I had this conversation with a realtor at an open house a few months back. I didn’t like the house, so they got out their listing sheet to show me. I scanned their listings and asked them why they were listing a home at $700,000 when the comps were at $550,000? They said until the bank came back with what they were going to accept, they wanted to list it high so that they wouldn’t have to deal with it until the bank was ready to deal. It came on the market for $625,000 a few weeks ago. And the bank has approved it. It is still active.
In the case in question…I noticed it is listed by Battiata. My realtor said that Battiata does this all the time. They list and get an offer. Then lower the price to try and get more offers to create a bidding war. My realtor said we should just steer clear cuz it isn’t worth trying to work with a short sale listing from them.