How do you price a foreclosure or a short sale? As a seller, you think you should have control over pricing. But, you probably won’t. Your lender will have the ultimate say in how much you’re able to sell your home for when it comes to a short sale (the lender will have to approve any offer you bring to the table, and is required to do that within 30 days). When it comes to a foreclosure, you’ll have even less agency as a seller, since the lender will make all decisions on pricing.
When it comes to buying a foreclosure or short sale, your experience will be different from making an offer on an ordinary property. The lender will have to approve your offer price or will negotiate with you. You may be able to get a good deal on a foreclosure or short sale if the market but it probably won’t be as good as the pricing you’d have gotten in the midst of the housing bust.
Watch this Expert Real Estate Tips video for more information about short sales and buying a foreclosure.
This post was updated November 7, 2016.