I did a story almost two years ago on short sales and how they were coming around again - just as they did in the 1990s.A whole bunch of short sale veterans in the industry geared back up to to make money this way - and then, poof: The banks just wouldn't play ball this time.
It's all I've heard for a year: short sales are really, really hard to get done.
Lately, there's been some talk that the banks - drowning in foreclosed properties - are getting more flexible. I don't know if it's true, but my colleague Sanford Nax at The Fresno Bee writes in a story today that more are starting to get approved in that part of the Central Valley.
A short sale, by the way, is a sale in which the lender agrees to take less than owed to avoid the even higher costs of foreclosure.
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