What the Heck is a Short Sale!##!@!!?
Posted Oct 11, 2007 @ 8:02 pm, Viewed by 848 Visitors, Read 868 Times.Short Sales in Northern Virginia....
"What the heck is a short sale?" is a question many buyers, sellers, lenders and REALTORS are trying to figure out these days. It's the wild, wild west of northern virginia real estate or Arlington real estate where any party can just throw up a listing calling it a "short sale" and then make up the rules from there. I was involved with 3 short sale situations today with different clients. So what is the difference between a regular sale and a short sale?
Imagine going to a bank and saying, "Yeah, I'd like to sell my home for $100,000 less than what you loaned me last year and call it even. What do you say bro?" 
Click here for the rest of this article on Northern Virginia short sales in real estate where it was originally posted.
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Good job - it always amazes me how well a picture and humor makes a point.
Wayne, a much better post on this subject which really opened my eyes to how this game is played from the bank's perspective is here and pass it on: http://blog.franklyrealty.com/2008/02/va-short-sales.html It figures that I'm in a city with 2 other top bloggers in the country: frank llosa and brian block. Arlington is 6x6 sq. miles yet all 3 of us are here##!@@@!!
To the comment, "any party can just throw up a listing calling it a "short sale" and then make up the rules from there," you are absolutely right. I've seen many times where a listing goes on the market at far less than a bank would reasonably take to forgive a shortfall and well below market value. I guess the idea is to attract any offers. Lowballs then do come and are summarily rejected. And, the next thing you see is the listing price go UP.
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I really like the picture that you used with the cat and the lizzard. This is good stuff.