyers and contributes to lowering the value of homes. Buyers make sure you are working with a buyers agent who can explain the tactics and provide you with a market analysis and give you a more accurate assestment of the market.
Team Nappi works with buyers interested in Tampa Real Estate and also is a full service Tampa Property Management team.
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Listing agents are using the MLS as bait to get the short sale process started. Our MLS is really not doing anything about it so we're thinking of just listing all our short sales for a whopping $5. The intent is to just get the process started... why deceive and frustrate the buyers?
Jon
Many agents do not understand the process and are under the impression that banks are giving away money. They were in 2004+2005 and that's why we are in this mess but now they wouldn't consider a short sale at 50% LTV. It is creating a false impression of a great deal, but a great deal is only a great deal if it actually materializes.
<a href=http://www.shortsaleway.com>Jon</a><a href=http://www.sellhouseamerica.com>of Short Sale Way</a>
We've got some companies here getting actual appraisals that show the value in many cases at twice what they have their short sale listed at. They attach the appraisal to the listing and then treat it like an auction, submitting multiple offers to the lender all at one time. It's insane and the boards here just go ho hum.
Wow - I'm not seeing that in my area. In fact, I dealt with one short sale home that took a price reduction and last time I checked it is still there - and the price is too high for the condition of the home! So the home just sits and I don't know how long the bank is going to let it sit, I guess until it forecloses.
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Amen! Why agents list a home for $450,000 when it is going to sell for $550,00 is misleading. If they are doing it in order to find buyers, then they will be attracting a lot of unrealistic buyers. Crazy.