I’m trying to get over a cold that’s hung on for 2 weeks now and so every night…It’s Night Time cold medicine and the promise of a nights sleep like those we enjoyed before car payments, credit cards and mortgages…I actually don’t mind colds too much because it allows one to medicate to sleep without remorse! Last night as I was JUST about to fall off into that sort of sleep…I hear a news report on TV (I need to have it on to fall asleep…It’s just the way it is) about how the short sale process is getting harder…??? Really!? And that sellers are being made to sign promissory notes!? REALLY!?!?
Well…I pry my eyes open and watch in HORROR as these completely “slanted” and misguided statements pille up together like cars in the daily accident on 595 at rush hour to make the segment into a report! I have placed the link to the video below to help you see what made ME so angry.
As a Realtor until 2007 I stayed as far away from short sales as I could…I wanted NO part of them at all. But then I learned my title company that I have used and trusted for years has a team dedicated to them and so reluctantly I began listing them when asked to…That was a very good decision as my team now handles numerous shorts every month! Transfer Title does a great job for me and my clients! As the media reported last night…Sellers are being asked for promissory notes, subject to deficiency judgements and credit score consequences…True to a degree…But this is NOT what we in the field are seeing!
While it is true that cash contributions are normal, they are often PENNIES on the dollar and while it is true banks reserve the right to file a deficiency judgement for up to 5 years…For 5+ years now, short sales have been closing…And none of the clients I have helped…Nor ANY I have heard of…Have been approached to sign a judgement!
I just wish MY news channel…(And I am SO considering changing over this!) would get more information before they put out what can only be described as half the story…Is the other half being put on tonight’s broadcast? I’ll delay “drugging up” to see it! GRRRRR (cough, cough!)