How do we use Foreclosure Radar to justify the low offer on our Short Sale listings?
Use our Foreclosure Comp report to show the lender the Bank Owned, Auction and Preforeclosure properties that will be imapcting the market in the coming weeks and months. Look for comps in the same way you would using the MLS - start with a radius search around the subject property and narrow the results using property details like bedrooms or baths to more closely match your subject. Pay particular attention to the winning bids on the bank owned properties as they often correlate to future price direction.
Sean Is there a percentage, the banks will take a property back at auction and list less than what the published bil was? why???
Lenders are all over the board on their practices, and it seems to change regularly. Certain lenders do discount more often and more deeply then others. I suggest making a daily habit of reviewing the auction results using ForeclosureRadar until you get a feel for which lenders are discounting, by how much, and in which areas.
Real estate agents should be careful to let the client decide short sale v foreclosure. Othewise the client may have grounds for a law suite.