Short sales are complicated. With all the variables that need to be juggled, it’s easy to make mistakes that end up derailing a transaction.
1) Failure to understand and justify market value.
Setting a price for a short sale is the delicate art of balancing what a buyer will pay and what the lender will approve. It’s important to understand how the lender values a property. The bank will commonly hire an appraiser or BPO broker to set a value after you submit an offer. If you have set the price too low, the lender will not approve the offer. Everyone loses. The buyer has been given an unrealistic expectation of what they should pay, so usually is not willing or able to offer much more. More importantly, your clock is ticking. You have a certain deadline to do a short sale and avoid foreclosure, and valuable time has been spent on a deal that was never going to go through.
Author:Tami Pocevic Phone: 941-408-0600 Dated: May 8th 2014 Views: 540 About Tami: Tami has been a licensed real estate agent for over 12 years. She currently resides in Venice and e...
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About Keller Williams Realty Gold-The VeniceTami Team
Keller Williams Realty Gold-The VeniceTami Team. Tami Pocevic has been a Real Estate agent in Venice for over 11 years, with over $17MM in production over the past 12 months. I am in the top 2% of agents in both the Englewood Board of Realtors, and the Venice Board of Realtors consistently, year after year. Our team of Administrative Assistant, Marketing and Tech Administrator and 3 Buyer’s Specialists ensure a smooth transaction for you.Tami Pocevic Broker-Associate Realtor -
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"Tami is an excellent Realtor. She is very professional and hard worker. She has worked very diligently with us and has helped us find our dream home in North Port. If you are looking for a home in the North Port/Venice/Port Charlotte or the Sarasota area please contact Tami. She certainly deserves your business and complete trust."