St Petersburg Short Sales | Short Sales and Teaser Prices.

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St Petersburg  Short Sales | Short Sales and Teaser Prices. 

A short Sale situation here in St. Petersburg is already confusing enough for the buyer and the seller, but to make it worst, here in St. Petersburg Florida, a lot of Realtors now advertise short sales with (what I call) “Teaser Prices” and to be honest, I do not like it at all, but it seams to work.

So, maybe that is the way to go. Just to give you an example, a home that, according to the comps, is worth $300,000 might be advertised with and asking price of $150,000. Sure enough, now you get a lot of attention and showings. Buyers make offers left and right between $130,000 and $150,000 thinking that the bank will accept $150,000 or even less.

Well, wrong (or most likely wrong) the bank will have a BPO done or even and full appraisal and that is what they are going to base their acceptable asking price on. Now the bank will probably come back and counter theses low ball offers with $300,000 or $250,000 and however steps up to the plate first will get the deal.

On the one hand I think it is misleading to advertise a property, house or condo with a “Teaser Price” on the other hand you get more activity and maybe therefore more offers.

So what do you think? Are we doing the buyer or seller a favor with low asking prices or for that matter unrealistic asking prices?

St Petersburg  Short Sales | Short Sales and Teaser Prices. 

Call me today 727 410 7777 to get more information on St. Petersburg Short Sales.

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