Comments on: The Dreaded Short Sale

By: Berlin Law Firm » Blog Archive » Why Dread the Short Sale

Berlin Law Firm » Blog Archive » Why Dread the Short Sale — Sun, 08 Nov 2009 06:07:34 +0000

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By: Bob Wilson

Bob Wilson — Wed, 15 Jul 2009 00:56:50 +0000

Someone once said, “Half of being smart is knowing what you don’t know”.

I equate the term ’short sale’ with the word ‘operation’ – a generic term used to describe a wide variety of procedures with differentiating factors and outcomes with varying degrees of risk and consequence. Some are successful, some die on the table. Some pull the plug themselves.

It is important to remember that a short sale is basically a negotiation of secured debt which may or may not have legal and tax consequence – something not everyone should attempt to do.

Diane – hats off to your broker.

Jay – any agent who allows the buyer to negotiate the debt liability of their client should be shot. In California, if you attempted to do this as of July 1st, 2009, you would be in violation of a new state law that carries penalties of up to a year in jail and a $25k fine.

Linsey – dead on.

By: Linsey

Linsey — Tue, 14 Jul 2009 06:01:09 +0000

In Orange County, there’s little choice when 50% of the inventory in the under $500 market is a short sale. This is the price point for the investors, the first time buyer. To be unwilling to work that market would seriously hamper business in my neck of the woods.

The real struggle is education because what was true yesterday, may not be true today. It’s always changing and evolving. To really be educated, it seems that we must really keep our ear to the ground.

By: Hilary Marsh, REALTOR.org

Hilary Marsh, REALTOR.org — Mon, 13 Jul 2009 19:04:31 +0000

Lesley, thanks for sending folks to so many of the resources at REALTOR.org. There’s one link where we’ve gathered all of NAR’s resources on the topic: http://www.realtor.org/realtors/basics_short_sales

By: Madison real estate

Madison real estate — Fri, 10 Jul 2009 14:37:22 +0000

I have to agree with Teresa Boardman here – short sales are turning into liar listings. I recently spoke with an agent who has a short sale listed at a price so low that every time they get an offer (and they have had three, all over the asking price), the bank has disapproved the sale. What good is pricing the property like that if it can’t/won’t result in a sale?

By: Missy Caulk

Missy Caulk — Fri, 10 Jul 2009 12:49:20 +0000

Lesley, there is a new model out there in Real Estate. In my area, you have to do short sales, and I mean YOU not some short sale negotiator who doesn’t understand.

When they first came on the scene I said, “no”. Now I embrace them. The only time we don’t show short sale homes is IF the buyer has to be in by 30 days.

Educating yourself on how to get them done is critical to their success.

By: Glenn in Naples

Glenn in Naples — Fri, 10 Jul 2009 12:00:50 +0000

I did forget to mention in the earlier response – agents if they understood the qualification process and process they would not be saying “I do understand why the lender/bank approve the transaction when it was full price.