I equate the term ‘short sale’ with the word ‘operation’ – a generic term used to describe a wide variety of procedures with differentiating factors and outcomes with varying degrees of risk and consequence. Some are successful, some die on the table. Some pull the plug themselves.

It is important to remember that a short sale is basically a negotiation of secured debt which may or may not have legal and tax consequence – something not everyone should attempt to do.

Diane – hats off to your broker.

Jay – any agent who allows the buyer to negotiate the debt liability of their client should be shot. In California, if you attempted to do this as of July 1st, 2009, you would be in violation of a new state law that carries penalties of up to a year in jail and a $25k fine.

Linsey – dead on.

The real struggle is education because what was true yesterday, may not be true today. It’s always changing and evolving. To really be educated, it seems that we must really keep our ear to the ground.