BrokerageIndustry News

Riding herd on short sales

If the distressed real estate market is beating you, join it

Editor's note: This is the latest in a series. Inventory of likely short-sale properties, like the devil's uncatchable herd of cattle in the song "Ghost Riders in the Sky," is outrunning the ability to catch up. Or is it? In the song, a large posse of "ghost rider" cowboys, with a "mournful cry," are forever chasing the devil's herd but can never catch it. As the cattle come rumbling through the ragged skies, an old cowpoke, resting on a ridge, hears one of the cowboys call his name. The voice tells him that "he must change his ways of living or he will spend his days chasing the devil's herd." Apparently, the cowboy in the sky who suggested the cowpoke change his ways had not changed his own, because he was still "riding hard trying to catch the herd." It happens. You would think the opportunity to stop chasing an uncatchable herd of cattle throughout eternity would be enough motivation to make some changes. Especially if the...