The Truth About “Short Sale” Listings

September 15, 2008

Short sale listings are the “Nightmare on Main Street” both for the potential buyer and for the listing agent. This week, in our team meeting, one of our associates had just listed a short sale home only to have one of our listing coordinators tell her that the bank has just foreclosed, taken the home back and she was out of business with that client. Fortunately, our team got the listing.

No kiss, no smile, no thank you very much. Her client had stopped paying the mortgage and away the listing went. That’s the very least of it. My sympathies to you if you’re ever convinced to make an offer on one.

So it goes with short sales. This video will explain the difference between a short sale and a bank owned home. Enjoy!

Thanks for watching!

UPDATE: Gena Riede from SacramentoRealEstateVoice.com has written an EXCELLENT article about this very subject, it’s a MUST read!

Posted by robsaxe | Filed Under Sacramento Real Estate Musings