Fake-fully low short sales prices in Orlando? What does that mean? It means that the listed price is an unrealistically low price in order to get buyers to stampede to get their offer submitted. It is not the price that the banks is willing to settle for.
Here is the real story:
Lets face it, agents hate short sales…many will not bother to even show them. We do show them, and make offers for buyers on them, but that does not mean we like them…because short sales are never what they seem…never ever.
So when most agents avoid them, the property does not get shown often, and the listing agent wants offers…so what do they do? They put the price sooooooo low that it will grab the attention of some Orlando Home Buyers who think that this home is such a bargain that that they can’t wait to make an offer and get the “deal of the century”.
The listed price is not the purchase price and banks are not agreeing to give anything away. The listed price is something that the listing agent came up with in order to stimulate interest and I have yet to see a bank accept the listed price. ALL THE BANKS WANT MORE MONEY…sometimes more than the appraisal and sometimes even more than their own BPO. As the Orlando supply of homes is dwindling, the banks know it and do not give deep discounts…they want to squeeze as much as they can out of the home sale.
Don’t be blinded by the words “Orlando Short Sales”…it only means that the bank gets to make decisions on your offer.
Fake priced short sales do get multiple offers…sometimes as many as 20 offers…many are cash, at full price and some buyers that offer over full price still do not get the property…and I am willing to bet that the bank will still want more money than the top bidder.
To learn more about short sale, or your best home buying options anywhere in Central Florida, call us for a free chat. 407-539-1053
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