Who picks the price on short sales?

The real estate agent usually is the one who picks the price on short sales? Many Metro Detroit home buyers always wonder who sets the price of a short sale.  Usually the real estate agent sets the price because the home owner doesn’t care.  The  homeowner doesn’t have a stake in the game anymore..  The homeowner is trying to get a free walk from their mortgage.  All the homeowner cares is get it sold and get their name off the mortgage.

So usually the real estate agent prices the house at the low end of the market price.  The reason the agent does that is because Metro Detroit home buyers and buyer agents would rather buy a foreclosure or a regular sale than a short sale.  So in order to entice home buyer they price the short sale very reasonable.

Banks usually don’t get involved in the pricing of the home until they get an offer.

That is how Metro Detroit short sales are priced.

 

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Rabbi David Wolpe

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