Personally I think that’s a good idea, but it still suffers the same defects as the other forms (assuming the distressed property law only applies to occupied property and the 4 unit thing), so I won’t say it will protect someone. I think I will, however, add modified 22 FSBO language to my 22 NFW alternative form.

It really comes down to the distressed property law. We still have yet to hear what is coming as a result of that, and I think part of that is that the attorneys that bring these suits are holding off because the legislature is likely to revisit the issue early next year.

The Dow is still hanging around in the eights…

It said that a seller could not list a home for sale conditioned on the seller finding a suitable replacement home. Basically it said if you list in the mls, you must be prepared to leave sooner rather than later. People who are having homes built often request as long a close period as a short sale. In many areas the seller does reserve the right to stay and not close until they know where they are going.

30 day escrows have been “the norm” for some time…but not such a long time that I do not remember days when 120 day escrows were not abnormal. Clearly 90 day escrows were more the norm when I started in the business. Sellers needing to be prepared to be OUT within 30 days is a relatively new criteria, and perhaps partly responsible for the financial crisis we are in. That timeframe does not necessarily give the buyer and the seller the time needed to make informed decisions during discovery and escrow.

You compare the LONG time of a short sale with maybe an erroneous and too short one. Maybe the answer for all transactions will lie in between in the not too distant future.

How many of these short sales had no inspection or a pre-inspection or only 2 or 3 days to do one when the current owner bought it? When I started in the business the norm was 14 days to do discovery and inspections. Let’s not overlook the fact that possibly the entire structure of how we have been doing things in the last 4 to 5 years needs to be revamped, including the timeframe the buyer has to consider the house itself and their financing options.

You look at each house the same as you do any house, and decide based on the merits of the house and its value. You do not exclude or include houses solely based on the short sale criteria. You ignore that factor the same way that you ignore commission issues and for the same reason.

From the recorded document to sale is only 90 days, and the recorded document is what sets the sale date. You could have either of two situations: (1) A sale date pending when the offer is made, that results in a sale within 20 days of that date as a result of delays in approval of the short sale; or (2) A new original sale date set, which as a result of delays in approval of the short sale puts the closing within 20 days.

22 SS is about 2 months older than 22 NFW. IMHO they should have amended form 22 SS at the time the other distressed property law forms were created to add language to 22 SS similar to form 22 NFW.

Now ask yourself how you may be influencing that. I’ve been in the business a very long time, Kary, and we wield an enormous amount of power in that regard. If I think a house is a wise choice for my client, often they agree. If I think a house is a terrible choice for my client, often they agree. That is why it is important that people choose an agent based on a common vantage point.