Mary Ellen Podmolik called me earlier this week to talk about real estate 'short-sales for' today's Chicago Tribune Business section. Are they getting done? In my world, mostly no. I did have one successful short sale purchase this year. But the other few I wrote on, my buyers walked away during the process in favor of non-distressed properties. Most of my clients that view short-sales with me, just don't offer on them after seeing the properties and learning about the process.
Here's my quote from today's column:
"Most people really aren't in a situation where they can deal with the uncertainty," said Zhao's real estate agent, Eric Rojas at Prudential Rubloff. "Even when you explain that it's not accepted until the bank accepts it and you build these safeguards into the contract, people are dropping out, left and right. These sales would get done, but people just can't wait."