Turning Beggars into Choosers!
Getting Multiple Offers on Your Short Sale
If you’re one of the many who have found yourself listing your home via short sell, then you are not alone. It’s a popular and practical option for avoiding foreclosure or selling your home when you’re upside-down on the mortgage.
Many sellers worry about the attraction and draw of a short sell, though, and wonder how many buyers are really in the market for one. The good news is that there are an abundance of buyers in the St. Louis area who would be thrilled to find a short sell home in good condition. First-time homebuyers are often privy to buying short sells because they have a limited budget, but time to spare. So, if you’re hoping to get multiple offers on your short sell, there are some tips and tricks that can help.
- Make the price comparable. – Your potential buyers are doing their homework, so you should be too. Know the average sale price of the homes in your neighborhood, as well as other short sell and foreclosure prices. This will give you a birds-eye view of how much you can reasonably expect potential buyers to be willing to pay for your home. Then, price yours just below average. (For determining the exact price to sell your house at, I highly recommend you contacting a qualified real estate agent that specializes in short sales as each house and area can vary and you really need specialized expert advice to help you with this step)
- Make it irresistible. – This doesn’t mean you should go out and pay for fancy upgrades. It does mean that your home should look its absolute BEST for the price that you are listing it for. Make sure that it’s clean, organized, well-kept and staged. Make small, aesthetic repairs, if needed, so that buyers know they aren’t moving into a major fixer-upper.
- Show it in the best light. – Let’s be honest; selling a home is all about marketing. If you list your home using a photograph from 15 years ago, or one that was taken on a cold and cloudy day, then a buyer’s first impression while shopping online is going to be lousy. Take good, quality pictures of your home, on a happy, sunny day, and use multiple pictures of your homes best assets. If the backyard is beautifully kept, show it off. If you have a 3-car garage with plenty of storage, take lots of pictures and let people know about it.
- Let them come! – If you want multiple offers, then you need to let as many people see it as possible. Be as flexible as you can with your showing hours. If it’s challenging for potential buyers to schedule a showing, they’re likely to pass it up and move on to the next home. It’s simple math; the more the merrier.
- Get expert help. – By enlisting the help of an accomplished short sale agent, your chances of multiple offer success goes up substantially. Only a licensed and certified short sale agent will have the training and expertise to find the right balance in listing price, showings, marketing and more.
Check out a couple of STL Foreclosure Expert’s other articles!