Peter J. Pike

Daniel Ickowicz, director of sales for Elite International Realty in Aventura, Fla., stated "I do not think that by placing a sentence on the remarks station stating 'offer subject to third-party approval' is enough disclosure." However, this disclosure is being made on an MLS Listing, together with the disclosure that it is a "short sale". I would hope by now that all realtors understand exactly what those words mean, and no further disclosure would be necessary. For Ms. Barragan to state that "the ridiculous low list pricing on the MLS needs to stop" is also not accepting the reality of the current market, and the difficulty in setting a "reasonable price". Again, I would expect that most realtors recognize that a listing that is priced 66% below the rest of the market, is really a request for offers. The actual sales price will have to be more in line with the current market conditions. Most selling agents should realize that no one is going to "snap up that kind of bargain", when dealing with a knowledgeable bank, that will ultimately have the control over whether a short sale proposal will be accepted. It has been my experience that as realtors become more educated about the short sale process, they recognize that it is not always in their client's (the Seller's) best interest to get the highest price possible for their house. Often, there is a very real time limit to marketing the property (before it goes to the bank via foreclosure). Therefore, getting a reasonable offer for the property may require listing it at a ridiculously low price, just to get offers as quickly as possible! Finally, realtors need to accept the fact that banks (mortgagees) do not have to accept a short payoff on a mortgage! They can (and do) negotiate from the position that they are hurting in these transactions, and everyone else involved is going to have to give a little, in order for everyone to get a little. We all have to face up to reality, and unfortunately, for the foreseeable future, the reality in real estate is that short sales are driving the market.