Brokers curb short-sale stigma in listings
A short-sale “hassle” stigma in markets with high foreclosure rates is prompting brokers to state that the non-distressed home they’re selling is “not a short sale.”
According to a new study from Florida International University, homes listed as “not short sales” sold for 2 to 5 percent more than non-distressed homes that did not state that fact in the listing.
Homes listed as “not a short sale” also sold faster, selling about 10 to 15 percent faster than other similar properties, according to the study’s author Ken H. Johnson, associate professor.
“In some areas, buyers are probably starting to believe that short sales mean a big hassle because they’ve heard horror stories about waiting months for one or more banks to sign off on the deal,” Johnson said.