What are listing agents' responsibilities with regards to determining/disclosing a short sale? ^^
A question for Jim Duncan...regarding the possibility of a short sale, does the listing agent have any responsibility in determining if a listing could be REASONABLY be a short sale? Like asking the sellers about how much is owed on current liens, etc? If so, and it is determined that this may become a short sale, it should be noted in an MLS listing. If I were a buyer and saw potential short sale/foreclosure, I would probably move on to some other property given the amount of time I hear it takes to complete a short sale. Way too much interest rate risk the longer the process takes.
I'll be working on a response in the next few days ... but am curious to hear any of your thoughts ....
