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MSNBC advising someone to short sale with $70,000 in savings !

By Adam Borders

Real Estate Agent with Keller Williams Realty Louisville EAST

August 12, 2008 01:41 AM

I was floored!! Did anybody else here this last night? As I was driving home (satellite radio) there was a TV host advising a caller to sell her house on a short sale.

This was after they "broke down" her finances and determined she spends hundreds in clothing every month, takes long vacations frequently, and has $70,000 in savings!!!

First of all, the lender would never allow a short sale with that much in assets, but why would anyone advise this to a person who has a job and can afford the current home?

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Edie Lomason

Michael Saunders & Company - Venice, FL

BA, ABR

There is a local agent who is a top producer and has listed and sold many of his own investment properties as short sales.

Edie

Aug 12, 2008 01:44 AM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

Real Estate Blog & Homes for Sale search site, Macomb County MI

It wouldn't happen. Lenders aren't stupid.

Aug 12, 2008 01:53 AM

AJ Heidmann ~ CRS

McEnearney Associates, Inc. - Alexandria, VA

YOUR Alexandria & Arlington, VA Real Estate Expert

The odds are slim to none, but it could slip through the cracks of an overwhelmed Asset Manager trying to clear their desk. I agree that she shouldn't be allowed to do a short sale based on her situation as it has been described, but never say never, it just might make it through.

Aug 12, 2008 01:45 PM

Matt Heitmann

Heitmann Homes LLC - Stoughton, WI

America - the land of no responsibility or consequences!

Aug 15, 2008 08:13 AM