IS IT ME OR SHOULD 'SHORT SALES' BE DISCLOSED?
Posted by V.K. [Mel] Melhado PA on Tuesday, November 9th, 2010 at 7:11pm.
One of the things that absolutely drives me bonkers is the fact that real estate listing agents are not required to identify a potential short sale in the public remarks in the MLS (Multiple Listing Service). For reasons unknown, (and no one has been able to properly explain it to me), listing agents disclose that they are listing a potential short sale in the confidential remarks that can only be seen by subscribers to that particular MLS and not the general public.
To me it's totally crazy, as well as a huge waste of time for we agents who have to constantly explain that the listings that our customers are identifying are short sales. Then begins the rather lengthy process of explaining exactly what a short sale is, how unlikely they are of obtaining the property and why the agent, in many cases, has priced it far below what the lender will accept for the property.
Many buyers have told me that if they knew that they were looking at a short sale, they would not have bothered because they had no interest.
I maintain, and I'm not alone, that foreclosed properties and potential short sales should by law be disclosed in the public descriptions of properties.
V.K. [Mel] Melhado PA
Fine Home Specialist
Preview Naples Group
Premier Sotheby's International Realty