Yet Another Short Sale Nightmare

By in Buyers with 0 Comments

I know I’ve written about this before – but short sales are a misnomer if ever there was one. They get their name from the fact that the homeowner is a little “short” on funds to pay off the loan, even if the house sold at full price. Even if the escrow and title fees and the excise taxes and real estate commissions weren’t subtracted, they still wouldn’t have enough money to pay the bank(s) back the full amount of the loan.

It’s ironic, then, that some buyers think, “A short sale! Financial Distress! I’ll get a good deal!” And, indeed, it can happen. It doesn’t usually happen in the Tri-Cities market because we have low supply and high demand, which keeps values up. However, as this story relates, due to the extensive time spent, seemingly endless negotiating and pounding headaches incurred, I don’t know how much “saved” money is worth this kind of experience. The title the Consumerist gave it says it all – ” What’s it Like to Buy a Short Sale House? (Hell,with Benefits)”

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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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