It’s important to remember most short sale listing prices have not been approved by the bank. In many cases, the seller just wants offers to try and get the conversation going with their lender so they price low. If you are one of the first offers, you may be a Guinea Pig!
– Realtor Eric Rojas, in a new post at his Chicago Real Estate Local blog about the disconnect between test prices and approved prices in short sales.
Redfin shows (in a roundabout manner, at least) almost 4,000 listings in Chicago that are designated as short sales; more than 200 have been listed in the past week alone.