How to Price a Short Sale in Brandon FL

When you decide to do a short sale in Brandon, FL, to prevent your home from going into foreclosure there are a couple of things that you will need to know. The price will have to appeal to not only the buyer but the bank as well, since they will have the actual say in whether to allow your home to be sold using a short sale in Brandon, FL.

The closer you are to foreclosure, for instance if a Notice of Default has already been filed, the less time you will have to sell the home. When deciding on a price for the short sale in Brandon, FL you will want to make certain the following parties are happy with the price.

The seller needs to set the price as high as they can but so that it will still get offers. Many short sales may have a mortgage debt forgiveness tax and deficiency judgments so the price should be the highest you can possibly get.

The bank, of course has to accept the offer. The closing of a short sale in Brandon, FL can take three months to close from the time it is listed. Therefore the price will be based on pending sales. When the home closes the pending sales price will become the comparable sales.

The buyer will need to be happy with the price. If the home is not priced under market they will not think it is worth waiting 90 days at least for a closing. So home priced a bit lower than others will be more likely to appeal to a buyer.

The buyer’s agent will need to feel it is worth the time. Because the commission on a short sale in Brandon, FL is not going to be as much as selling a home outright, agents are not as enthusiastic about these sales.

The lender for the buyer is another person who will have to be convinced this is a good idea. They will typically hire an appraiser to determine the market value. If the price is not in competition with the comparable sales in the area, there could be a problem. Being priced too high means the buyer will have to pay the difference if he wants financing or the sale will not go through.

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