How will your house be marketed in a short sale? Marketing for a short sale property is the same as it would be if your house were not being short sold. Pretty much the only difference is that all the marketing materials must disclose that “all terms of offers are subject to lender approval.”
Once your realtor puts your house on the market, real estate agents will show it to prospective buyers and we wait for an offer. Try to price within the bottom 10% of the active listings – that should generate plenty of activity and result in an offer within the first 30 days on market.
As soon as we have an offer, we submit it to the bank along with supporting documentation. The bank’s “loss mitigator” is our point of contact during the entire process. He or she will review the package in its entirety before ordering a BPO (Broker Pricing Opinion). This BPO is similar to an appraisal and will require a third-party agent to come to your house and take photos of every room…even the garage. They will then create a report for the bank that reveals the current value of the home.
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