Short sales are so prevalent that there are now not only courses on Short Sales, but a designation! Most of these deal with how to properly represent sellers - but what about properly representing buyers? I blogged about short sales in our area, and quoted a great piece from a Wall Street Journal article:
"Homeowners hoping to do a short sale sometimes advertise very low asking prices to lure buyers even if there is little chance the lender would accept bids at that level, Mr. Odio says. The "fictional" asking price, in turn, misleads potential buyers about the value of nearby homes."
What's fair?
and
What's misleading?
