Further Evidence of the Short Sale Debacle

By
Real Estate Agent with M Realty

I had this conversation on Twitter today and had to share it as further evidence of the common problems we see in the marketplace when it comes to the handling of Short Sales.  In case you are not familiar with Twitter, it's a social media and micro-blogging platform.

The banks aren't improving things for the local housing market, their other local assets, or the housing recovery itself with this methodology.  But, this conversation serves to continue to illustrate my point about the short sale crisis and its impact on the overall health and stability of our marketplace.  Love to hear your thoughts.

 

 

Market changing indicator?

Short Sale Twitter conversation

Twitter conversation on Short Sales

Twitter conversation on Short Sales

Twitter conversation on Short Sales



Originally posted on OC Real Estate Voice.

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"Whacked"!!!
Club Chaos
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Rainer
40,705
Tyler Wood
RE/MAX Big Bear - Big Bear Lake, CA
Big Bear Real Estate

Should be against the MLS rules to keep it as Active, it is in our MLS.  Does not matter what the bank or seller wants you to do, gotta follow the rules.

Nov 04, 2008 08:09 AM #1
Rainer
44,342
Linsey Ehle
M Realty - Rancho Santa Margarita, CA

Tyler I agree.  However our MLS has come up with an 'ingenious' way of skirting this.  Under Special Conditions where you specify 'Bank Owned' or 'Short Sale', they now have a category that has 'Short Sale with Offers'. 

I guess my question is, how many agents do you think will actually go in and ammend the Special Condition category?  Limited number at best is my guess.  And even still, it's an Active listing!

Nov 04, 2008 08:13 AM #2
Rainmaker
339,691
Karen Cooper
Karen Cooper | Sr Retail Loan Originator ! NMLS # 223305 | 360 Mortgage Group LLC Austin Texas - Leander, TX
Helping Homeowners w/Home Loans in 27 US States

Linsey - that must be very frustrating. As if this market isn't tough enough, the bank has to string along those buyers and the agents looking at their listing? Does this bank not uphold ethical standards?

Nov 07, 2008 07:00 AM #3
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Rainer
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Linsey Ehle

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