What Affects the Price of a Short Sale in Lakeland FL?

What Affects the Price of a Short Sale in Lakeland FL?

Pricing a short sale in Lakeland FL can be a bit tricky. Apart from the home’s market value, several other factors come into play when it comes to pricing so that the short sale would end up successful. Aside from other tips for a successful short sale found in http://LakelandFL-ShortSaleAgent.com, here are some of the aspects that a seller should keep in mind when pricing a short sale.

1.The buyer must find it attractive

Before you submit the short sale to the bank for approval, you must first have a potential buyer who is willing to pay the price of the home. Assigning a price which is a tad lower that the market value of the home can be a good start to attract home buyers.

2.  The bank must see it as reasonable

Generally, the bank is leaning towards approving short sale prices which have similarities with recent comparable sales. Even if you have a buyer who can pay, the price must be agreeable for the bank to approve it. With the help of your Lakeland FL short sale agents, it would be easier to take this into consideration when pricing your home.

3.  The buyer’s lender should agree too

The buyer’s lender can typically choose to conduct their own appraisal in order to check if the home’s price is within the range of comparable sales. Even if the buyer agrees to the price, he cannot do anything if the lender will not approve the loan.

4. Other comparable sales should be studied

As mentioned above, a short sale can be better priced if the value given to it is in consideration with the recent short sales in the area. This information is useful for all parties - the bank, the buyer, the agents, the seller, and the buyer’s lender.

If priced right, your short sale will have a greater chance of being successful in a shorter period of time compared to when it is overpriced. However, only experience can teach this wonderful skill. It’s a good thing that a professional Lakeland FL short sale agent will be able to help in determining an appropriate price for the home with all factors considered

Call me, Petra Norris, at (863) 619-6918 or send me an email at petra@petranorris.com if you’re looking for a Lakeland Florida real estate agent with superior local knowledge, experience, professionalism, integrity, and personal service to help you sell or buy short sales in Lakeland FL.

Petra Norris, REALTOR®…

Going The Extra Mile For You!