I have a short sale listing taken 8/28 which I then listed at $207,000 (comps were/are priced within that range). I reduced the price to $190, 000 on 9/5 and then to $185,000 on 9/28. I'm thinking of continuing reductions but, now that I'm going below 90% of comps price, I'm concerned it will become more difficult to negotiate with loss mitigation. I am also concrened that I may be lowering the price too quickly for this rural market which takes 4 - 6 months to sell in this price range. But I'm also mindfull that the clock is ticking. Is this concern warranted? My biggest obstacle here is educating buyers and buyers agents. The agents don't seem to want to consider short sales (and I also think they're afraid of loosing their precious buyer through a "difficult transaction").

Gaby Martinez
Long and Foster
Short Pump
Metro-Richmond

Keep reducing until you get activity-if you don't get an offer keep reducing-then show the bank your archive history of the price reductions and the neew market. make sure the home is in the top third of condition and the lower third of price.