Fair Market Value Pricing Makes Sense When Short Selling Your Lakeland FL Home
It is essential to price a Lakeland FL short sale at fair market value and not to price the home based on your mortgage balance unless you have the additional funds to bring to closing because there is no buyer out there who would pay for the house as much as you paid back in 2006. Let me explain to you why it would make sense to price your Lakeland FL Short Sale at fair market value.
Lenders have an idea what the home's fair market value is and even though they want the highest price possible, they really don't want to spend the money to pay the legal fees to foreclose, maintain and sell the property as foreclosure.
At one of my recent listing appointment as a Lakeland FL short sale real estate agent with a distressed homeowner, the homeowner ask me if I could list the home at a price so the difference between the amount owed on the mortgage vs. the list price on their Lakeland FL home would be minimal. The home is in great condition, the homeowner has kept the home nice and tidy and it was built around 2006 purchased at $250,000.
As we sat down at the dinner table discussing the importance of pricing their Lakeland FL home as a short sale, I explained to the homeowner as they were not familiar with the short sale, that most of the homes here in Lakeland FL are underwater some may not be as drastic as others. The Lakeland FL homes drastically affected by the values are homes that were built in 2004 through 2007 or were purchased during that time period, such as yours. I further explained to the homeowner that homes similar to theirs are selling as short sales in the range from $85,000 to $95,000 within the last six months.
In addition I pointed out to the homeowner that while I try to achieve the best possible price, terms and conditions for their home, I must list the house as a Lakeland FL short sale at fair market value and here are the reasons why:
- Attract buyers who are interested in short sales - In my experience as a Lakeland FL real estate agent representing buyers, a buyer will be equipped with the knowledge of what the market values are in a particular neighborhood they are interested in. They have been watching sales history, viewed homes and they are being advised by their buyer's agent. When they see a home that is overpriced, they generally will not pay a visit to your home fearing the homeowner is unrealistic about the price therefore making it impossible to get an good offer as quickly as possible. I have seen short sales on the market for one to two years without any price reductions whatsoever and the reason for is either the seller has been unrealistic about the price or the seller was ill-advised by an unexperienced real estate agent that listed the property as a short sale.
- Get an approved short sale from your lender - time is of the essence when it comes to short sales and if you are facing foreclosure time is working against you the minute you are notified of foreclosure action. As a Lakeland FL Short Sale agent, I will show proof to the lender that I market the property the best possible way and if necessary with the history of price reductions to attract buyers. Our ultimate goal to a successful transaction starts with a solid contract to hopefully receive an approval on your short sale in a timely fashion.
Do you need to sell your home as a short sale in Lakeland, Auburndale, Bartow, Winter Haven, Polk City, Highland City, Dundee, Mulberry, Bartow, Kathleen, or Lake Alfred? Call (863) 619-6918 or email me at firstname.lastname@example.org for a personal and confidential consultation. Don't be foreclosed!
IMPORTANT NOTICE: CDV Transatlantic,Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Copyright © 2011 By Petra Norris *Fair Market Value Pricing Makes Sense When Short Selling Your Lakeland FL Home*