Short Sales Seldom Ever Close
Beware of Pending Homes Sales Numbers
The truth is very few pending short sales are closing. You will never guess who is killing all the deals...here is a hint, they loaned the money to start with. HA it is the banks, the same banks we have given billions of our tax dollars.
Recently in a conversation with a lady at the largest offender bank, I said the bank is going to lose another 25% if they foreclose instead of accept the short sale offer we had for them. She said " what do you care?". As calmly as I possible could, I tried to explain that 25% is my money, our money, she said "no it is the governments money".
This is what we are dealing with, people at these banks who do not care if they lose billions in tax dollars, after all it is just government money right!
Closed sales are the only ones that count, pending numbers today are nearly meaningless. In my market short sales amount to one third of all the pendings.
So when they say sales are up, ask are those closed sales or those fake pending numbers. All this leads to false perceptions that cause consumers to make poor real estate financial decisions.
So as always...Caveat Emptor.
Chris W. Miller
ERA Brokers Consolidated
Mesquite NV 89027
702- 346-7200
435-862-5951
Published by Chris W. Miller
Chris W. Miller, 35 years of real estate experience. He works in the Land with Water Rights business. Water, our most precious limited resource. His real estate career began in the mid 1970's in Santa Fe,... View profile
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- Pending home sales seldom close
- Banks refuse to work with cash buyers
- It is JUST government money, what do you care?