If a property does not close and the market has dropped significantly, do we need to re-list at the same price again, or can we list at what would be appropriate in this market, even if it is a $100,000 drop?
Even if it for a very short period of time list it at
- the sold price, or
- the listing price if higher at the time of the original transaction.
That will look better in any litigation for recovery of the deficiency. Then, reduce the listing price at various times in order to get it sold. Strategically, that will be better every few weeks.
The cases which suggest this approach are supported by Gamoff v. Yu and those that follow.
Brian Madigan LL.B., Broker