Short Sales (What's Right and What's Wrong.....Part 2) - 06/17/08 07:25 PM
I just thought I would post an update from my previous post.  I've been in contact with our local MLS here in the Washington, DC area (MRIS) and they agree that once the seller(s) in a short sale sign an offer and the offer has been submitted to the Bank, It's a Ratified Contract with a Third Party Approval contigency.  The status must be changed to Contigent Contract.
Once this is enforced, the number of homes being marketed as Active will decrease and more of the other listings on the market will hopefully get more showings.  This short sale situation has … (1 comments)

Short Sales (What's right & What's Wrong) - 06/02/08 05:14 PM
I think most Realtors are now dealing with "short sales" in some form or fashion today.  I'm dealing with a major frustations with the correct reporting of "status" and wanted to get some opinions.
My feelings are that the "third party approval" required on short sales is a "contingency".  My broker has even developed specific contingency forms to deal with this.  I believe that when the seller signs the contract, it becomes a "ratified" contract pending the "third party approval", which is, in fact, a contingency.  As such, I contend that the "status" in the MLS needs to be changed to contingent contract.  … (1 comments)

 

Tom Brannigan

Wheaton, MD

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Long & Foster Real Estate, Inc

Address: 402 King Farm Blvd, Suite 150, Rockville, MD, 20850

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