They aren't selective with their advice. These agents tell their buyers not to buy any short sale. That kind of general, across-the-board advice is wrong. There are some short sale listings that are viable and some that are not. It's unfair to the buyer when an agent pigeon-holes all short sale listings.
To add another twist, there are also some buyers who want to buy only a short sale house and others for whom only one house is perfect but it's a short sale. An agent's job is to find the best home that fits the buyer's priorities and parameters. If it's a short sale, a little investigative work on the agent's part can help that buyer to determine whether it's worth pursuing . . . read more about Buying a Short Sale House.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Comments
There are a lot of agents out there that are scared of short sales. Mostly because it means extra work, and some just don’t have the experience to deal with a three way transaction between their buyers, the seller and the bank.
I will admit that there are a few banks now that have gotten a reputation for being nearly impossible to work with, and I inform my buyers of this. The big C is an example of this.
Short sales can be difficult and buyers need to be made aware of the obstacles involved in buying one. However, since over half of all the transactions right now are short sales, it is pretty silly to not be willing to do one.
I think the reason why agents persuade people against short sales is 1) it is more difficult and 2) their commission will be less and if they know this person is serious about buying they want to make as much money as possible. It is sad that a lot of agents and people in general are all about money. I have a Foreclosure Credit Repair blog that many have found useful.