This guide is intended to give you information about the process, but remember to involve an attorney before making decisions, or call your Realtor to get put in the right direction.
Before we discuss the how, it is important to know what a short sale is, and how it differs from a traditional sale.
Short sales were an unknown term before the 2007/2008 financial bust, unless you were in this business during the last bust in the housing market. Overnight, these types of sales became prominent, because the Great Recession was one that hurt property values like nothing else seen in many years.
All too often, I hear the frustrations of colleagues about a homeowner that is unwilling to price their home correctly, despite the agent's ignored pleas. I have met plenty of homeowners that want the higher price, or the maximum of the range I give with my home market evaluations. Why wouldn't they? I have even gone to efforts to create strategies that deal with this type of listing scenario. But as a seller, there are some reasons to take your agent's pleas as honest and coming from a good place.
A seller's unwillingness to price a home correctly, leaves the Realtor frustrated, and more disconnected from the sale of the listing. Their knowledge of the real estate market is limited, so consider the following when pricing your home. Here are 9 reasons not to overprice your home for sale:
This advice comes from a good place, the place where it is necessary to get realistic and make good choices. If you are a seller in a tight position, give your home the justice it deserves and price the home accordingly. It will result in reduced stress, and a quicker process. It might even give you leverage during proceeding negotiations. But either way, it will help get the home SOLD.
We (Joe and Chris Balestriere) are Realtors in Fairfield County, Connecticut. Our blog is meant to educate buyers and sellers and equip them with tools to get the most out of their Realtor, whether it is us or someone else. We focus on technology and how it enhances the work we do for our clients--we are not top CT Realtors by accident.