Mike.  I don't expect the consumer to know anything.  Understanding real estate brokerage is my job.  I just want them to do their job which is devote the time to look at homes carefully, keep their credit clean and look in realistic price ranges.  I'll take care of everything else.

Sally.  I doubt that you will have many short sales.  We don't have many either in the big picture.  There are more SS listings coming on though.

Adam.  The agents need to know how to price to sell because the next step is foreclosure.

Ken.  I agree 100%.  The consumer advoctes who want the consumer to have access to everything, including our agents produced listing and sold information are not doing the consumers any favors.  But, their nonsense sells. 

Fran.  You are right.  I've known a few of them.

John.  You know, of course, that you are the star of the post. 

Don't get me wrong.  I adore our buyers.  I love helping them.  I love working with them, even if it's just a phone call.  However, when I get a call like the one today, it shows how little the consumer really understands.  I publish these stats for agents as much as for the consumer. 

Once the consumer gets realistic information, they usually come around.  It's the media, the public advocates that want to just dump information in front of the consumer that confuses them.  They do NOT know what to do with this information.  They are merely attracted by the buzz words. 

Of course, I'm not fool.  I advertise the buzz words.

Larry.  Thanks.  It does take patience.  Patience with the consumer, the other agents, the media, etc. 

Unfortunately, I have little left. 

Joey.  Thanks.  The short sale market takes experience, experience, experience. Not necessarily short sale experience as much as a clear grasp of the market and how it works for buyers, sellers, agents, brokers, lenders and all.

William.  Right you are.  Right you are.

Mott.  The advertising of short sale opportunities contributes to the public's misunderstanding.

Katerina.  I thought of the Florida market when I wrote the post.  That's why I pulled the SOLD data and posted it too so no one would think I meant nationwide.  My information is limited to MD and VA area. 

Melina.  Banks will only be pushed so far.  All these short sales are giving the is a little liquidity, some write offs and a lot of headaches.  But, I don't have any sympathy for the banks.  They're the ones that made the loans in the first place.

Kris.  You're right. 

One thing I can't deal with for too long is buyers to whom the price and negotiating is more important that getting a good house.

I just gave up on a buyer who offered $770,000 on a $1,200,000 home.  I could see I was wasting my time.

Steve.  Nice to hear from you.  Buyers who are looking for a home can get a good buy now.  But, sellers aren't bringing large checks to settlement yet.

Marc.  Every market has a certain "center of gravity".  Our market is just about 10% below where it was a year ago.  But, buyers seem to think that they can buy at 30-40-50% of market.  Not going to happen.

Kris.  That buyer had to go.  Totally unrealistic.  I don't deal with buyers for whom the negotiation is more important than the house they wish to buy. 

Joan.  The SOLD price minus any closing help/credit to the buyer gives us the "net".  The SOLD price doesn't really reflect the market for that house.  It's the net proceeds that's important.  Depending on the type of financing a buyer has, the seller can credit the buyer with up to 10% of the purchase price at settlement.  The buyer can use the money for non-recurring closing costs, lender fees, points, origination, etc.  The buyer has to pay the pre-paids, but we often get the pre-paids paid by lender credits. 

Such a deal. 

I've seen SOLD stats where the buyer may pay $400,000 for a house, but the seller credits the buyer with $25,000 at closing, the seller is only netting $375,000, but the comps will still show a $400,000 sale. 

Bill.  The "net" proceeds is very important around here, especially in Maryland, because of the extremely high cost of closing.

Cameron.  The one thing that buyers lack is the ability to interpret the comps.  Believe it or not, the media do not report on the real market, just the headline grabbers.

Cameron.  "The facts ma'am.  Just the facts".  Friday.

Matthew.  Thanks for commenting and "go with it".  I'll watch out for more commentary on this subject.  While I didn't post this to Localism, the public may get the word from many resources. 

In fact, I'm going to change the title to get Google's attention.

Dan.  Thanks.

Our MLS Market reports and SOLD stats don't reflect a lot of what I consider good information to really get a handle on the facts.  I have to pull it myself, but it keeps me on my toes.

Craig.  I suppose it depends on the area.  Jim is in Atlanta and they have a higher percentage of bank owned that have we.  Not too many in Southern MD either.

Jim.  Sell them.  Sell them.

James.  I've been out.  I'll look for your post.

Carol. 

Funny thing about the average consumer.  Sellers always believe their property is worth more than it really is and buyers always think a property is worth less than it really is.

We have a short sale listing whereby the seller agreed to our recommended price immediately, no argument.  They've already moved out and we're just waiting for bank approval on a good offer.  The home is priced at about 5% below market and should sell and the offer is good. 

My fingers are crossed.