There are a lot of misconceptions out there in regards to short sales. I spoke a little about the misrepresentations of the terminology “pre-approved short sales” in my section about What to expect when Buying a Short Sale.
Short Sales can be a lengthy process and unfortunately there are fewer buyers that can afford to expend the timeframe and wait. Most buyers have a certain deadline to meet: relocating in 60 days, lease is up in 45 days, tax credit deadline approaching and short sales are not an option.
This post is to comment about how short sale listings are presented in the MLS. In Atlanta FMLS there is a new option under “Special Circumstance” that includes the option of “potential short sale”. I don’t put a lot of weight on that selection. Let’s face it, the multiple input data entry can be performed by hurried agents, their assistant or office staff therefore it is not uncommon to see mistakes and omissions. What I want to place focus on are the public and private remarks.
Public remarks are where agents detail selling points of the property (Large frml living & dining*2 story family rm*). Private remarks are withheld from the public and only viewable by agents (usually including special showing instructions). The term “short sale” should be included in BOTH sections. There are some uses of “pre-approved / approved short sales” however there are a lot of listings that withhold that information. I would also like more information on “possible or potential short sales”. Every short sale is a potential short sale until you receive written final approval from lien holder(s). Once again we as agents need to give a little more detail to what is involved in this transaction. I feel it is unfair to the public and ourselves to market a home without full disclosure of the status.
