What kind of a seller are you? Are you prepared to sell your home given the current market, or will you want to set a high price on your home to “test the market”? If you don’t really need to sell, you won’t be motivated to sell, and so it is highly likely you won’t sell until you want to sell and get realistic about the asking and selling price of your mountain home. Many times I hear a client say: “If I get the right price I will sell,” which usually translates into: “If there is a buyer out there who wants to pay above market for my house, then I will sell.” It may be years before the market rises to meet your asking price, or before one of those buyers shows up to buy your home.
As previously mentioned, there may be any number of personal or financial scenarios that put you in a position where you need to sell. Usually this is coupled with a need to sell quickly. If this is your scenario, when interviewing real estate agents, be sure to ask for a detailed, realistic market analysis showing their opinion of the sales price of your home and the number of days on market (DOM) they expect it will take to sell at various price points. Normally, every market has a differential between the asking price and the sales price. You should also strongly consider putting the asking price close to or at the expected sales price to encourage activity and offers quickly. If you have a loan on the property and you can no longer afford the monthly mortgage payments, you may be facing foreclosure. If the loan amount is higher than the net proceeds from the sale, and you don’t have ample funds to make up the difference at closing, then you are “under water” and in a short-sale situation. The reality is your property will not sell quickly as a short sale, because the bank will need to be involved in the process. The bank will have the final approval of the sales price and terms (short sale approval). As well, this will be dependent on their negotiating with you to recover any losses they will incur. You need to be sure your real estate agent knows your situation, and that you select a real estate agent who is familiar with short sales. You should definitely contact a local attorney who has experience in real estate foreclosures and short sales. It would be an added benefit if you hired an attorney who has specifically negotiated with the bank that your loan is with.
How can I help you? I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their dream homes and ranch properties in the mountains. To see featured properties or search the MLS – visit chriskopf.com. How is the Crested Butte Real Estate Market doing? Click this link to see my monthly Crested Butte Real Estate Market Reports. I appreciate the opportunity to earn your business and be your Crested Butte Real Estate Agent.
Previews® Property Specialist
Coldwell Banker Bighorn Realty