How To Beat Short Sales And Foreclosure

Not every area has a flood of homes sold in short times or by banks. If your area has a lot of these types of sales, you do have a problem. How do you compete? The biggest concern is pricing. Bank-owned homes will be connected directly to yours. How can you compete when the home you’re are trying to sell has equity now, but was bought when the prices were inflated.

Pricing will be your greatest tool when trying to combat foreclosures and short sales.

Finding the perfect price for a home surrounded by foreclosures and short sales takes science, emotions, and cold hard facts. The price of the home needs to be looked at from the view point of the buyer as well as the seller. Even if you know the price should be higher, the buyer and yourself need to agree. The prospective buyer won’t bite if you don’t agree.

You should keep in mind the following three things. What’s the difference between the price the house and the price you must sell it for? How can you make the an appraiser value your home higher. Why should a buyer want your home over a distressed home sale?

Unfortunately appraisers do not give any significant allowances for upgrades that you have put into your home. When homes are priced so low the buyer may choose a home that needs upgrades over yours because even when they put in the improvements needed the price is still better. The almost sure sale happens when your home has the higher value with the upgrades and is still priced within the same range as the distressed homes. A buyer will not pay more for any home than what they can get a distress home for plus improvements. That will be their highest price.

Deciding on your perfect selling price:

You can’t compare apples to oranges. All the homes that have sold in three months should be considered. The homes that sell should also be in comparable neighborhoods. Location is always a factor. You must also consider the size of homes. The home’s age will also make a difference. There is always the possibility that an extremely well priced home can create a bidding war resulting in a final higher sale price.

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