More on Short Sales from NAR Meetings

The mid-year NAR -National Association of REALTORS

 meetings in Washington DC were as informative as ever.  The best meeting I attended was the committee on Risk Reduction.  Their panel discussion on Short Sales was terrific. Short Sales happen when the sales price of a property does not cover the amount of money the seller owes the lenders.

Real estate practitioners continue to struggle between representing sellers who want and deserve confidentiality about their finances vs. the needs of the buyers to know the offer they make will be reviewed and approved, or not, by the lenders.  Buyers are caught in delayed closings -or worse- are waiting to hear back from an offer that is finally rejected.  Real estate agents are in the crossfire trying to represent the clients and get paid.  One thing made loads of sense to me; Virginia should use Short Sale addendas to disclose and inform.  The form in use in Arizona looked pretty good. More later.