CaryRealEstate.com | Cary NC | Local Specialist for Cary Real Estate
Ask Cary Real Estate, What is a Short Sale?
What is a Short Sale? A Short Sale occurs when a home seller is allowed by their lender to sell the home for less than what’s owed on the mortgage.
If you are a home seller you may be thinking – I like that idea – not having to payback as much as I owe – well of course it’s not that simple. Typically several things need to occur before your mortgage holder will consider a short sale:
1) You are delinquent on your house payments
2) You have no other assets or ability to cover what you owe
3) Short Sale is the only option to avoid Foreclosure
4) Lender considers short sale necessary and possible
Conversations on a Plane, Home Seller is Looking for that Special ‘Someone”
I boarded a SouthWest Jet this morning at Raleigh-Durham, headed to sunny San Diego for the annual Realtor convention. The inevitable happened – the conversation with a stranger – it was the gentleman on the adjoining aisle seat – after learning more than I really needed to know about him etc etc he asks what I do and where I’m headed – once the subject of real estate surfaced an interesting yet typical conversation unfolded – I thought to myself – I’m gonna blog about this!
I would do the cool dialogue format back and forth on what he said and what I said, but, ohm, just assume I was nodding and smiling
The gentleman is trying to sell his home – he has it listed with an ‘experienced’ agent but he is not willing to accept that his house is not worth what it was 2-3 years ago – granted it’s a high end subdivision and we are talking about a price swing over $100,000, I feel his pain – but his strategy is to just keep it priced at the old higher value “cause somebody will come along”
REALLY? Somebody’s going to come along . . .
So even though a stock is trading at $50 a share you think somebody will offer you $75 a share cause that’s what it traded at 2 ½ years ago? Who is this ‘someone’ and where do ‘they’ come from? And what about the ‘experienced’ agent that has their sign in the front yard with a non realistic price? Who is that helping?
As I nodded and smiled I played through the conversation in my head that I would be having with this gentleman if I was at his dining room table instead of an airplane – I know one thing for sure – my sign would not be in the yard of a grossly overpriced listing.
Lot’s of thoughts are dancing through my head on information I could share about fair market value, absorption rates etc – but you probably don’t want to hear about that right now and I’m off to bed – need a good nights sleep for a full day of Convention tomorrow!
Posted via email from David Williams
How to Avoid a Huge Home Pricing Mistake, Home Seller Tips from Cary Real Estate
There are many factors that go into properly pricing a home, this is a simple yet powerful tip! We all know the age old marketing ploy, price something at $9.99 instead of $10, it just sounds better right? No doubt this approach works it’s magic on our minds when we stroll the aisle of Target but don’t make the mistake of using this strategy with your home.
It can be a HUGE MISTAKE to price your home at $299,999 instead of $300,000!!
Curious Why? I hope so. It’s one of those simple things that’s so easy to miss.
