I have been tossing this issue around. I probably have worn out my welcome with some subscribers.
I just can’t let it go.
The multiple listing service in this area is becoming clogged with short sales. I know some of them are being done in an orderly fashion. I know that most of them are not. I know that some of those being done in an orderly fashion have no assurance from the lender that they will review any offers.
Well, I think there is only one group that can put a stop to the madness.
It is us.
I have written Wes Foster (the big guy at Long and Foster) and asked him to institute a company wide ban on taking any short sale listing that have not met the following guidelines:
- a complete short sale package has been presented to the lender(s)
- a detailed approximation of the property value has been sent to the lender(s)
- a communication has been received from lender(s) that they will consider offers
If we draw the line in the sand, we will then be offering homes that are actually available for purchase to consumers. The public, as well as, agents have the right to transparency regarding these listings.
It is time all agents began to take another look at the costs of listing homes that can not sell.
If we clear the clutter from the multiple listing service, we may move towards reducing the viable inventory that is on the market.
Some one has to step up. I hope Wes Foster takes the lead.
Update: It is now January 2013. The only thing that has changed is that Wes Foster fired me.