Chicago

[queenjen]

If a house is being listed as a short sale does the listing price need to be a short sale price, or just that they will accept a short sale offer? For example, approx 661K is what needs to be paid to get a clear title, but the house is listed at 699K.

[sheriff]

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queenjen wrote:

If a house is being listed as a short sale does the listing price need to be a short sale price, or just that they will accept a short sale offer? For example, approx 661K is what needs to be paid to get a clear title, but the house is listed at 699K.

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6% commission on a 699k sale is 41,940. Add another 10,000  in closing costs and you come out about $13,500 short.  So it is a short sale.

[deneenr]

Hi Queenjen,

The listing price maynot represent the short amount however a buyer may offer a price that will make it short and there for the listing agent automatically listed it as a short sale since they feel it will most likely be a short sale. Buyers should be made aware that there is a distressed sale on the horizon.

Deneen Ruffolo

[JayKlosinski]

HIya, 

Another thing to keep in mind is that the seller is the one who sets the price on the listing usually guided by their listing agent. Unless the listing is an "approved short sale" with a number approved by the bank already, the listing price is usually a price set to get offers and may or may not be based on current market value. (in most instances it is though) Your buyer agent can pull comparables and give you an idea as to whether or not the house is priced at current market value. The most important number to the bank will be current market value. That is what the bank will base their approval on in most instances. 

[sspsolutions101]

I guess it is much better if you will talk about it with the realtor/ listing agent personally. There ahd been certain situation wherein the value of the property changes depending upon the decision of the seller and the current state of the house.