There will always be the latest book sharing how any one can become filthy rich buying distressed properties and flipping them.  While short sales and foreclosures can be a great value and a place to get a great deal, don’t be fooled in to believing that banks are blind gazillionaires looking to give homes away for pennies.

When an offer is presented to the bank on a short sale listing, it is simply that… An offer.  Next, the bank hires a third party appraiser assess the value of the listing.  If they find that they are receiving an offer below a percentage that the home is worth the deal will not be going through.

I often share this information with buyers who believe “that guy” on the late night television show.  They are obviously frustrated by what I am sharing as I appear to be agent with false information.  While I will always represent my client by presenting an offer for them, I am not the in business of wasting any one’s time with false hope.  Does that sounds harsh?