We may have set a Short Sale Record. We listed a 2BR/2BA unit on September 20, 2007 as a short sale. The listing price was $585,000 and the complex was only two years old. Shortly after we took the listing the owner filed bankruptcy. The Bankruptcy Court discharged the debt but the court refused to take the property.
After almost 4 years on the market we closed the unit this Friday for $210,000. During the listing period we had 7 buyers who dropped out because the lenders and investors could not make a decision. The Lender was smart enough to sell a second mortgage they were holding on the property to an investor for $50,000 just a few months before it closed. The investor soon found out that the second was worthless because it was part of the bankruptcy.