Why Short Sales Usually Are a Bad Idea

Posted on December 6, 2009. Filed under: Uncategorized |

A very timely topic in this blog post  by Maryland Bankruptcy Attorney Brett Weiss.  I have had an epidemic recently of realtors contacting the office desiring to have short sales conducted of real estate owned by my clients that are in bankruptcy.  Typically, these clients are filing Chapter 7 bankruptcy and desire to surrender this property back the mortgage company and get out from under this debt (which, of course, they can do).  These realtors are       very insistent that the debtor complete the short sale.  When pressed as to why this is so important, they give a multitude of reasons.  Very rarely do they say that the only reason they want the sale to be completed is so they can get a fee.  But, of course, this is the most important reason.  As Mr Weiss says in his blog post, steer very clear of short sales, even when pressed to do so by a realtor.  If you do decide to complete a short sale, be sure to have legal advice every step of the way.

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