Recently I was asked to list a home under conditions requiring a short sale, if approved by the bank. My experience with short sales is practically nil, except what I read and hear other agents discuss.
My question is this: if the market shows similar short sale and foreclosed homes in the same neighborhood selling below the price of similar homes that are not in jeopardy, would the bank take that into consideration regardless of the amount the seller owes the bank?
If so, then it would make sense to me that the correct list price of the seller’s home should be what the other short sale and foreclosed homes are selling for, thereby creating some interest rather than another listing in my “inventory”. What do I have to do to convince the bank once I receive an offer. By the way, the bank is not interested in talking to me until I have an offer. It seems like a catch 22 to me and I’m looking for any advice.