There seems to be much confusion on how to price a home for short sale.
It really is quite simple. A qualified real estate agent should prepare a comparative market analysis (CMA) of your home to determine it's value in today's market. It doesn't matter what the house was purchased for, or how much is owed on the mortgage. The lender is looking to get fair market value, whether it is a short sale or foreclosure.
There should be a disclosure that the price advertised is a short sale and subject to third party or lender approval. There will never be a guarantee that a lender will accept the price that is advertised in the MLS (multiple listing service).
If you are a buyer interested in buying a short sale, you must do some homework (or insist that your real estate agent do the research), since short sale listings are priced all over the board. Simply research recent sales of comparable properties in the neighborhood and base your offer on those sales. That is what the lender will be looking at to determine whether or not they will accept your short sale offer.
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