Comments on: Short Sale News! New for April 2008:NWMLS Changes The Rules

By: Seattle Real Estate: Better Than Short Sales & Foreclosures, Here’s Where The Real Deal Is

Wed, 23 Apr 2008 14:04:07 +0000

[...] short sales and foreclosures have increased so much so that the NWMLS has had to come out with new rules for short sales. Buyers who are well qualified are out there looking for the best deal and I am noticing that the [...]

By: Courtney

Courtney — Mon, 14 Apr 2008 01:39:23 +0000

Hi newly educated –
Sorry this happened to you – I sure hope it does go through for you and that you are going to get a great deal if it does. Short sales are tough and I am not sure if the new addendum is applied to a transaction already in the works. I would think that at least the status should change, but who knows. I like that the MLS is trying to address short sales and their quirks, but the new language is vague. I do have two calls in to them for some clarifications.
Good luck! I hope you get a good deal:)

By: newl y educated consumer

newl y educated consumer — Sun, 13 Apr 2008 06:44:46 +0000

I am in the middle of a short sale purchase. Purchase and sale agreement excecuted 2/29/08. No other offer since mine. Property has remained active with no status change. Have been getting the run around from both agent and listing agent. New answer yesterday, the listing office has decided to be non-compliant with the NWMLS on changing the status of short sales and that it would take too much money to fight it. I think they are referring to this new addendum. It seems to me that rule 120 hasn’t been changed that much in the revision. I would have checked the box that disallowed other offers and they would have changed the status from active to ‘pending-BU’. Am I missing something here? Got a referral to an attorney who has some experience in real estate transactions?
Signed; Locked on like a Pitbull!