A Real Estate Company has listed a property 3 bedroom, 2 bath home in Forest Ridge at a very low price of $210,000. The home is located in Oak Park on Greenbriar Court and it is a SHORT SALE. A short sale is typically not the most attractive way to purchase a home because it takes months to know whether or not the bank will accept your offer. Once the bank receives an offer they will order a BPO’s (BROKER PRICE OPINION) . This is similar to an appraisal but it is performed by a real estate agent, chosen by the bank . Real estate agents who perform BPO’s sometimes leave it in the hands of their assistants and most of the time the real estate agents and their assistants are not familiar with the neighborhood. They are selected based on other criteria which has nothing to do with knowledge of the community.
If the Bank feels the price being offered by the buyer is too low they will either counter the offer or go to the next one. If the seller only signs one offer to submit to the bank there is little for the bank to do other than make the counteroffer or reject the offer all together. Then the process starts all over again.
I am not sure what the motivation is on the behalf of the company who listed the property, but if they would have would have checked the comparable sales, or would have called some of the neighborhood expert Realtors, they would find that listing a 3 bdrm., 2 bath home with over 1700 sq. ft. of living space for $210,000 is not comparable to similar homes in Forest Ridge.
There is no apparent reason why this home has to be listed so low, other than to bring multiple buyers to the table and hopefully bring the sales price up quickly to a more reasonable selling price. Let’s hope that this is the case here, and that the list price is just a “starting point” at which offers will begin.