John MacArthur The MacArthur Group

The sign says the short sale did not work. This happens. It probably happens more often than a successful short sale. The lie continues...a short sale helps a home owner facing foreclosure. How long will the "short sale" lie continue?

REGARDLESS OF THE OUTCOME OF A SHORT SALE.....THE FORMER OWNER (S) WILL BE IN THE SAME FINANCIAL STATUS......THEY HAD A HOME...THEY DID NOT PAY FOR A HOME...THEY LOST A HOME.

IN TENNIS...THEY SAY...GAME....SET.........MATCH.

This site and most of the other sites used by real estate agents have entry after entry full of heart wrenching stories regarding our current market conditions. We share about the plight of people we meet that have run into hard times. We castigate those that we meet that have created their own suffering through greed. We apologize for those that we perceive have been taken advantage of in the past.

Then, we proudly pronounce that we are going to assist the homeowner and work to get the "monkey" off their back. We enter the twilight zone of "the short sale".

The rules and regulations to handle the sale and reach the goal of

getting the property sold vary from state to state. They also vary from lender to lender. It is not a place for the unorganized or impatient.

Our industry, for the most part, is made up of people that enjoy assisting people buy or sell homes. As with any profession, the motivation behind each individual varies. I make the assumption that most agents are committed to helping others because if you are just in real estate for the easy money, you won't last through markets like this one.

You have been sold a bill of goods regarding short sales.

The primary benefactor of your efforts will be the financial institution that holds the mortgage. This fact is hidden behind the tears and fears of the clients we sit with. Selling the home is not going to resolve their problem. Selling the home may reduce the amount of money the financial institution loses but it will not make tommorrow any brighter for the folks relinquishing the deed.

The only other people benefiting from a successful short sale are the participants other than the seller. The lender may only agree to the sale if commissions are reduced. A reduced commission is certainly more than the seller will receive. The agents will earn some money.

The new lender, title company, home inspectors, termite killers, appraisors all stand to benefit from the transaction. Seems like all the usual suspects have their hand in the cookie jar again.

HMMMM....THE SAME PEOPLE THAT BENEFITED FROM THE ACTIONS THAT CREATED THIS MESS, SEEM TO BE BENEFITING FROM THE PREFERED METHOD OF GETTING OUT OF THE MESS.

THE SAME PEOPLE THAT WERE HURT GETTING INTO THIS MESS ARE THE ONES THAT WILL END UP BEING HURT THE WORST GETTING OUT OF THE MESS.

The honest advice for those that can not pay seems to run counter to what we have been told is the moral and ethical manner to advise clients. Get out....pack, move while you control your circumstance, stop sending money to the lender....YOU NEED IT. Of course, if we were really following what is ethical, a great deal of this mess would not have occured or most of the people now in a jam would have gotten there without representation.

AGENTS MADE MONEY REPRESENTING CLIENTS ON THE WAY INTO THIS MESS

AGENTS WILL MAKE MONEY ON THE WAY OUT

THE CONSUMER CAN NOT WIN

If you are convinced that you are helping folks when you list short sales, at least have the decency to admit that you are helping everyone other than the person living in the home. Tell them the truth..their credit is in shambles, they will not be able to buy again for at least three years, every dime they send their current mortgage holder does nothing to assist their position or credit rating. Let them know that when you are asking them to stage the home or put money into the home that they are not going to receive any benefit from that action. Tell them that whether your commission is 1% or 10%, the bank will make the final decision. Tell them that the sales price is nothing more than a headline on the listing and their failure to pay will not be eased by the amount of money the mortgage company receives.

TELL THEM THE TRUTH....YOU CAN'T HELP, BUT YOU CAN MAKE A DOLLAR GETTING THE HOUSE SOLD

Let them get off the roller coaster before the

ride begins. Let them get on with their life while they still have some resources. Let them find another place to unpack and mourn the loss of the dream. Let them have the dignity necessary for rebuilding a life.

Of course, you can always walk away and tell the lenders, that are now left holding bags that they chose, they will have to foreclose on every one of the "short sales". Let them spend the time and money now. If the home does not sell as a short sale.....it will become bank owned property at some point.

Today, agents listing short sales are gambling that they can turn the transaction before the bank forecloses on the property. There are no guarantees. The agent is using the calamity to build business, gain exposure and hopefully cash a check.

They just need to be honest...it is not for the owner, it is not for the bank...it is all about the "benjamins".

So, you have come to the realization that you can't pay your mortgage payment anymore.

What to do? You have heard the horror stories. You remember the things that your mother told you about paying your bills. Lessons heard from the pulpit echo quietly in the back of your mind. Nights once sleep filled become a session of tossing and turning and wondering what will happen next.

An honest dose of the truth might get you on the track to a less stressful existence.

You are not a bad person.

The stories in the press are just that....stories. The reasons that have brought you to this point can be as varied as the number of people in your same position. The only way forward is to accept where you are today. Do not believe the folks that preach moral superiority and try to paint you into a corner that offers no way out. Yes, you did sign a note. Yes, you do owe the money.

But, you can't pay what you don't have.

You should call your lender. You should explain your situation. You should ask if there is any way that your loan can be re-written with terms that you can afford to pay. You should do that because it is the right thing to do.

If the lender offers to re-write your loan...problem solved. If they refuse or if they can not offer you a loan you can afford, you have to do what is necessary to protect yourself and anyone that is depending on you for shelter.

Here are the facts.

A short sale does nothing for you or your credit rating. The term short sale is even a misnomer in your situation. Lenders do not lose money in short sales. Short sales actually refer to a sale in which the seller actually brings money to the table at closing so the lender does not lose money.

It doesn't matter what song and dance anyone does for you. If you do not pay the mortgage in full, that fact will be reflected in your credit rating. There is no asterick for folks that tried to sell their home and failed to receive the full amount. There are no bonus points in a credit score for being a "good guy". If you don't pay, your credit rating will be adversely rated. End of story. Your credit was "ruined" when you signed the papers for a mortgage you could not pay.

If your lender will not work out a new loan with you, you have a responsibility to find a new home. You should do it now. If you can't pay your mortgage, you better find a rental that is affordable and make the move as soon as possible. There is no advantage to continuing sending money off to a lender in hopes that they will let you stay in the home until you find a new place to live. It won't happen!

If you want to attempt a sale to reduce the amount of money you default on, then do so, after you move out. Please don't buy into a agent that tries to convince you that they are the saviour and if you let them sell, all will be well. Your situation is broken and no one can fix it.

Do not buy any of the current schemes that offer to make the pain go away for $500 or $1000. The only thing that goes away with any of those schemes is your $500 or $1000.

If you can't pay...get out while the getting is good. Don't destroy the property. Don't sit and wait for the bank to come in and ask you to leave. Use the little control you have left over your housing situation and go find a new home.

One way or the other, the bank is going to get the keys. The mortgage holder does not care about your tomorrows, they only want the property or the money. You don't have the money. Let them have the house.

Tommorrow, you can begin to put the pieces together. Today, you have to act to protect yourself and those that you love.

Just my thoughts. I mean when you peel back the layers, it is only you under the covers.

Those dollars down the drain represent the hours wasted. Who wasted them? Hmmm, how do you waste them? Let me count the ways.........

• Begin with the hours a new home buyer spends in front of the computer screen perusing all the homes for sale in their price range (we won't count the productivity lost when searching at work).
• Then there are the hours the new home buyer spends on weekends, driving around stopping at open houses.
• Next, you have to toss in the hours the new home buyer spends doing research on which agent to use in their search.
• Now, the cost of the hours begins to increase. After all, the agent is doing this for a living and even if they don't realize it, their time spent is money spent.
• The next batch of hours lost are spent visiting properties that may or may not be available. Under our current rules.....it has become a "crap shoot".
• These are followed by the painful hours. You know, those hours it takes to prepare an offer, followed by the hours it takes to receive a response. You can even add a bunch of minutes for the time you wait for the agent to even return a phone call.
• The come the hours of death. All the time spent has been for naught.

The home was not really for sale. It was in the MLS. It did have a list price. It did say pending 3rd party approval. It did have a sign in the yard. I did have a lockbox on the door. I did have a fancy sell sheet on the table. The home was not really for sale.

The following is an example. This is not t.v. and this is not a fictional account. Names remain the same. I make no judgement on the innocence of anyone. It just is a sample of why short sales don't sell.

A very good friend of mine called and asked if I would consider taking a young couple out to find a home. She prefaced the information with "they don't have a lot to spend, but they are a very nice couple." I told her absolutely, send me the information and I will do what I can to help them.

I chatted with the wife and she said they could meet me at the property that evening. I drove to Brunswick and showed them a home. Now, now....before we walked through the door, I explained agency relationships and the other information required by the State of Maryland. They liked the home, but said that the location was just a bit farther than they would like. They explained that they would like to find a home soon, but they are not under any time constraints. I told them I would do some searches for them.

I went back to the office and did the usual MLS, Craigs List, FSBO.com searches. I checked the on line classifieds and came up with a group of homes that were in Frederick. I sent them the information. They wrote back with a list culled from list that they wanted to see.

I made the proper arrangements and we met a second time and went on tour. The first house we visited was missing a refrigerator, toilet and upstairs window. I rechecked the listing and the agent had shared "great shape, bank owned." Apparently, the bank did not own a refrigerator, toilet or upstairs window. We moved on to the next home. Our third stop was very brief. The owner (yet another in a short sale status) shared that "they did not give a rat's xxx what the agent told us, they were not allowing people to see the home except on weekends". They slammed the door in our face. (I made a mental note to make sure and call the agent and let them know how much my clients appreciated that treatment. My buyers did not want to reschedule for the weekend or any other day.)

At the end of the evening, they had found the home they wanted to buy! It was a nice little townhouse at 121 Lauren Court, Frederick, MD 21703. It was listed by Homestar Realty located at 8120 Woodmont Ave, Bethesda, MD 20814. The listing agent was Marjorie Perez-Martinez.

The list price in the multiple listing service was $141,000. The AGENT REMARKS : Gorgeous townhouse in perfect location. Hardwood floors in main level, ceramic tile in all baths, huge closets, stone patio with fenced rear, storage shed and much more...PRICE TO SELL..A MUST SEE... This is a Short Sale subject to bank approval. As is condition.

The compensation was listed as 3%.

Now, other than the fact that it was apparent that the agent did not know the difference between hardwood floors and cheap pergo knock offs, I believed that the information provided was correct.

My clients had financing in place and came in to sign an offer. I won't bore you with too many facts. Using my expertise and knowledge, I suggested that they offer $148,000 with $6,500 in closing help. I was aware that there was another offer and we would be in a competitive bid situation.

My clients signed the offer. I submitted the offer and we began our wait. After about 36 hours of calling and leaving a message with the other agent (trying to ascertain if 1. the offer had been received and 2. had the offer been submitted to the bank.), we were told that the offer had been sent to ..................drum roll, eye roll, belly roll, roll the dice, roll over and play dead..........Countrywide.

Bright and early on day 4 we received a note from the listing agent. Countrywide had sent my clients a counter offer. THIS IS NOT A MISPRINT. Countrywide's counter offer was $158,000 with 2% seller help and a reduction in the commission to 2%.

I called the other agent. I asked..."Let me understand this. My clients offered your client a contract that would net them $1,500 more on the price and they have responded that they want $17,000 more in price and are willing to offer $3,160 in seller concessions?"

The other agent asked if my clients wanted to counter.

"NO, the offer submitted is their best and final offer. Tell Countrywide take it or leave it."

We are still waiting.

Oh, why short sales don't sell? Maybe it's just my opinion, well, it is my opinion, bait and switch stopped working when vacuum cleaner salesmen stopped going door to door. There is no policy preventing broker's from listing a property well below what they know or should know would be acceptable to the bank. There is no ethical requirement for those zealously seeking to reap the rewards of people struggling.

I realize that I share the same profession with the other broker and the listing agent. Fortunately, I do not have to ever share the same room with them.

My clients, well, it is a setback, but I will find them a new home.

There will be no pictures here. I ask that you allow your imagination free reign to picture the following as you see it in your minds eye.

Once upon a time there was a little town. 200 people lived there. Their water supply came from wells that were dug near their homes. Those that did not have the funds to dig a well, used the large community well in the center of town. Years passed and everyone had potable water. For one reason or another, the wells began to run dry. They still produced water, but the volumn was diminished. Town meetings were held and it was decided that they should build a series of pipes from a distant river to a water tower they would construct.

The water tower concept was accepted. After more discussion, it was determined that building the water tower would take a professional water tower builder. Requests were sent out to water tower builders across the land. Experts were needed.

Soon, the elected town officials began to hear from water tower builders. Experts came to town to go over the project. The experts began to suggest that the water tower concept was not complete. In order to guarantee the potability of the water, the town would also need a filtration system.

The conversation turned from the need for water to the quality of the water needed. The focus of the community was directed away from the need to clean and quench thirst to the actual composition of the water that would be available.

The competing experts began to form allegiances with the various elected officials. The townspeople hardly noticed that the elected officials were enjoying paid vacations. The townspeople hardly noticed that the quality of life of the elected officials was becoming much more comfortable. The townspeople hardly noticed that the longer it was taking to make a final decision on which expert would be hired, the difference in the quality of their life and the apparent quality of life of the elected officials seemed to grown larger.

Time passed and wells continued to decrease in production.

During this time, the population of the little town continued to grow, increasing the strain on the water reservoir running beneath the town. Scientists were contacted and they confirmed that there is only so much water in the aquifer and the current depletion of that supply was growing exponentially.

The townspeople began to demand a resolution from their elected officials. As new elections were scheduled, candidates promoting a swift resolution to the problem surfaced. The townspeople hardly noticed that the campaigns for the candidates were being funded by the experts that claimed to have the solution.

Elections were held and as fate would have it, the candidates supported by the richest of experts won handily. The townspeople hardly noticed. It is the unspoken secret of elections that the person that spends the most to win, usually wins.

The newly elected officials once again met to address the problem. As luck would have it, the largest contributers just happened to win the bid. The townspeople hardly noticed. The experts plan was to build a water tower. Their plan was to build a series of pipes from the water tower to each home. Their plan was to build a filtration plant. Their plan was to build a pump station from the filtration plant to the water tower. Their plan was to build a damn on the river. Their plan was to build a pumping station on the dam. Their plan was to build a large pipeline from the pumping station on the dam to the filtration plant.

The project would take five years. The scientist came to town and told the townspeople that based on current demand, the aquifer under the town would run dry in seven and one half years.

The project was begun. The elected officials instituted conservation laws that restricted water usage to cleaning and cooking. The large town well had a tariff added to it. Townspeople that did not have their own well had no choice but to pay the tariff. This immediately reduced their standard of living because the expense of purchasing the community water had to be funded with their stagnant income.

There was a long term cost associated with the project. Townspeople had agreed to fund the project out of tax revenue and they were faced with a small cost annually to offset the cost of the capitol improvement. They hardly noticed that there was no maximum it would cost.

As time passed, this forward thinking community attracted more residents. The strain on the water supply was increased. Scientist warned that the stress on the aquifer would result in dry wells long before the project would be complete.

The elected officials confered with the experts and found that the project could be completed earlier, but at an increased cost. The elected officials decided that they would run a community service information campaign supporting increasing the cost to resolve the crisis. The campaign would generously be funded by the experts. The townspeople hardly noticed.

The project was completed.

The river ran dry.

There was always a limit to the flow of the river. There was always a chance that the chosen supply source would not be there forever. The townspeople heard the warnings. They hardly noticed.

If water were oil, would anyone notice? If we are using more oil daily than we produce daily, does anyone realize the implications that eventually, we will have no oil? Does anyone really believe that the answer is building more highways? Does anyone really believe that after 30 years of concrete warning and nothing truly changing except increased consumption, a solution is at hand? Does it seem odd that the people sharing positive views are large oil firms and auto manufacturing firms and construction firms that build our highways? It is a sad day on the planet. This is not America's problem. This is a global problem.

Current comfort and convenience is being served at the expense of long term survival and life style.

It is inevitable..............the well will run dry. Will we sit, pedestrian, and look back to realize we hardly noticed?

"The future is now"; George Allen uttered those words when he took over the helm with the Washington Redskins. Let me preface this entry with the absolute truth. I am not a engineer, highway planner, social scientist or confirmed "tree hugger". I hope Govenor Marty can step aside from his lock step with yesterday and think about this project.

I am but one man. I have thought about this and feel that we are in danger of continuing on a tragic path. The website for the proposed and approved road system states "The Inter-County Connector (ICC) will link existing and proposed development areas between the I-270/I-370 and I-95/US 1 corridors within central and eastern Montgomery County and northwestern Prince George's County with a state-of-the-art, multi-modal east-west highway that limits access and accommodates the movement of passengers and goods."

This supposition is based on the yesterday concept that automobiles and trucks are the best mode of movement for passengers and goods. These projections were founded in an environment that included gasoline at less than one dollar per gallon. The idea for the cross county connector made a lot of sense when no one considered that oil was not a limited fuel source. I don't think many people understand that there is a limited supply of oil.

When the idea for the inter-county connector was first raised, Gaithersburg was a small agricultural town. King Farm was a farm. Burtonsville was a small crossroad. Laurel was a big city. Public transportation was used by a larger percentage of people to travel longer distances. It is a brave new world today and China and India have changed the fossil fuel consumption equation drastically.

Oil companies became more powerful. Road and paving contractors became more powerful. The influence of the dollar became more powerful. Special interests became more powerful. The interest of society and the people living in the area no longer were the prime concern for legislators.

This area is very close to the national arena. Our news and focus seems to fall on national issues. We, as a people, do not see what is occuring before our eyes.

The people that raised objections to the ICC were considered fringe elements. The 90 year old man that did not want to sell his house. Community leaders that did not want the highway in their area. Environmentalist that found every rare fish, frog , flora or fauna in jeapordy. They all spoke out and no one paid them any mind. The issue that was not raised was clearly...what about tomorrow and beyond?

No one stopped to think about 2020, 2030, 2040 and beyond. Charts were offered regarding traffic and flow and bridges and abutments. No one realized that our vision of tomorrow might have to include....no automobiles, no trucks, no buses.

Rail is rather efficient. A light rail system from here to there could accomplish the same goal. Of course, it would have to feed a central point that would be a public transportation hub. It would mean that less people might be on the road. It might even mean the cost of gas would go up more (nasty side light of decreased demand with fixed costs). I can not imagine oil companies using gasoline as a loss leader.

If Governer O'Malley does not have the cajones courage to step up and build for tomorrow, well maybe he could restrict his concrete legacy to buses and trucks.

It really is time to build the world we will live in rather than yet another monument to the world that used to be. I hate being the lonely guy in the crowd.

Why build a highway if no one can afford to use it?

Ouch!!!!!!

It is memorial day............John buys brand new charcoal grill..........John takes requisite 4 hours to assemble the "easy assemble" grill.............instructions call for "seasoning".........hmmm...use brush and coat insides with vegtable oil................start fire............seems to be burning slow........instructions indicate put more charcoal in fire.............John does..........they just lay there.........I have it!...squirt some of that charcoal lighter on the briquets..........nothing...........let me open the door and check.....hmmm ...just smoldering..............let me use my lighter........

BACKDRAUGHT.................WHAT THE HELL HAPPENED!!!!!!!!!..........WHERE IS THE HAIR THAT USED TO BE ON MY RIGHT ARM................WHEN DID I TURN PINK.........OWWWWWWWWW!?!?!?!?!?!?

I won't be posting much more. This is my best one handed work.

Be careful what you grill...............it may be you.

Update: It seems that the situation was a bit more untenable than I realized. Once I stopped soaking my body parts in ice water, blisters began to appear and the numbness was not related to the ice. I was directed to the emergency room and after a short exam I was advised that my now blackened fingers had suffered 2nd degree burns. Today I have to visit a specialist of some sort. I do not think that hamburgers will ever hold the same appeal.

Let me experience be a lesson for you. There is a reason God created home delivery.

Didn't your Mother tell you not to go out without protection?

When representation is at no cost to you, why would you look for a home in an unprotected (unrepresented) fashion? Did you forget?....Mother always knows best!

Visit us

www.themacarthurgroup.com

John MacArthur

Realtor / Buyer's Agent

Long and Foster Realtors

Olney/Brookeville Maryland

(O) 301-924-7620 (D) 301-537-4377

So the usual suspects were enjoy a little glass of wine after work. Conversation went from the plight of losing a listing to the horrors of dealing with short sales. Eventually, the "forbidden fruit" of commission was discussed.

One agent lamented that co-op commission being offered is not always 3%. She could not believe that agents were only offering 2.5% and in some cases......2%. She felt that in this "market" it was very poor judgement to offer anything less than 3%. She went on to share that, if you really want your listing to be shown..you should offer a bonus on top of the co-op!

"So", I asked, "you think that the co-op offered is an integral part of your home search for clients? And, you think that you should receive a bonus for doing your job?"

She replied "Absolutely!, if you take the information given and it is 2+ bedrooms and 2+ bathrooms for under $400,000 in Montgomery County, you will have page after page of listings. If you have seen one, you have seen them all. How elseare you supposed to seperate them?"

Hmmmm.....Gee...I don't know.........maybe you could ask your clientfor more specifics. Montgomery County is a pretty big place and if you have that many choices, maybe..just maybe, they could find a home in a more specific area. It is a long way from Poolesville to Silver Spring or from Olney to Potomac.

Agents that claim to be looking out for their clients best interest and somehow bring what they will earn into the equation (after the fact) are nothing more than modern day Snake Oil Salesman. They seem to think that they have the right to preclude properties from buyers based on what they will ultimately earn on the transaction. Fortunately, they are rather easy to spot. If you are working with an agent, and the agent did not go over "agency" and have you sign a "buyers agent agreement".....you are working with a Snake Oil Salesman and not someone actually looking out for your best interest.

How do you avoid the shell game? Look the agent right in the eye and ask them if they plan on showing you all the homes that meet your criteria or have they eliminated some because the co-op is not to their liking? Have them put that in writing. It is very easy to do. Ask them to work under contract to you! Have them sign a buyer agency agreement with you that clearly states how much they will be paid to represent you. (Understand, all or most of the money they will be paid will come from the listing broker. That is what the co-op is all about.)

Sign here so we both know where we stand..

There may be laws regarding everyone agreeing on any set commission. There may be laws regarding how an agent must perform. There may be laws that actually require an agent to be under contract before showing you any homes listed with his broker. The only thing keeping you from stumblingand maybe missing the "real" home of your dreams...is the catchy latin phrase "caveat emptor" (let the buyer beware).

If you just blindly go along.....

(2% coop) (3% co-op)

Well...on the surface they may appear the same, but you will never see the one on the left. That is not what Realtors are trained to do. That is not what ethical people do.

But I just learned over wine..........that is exactly what some agents are doing. You may never know the hidden cost of bad advice.

If you want to have someone represent you that will consider your needs and do the job you expect, contact the MacArthur Group today. My clients never see the first house without completely understanding the process and having full knowledge of the costs involved.

windfall

Definition

Money received which was not expected and not a direct result of something the recipient did.

There are mumurings that those dastardly oil company executives have earned excessive profits because of the rising price of gasoline/oil. I will agree that the cost of a fill-up is beginning to create this sort of feeling....

It seems like only yesterday, o.k. a lot of yesterday's, that I was working my way to owning my first car and gas was only about 30 cents a gallon. I think it is amazing that I can remember that, much less use the old guy reference so early in a blog.

I came across the following snap shot and it sort of un-nerved me that the prices seemed so reasonable. The rising prices have left my sense of usual and customary a bit dazed.

The outcry from the public is growing louder everyday. This is outrageous. How can the price of a barrel of oil keep going up? I couple weeks ago, it hit $100 per barrel. Now it is approaching $115. Hmmm, it a gallon of gas costs me $3.50 and it goes up at the same rate...yikes....gas will be over $4.00 per gallon.

It is time for the Government to step in and hold hearings.

It must be those oil companies. Or is there another culprit behind this.........

the chinese????? the residents of India/Pakistan ????

or maybe.....

just maybe ........

WE DID IT TO OURSELVES ! ! !

Did we really need that? or this?

Did we really ever need these..?

While I understand the angst of those of us that have to drive to earn a living, and I understand the resentment we feel towards those that are making large sums of money, I don't see why we should penalize others for our own behavior. Why do we think that we can pick and choose when supply and demand can come into play? Throughout Europe, they have been paying higher prices for years. Hmmm, what did they do? They introduced an efficient automobile.

We can spend all our time blaming others, or we can realize that after a long nights rest . . .

We have made our bed....you know the rest.....

I have been tossing this issue around. I probably have worn out my welcome with some subscribers.

Sorry.

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.