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Short Sale Information You Should Know...
Scott Gregory and Jason Plescow from The Gregory Team
Does it matter how much I owe?
No it doesn't matter… in the old days of short sales they based decisions partly on the ratio of how much you owe on the loan. But today that doesn't matter anymore.
If that doesn't matter what does matter?
Fair market value is what the buyers are willing to pay in today's market. Its the real money and the real transactions that are going on in today's market.
How do they banks know what fair market value is?
The banks really don't have any idea what your home is worth… THAT IS THEIR DIRTY SECRET! The banks rely on Realtors, like myself, to set the price on property so that they know what buyers are willing to pay in todays market. Then, once an offer has come in, they will send out an appraiser or have a Realtor do a "broker price opinion."
What if there are no offers?
That means that your price is just too high. Sometimes the fair market value that was initially stated is just too high, and we suggest you lower the price in increments every couple of weeks or so. Buyers are watching prices on Realtor.com and other similar sites, and when it hits that right price point… they will go and take action on the property.
Should the sellers, regardless of fair market value, be sending offers into the bank?
No! It is real important to get as close to fair market value as possible because it increases the chances that it goes through. Back in the day, in the early days of short sales there was a theory of send anything to the bank and let them decide. Buyers just want the best deal regardless of whether is a regular sale, short sale, or foreclosure and they are willing to pay the fair market value.
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