I will start this blog post by saying that this is completely my opinion, but also that of many of my clients.   I will also go on to say that I have sold many short sales and foreclosures along with my traditional Seattle real estate business. I am proficient at these properties as well as a normal transaction.

 

 

I must tell you that I STRONGLY believe that there should be a check box in our NWMLS Seattle MLS entry system that allows and forces Seattle Realtors to fully disclose to potential buyers that these short sale or REO properties are....let's just say SPECIAL.  These listings really need to be differentiated in the public websites that sweep the MLS data.  A buyer who does not want to wait around three to six months for no guarantee of a contract can move on to a seller who has the ability to actually close on their house in less than a month or even 45 days. 

 

Recently I needed to get a buyer into a house using the now hopefully temporarily extinct down payment assistance program (seller paid DPA).  Part of the requirement was  a quick closing making a short sale impossible, but also ruling out foreclosures based on most banks and their current inability to move these transactions along.  It was EXTREMELY frustrating for this buyer to see these distressed properties at dirt cheap prices with no disclosure as to the situation.  He would send me lists of properties which of course I had ruled out only to be discouraged when I had to tell him it was another short sale or foreclosure.

 

This is not fair!!!!  We as Seattle Realtors really need a check box to disclose these distressed properties to the public so that a buyer can uncheck the short sale box or the REO box rather than be teased by properties that aren't really fully for sale.  Alternately, if you are an investor, wouldn't you want to be able to search for an REO or a short sale on your own?

 

Just my two cents.  I hope it will change.

 

Authored by:  Courtney Cooper, Seattle real estate Broker realestate@cooperjacobs.com