Short Sales Getting More Complicated

Yeah I can’t believe that statement either and didn’t until I read the full article.  It all boils down to the mark-to-market accounting rule changes where banks used to have to write down the value of their assets on their balance sheet even if it weren’t a bad assets.

“Real estate industry experts say banks are becoming more reluctant to agree to short sales, in part because the change in mark-to-market accounting rules gives them less incentive to take less than the mortgage is worth. As a result, they say, banks are holding out for what Realtors say are unrealistic offers.”