"Short sale". The new buzz word. We've all heard it:
"I owe more than my house is worth and I WANT to move. I'll just ask the lender for a short sale."
"I don't want to live here anymore and I need to do a short sale."
"I want to take a new job up North but I just bought my house last year. I need to do a short sale."
"I'm tired of making these payments and want something smaller. I need to do a short sale."
"I quit making payments because my lender said once I was behind 60 days I could do a short sale."
"I NEED.........blah, blah, blah!!!!!"
Folks did you notice all of the "I" in these statements? What is wrong with people today? What happened to personal responsibilty?
As REALTORS® we need to start counseling people properly. The folks in these above scenarios DO NOT qualify for a short sale. They need to honor their obligations. As a group we need to quit saturating the market with "short sales" because folks feel they are entitled to one.
A "short sale" is for folks that are experiencing financial difficulties and who cannot afford to keep their house. It is NOT for someone who just feels like moving.
Now having said that, these folks may very well apply for a short sale and it may be granted BUT it is flat out wrong!!
The real estate market is experiencing enough difficulties without REALTORS® automatically playing the "short sale" card just to get a listing. You need to look these folks in the eye and say "Sorry, I can't help you. Short sales are for folks facing legitimate financial difficulties. NOT for folks that just want to move."
A "short sale" is great option for folks who are in dire straights. It is NOT an entitlement. Use it but don't abuse it.
OK.....that's all I have to say about that. For now. What say you?
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