Can a condo be listed for $100,000, by short sale, if the lowest comp in that same unit, same size, is $125k?
It can be listed for anything and if the seller is desperate than this is quite possible. The big problem (and the reason most investor hate most short sales) is that if the seller accepted a contract for $100,000 the bank could later say this is not enough and put all sorts of other stipulations on the sale, effectively bumping the price up to something more reasonable. At this time the buyer could accept the new price or walk, but if they walk they give up one or more months of work and everyone is worse off (though the bank isn’t much worse off and doesn’t particularly care).
Anyhow, yes its quite possible but that doesn’t mean the final sales price will actually be that number.
Yes.
References :
It can be listed for anything and if the seller is desperate than this is quite possible. The big problem (and the reason most investor hate most short sales) is that if the seller accepted a contract for $100,000 the bank could later say this is not enough and put all sorts of other stipulations on the sale, effectively bumping the price up to something more reasonable. At this time the buyer could accept the new price or walk, but if they walk they give up one or more months of work and everyone is worse off (though the bank isn’t much worse off and doesn’t particularly care).
Anyhow, yes its quite possible but that doesn’t mean the final sales price will actually be that number.
References :
You could list it for $5 if you felt like it.
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