Short sales, or scooping up bargains when the homeowner is screwed
A reader asked about short sales, which occur when a borrower's house is worth less than what he owes the bank (picture that 6 year car lease in year 5, when the ol' SUV's worth $3,000 and you're still in the hole to the bank $12 grand). Our GMLS has added the category "short sale" to listings in order to alert agents that they're in for a long haul on that listing - these things are tough to negotiate because there are often multiple parties involved and none want to lose money, which they'll have to do, if the sale is to go through.

I believe that the category was added proscriptively: everyone "knows" we're about to see a flood of these sales but, so far, they're still rare. May that continue.

This company claims to act as a go-between for buyers and sellers in short sales situations. I know nothing about them but one principal is coming to Raveis next Tuesday to tell us what she does and how she does it so I'll have a better picture then, maybe. Details to follow, as they say. I note that their website has no Greenwich listings; that may be because we don't have any short sales right now or, more likely, this company doesn't. The latter would explain why they're coming down to speak with us - they want business.

One thing that does set my teeth a little on edge is this quote from the company's website:

CT Property Network
is a network of creative, friendly real estate investors, with heart.

Believing in tooth fairies is probably what got you into trouble with your sub-prime mortgage to begin with.