l.a. times takes on short sales

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Real Estate Agent with Keller Williams - Hollywood Hills 01409501

So many short sales, so little time.  This past Sunday's LA Times Real Estate section featured an extremely informative article on the current phenomena of short sales, what they are, and why one only those with iron stomachs and nerves of steel should get involved....

I did a short sale last year right as they were beginning to crop up.  In fact it was so early into it that this particular deal was my first exposure to the term "short sale."  Anyway, 3 months into the escrow, my buyers had finally had enough and were getting cold feet on the market as a whole, and walked away literally the day before the bank came back and approved the deal.  We would have closed escrow the following day.  Turns out they make a good decision, as the condo they had in escrow at $540,000 around a year ago finally ended up closing at $490,000 when it was foreclosed on and sold.

I just lost another one in multiples also.  It's a slippery slope, these short sales.  I'll be glad when the market's gotten rid of them and things are a little more back to normal.   For those that find THAT article informative (which I most certainly did), this companion piece on the possible tax implications of selling your property short is also a must read.

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Rainmaker
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COMPASS PALM SPRINGS | Stewart Penn
COMPASS - Palm Springs, CA
COMPASS Palm Springs - Broker Associate

I've tried negotiating a "short sale" this year.

No-one at the bank wanted to make the ultimate decision and I must have spoken to 15 different people (literally). Eventually I recommended to my clients that we look elsewhere.

They were cash buyers and we closed 16 days after submitting an offer on another property.

Jun 18, 2008 02:52 PM #1
Rainmaker
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Jefferson Hendrick
Keller Williams - Hollywood Hills - West Hollywood, CA
Homes By Hendrick

I know...it's insane!!  the banks are in no real hurry on these.

Jun 19, 2008 10:33 AM #2
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Rainmaker
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Jefferson Hendrick

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