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BrokerIPTV: Today we are talking with Jon Goodman, real estate attorney. Jon thanks for being with us I appreciate that.

Jon Goodman: Thanks for having me.

BrokerIPTV: You know these are interesting times and I want to talk about short sales, because they seems to be the topic around the water crew that quite a bit of real estate offices among consumers, it has the short sale become the ugliest of the possible transaction out there?

Jon Goodman: Its a quite a burden especially for broker, especially for listing brokers put together. What I tell my listing broker clients is if you are busy as you want to be handling got ready transaction, it is great, but some broker aren't as busy as they want to be and so they have to go through the hassle of trying put short sales together.

BrokerIPTV: Why is it that they have become specifically short sales more and more difficult?

Jon Goodman: Well, in some ways I think they have gotten little easier, but they have gotten more difficult for two reasons. One of the reasons they have got more difficult is, lenders have been getting more aggressive about trying to create auction like dynamics. They don't get an offering and then just focus on one offer, they want the listing broker to bring in several offers and try and create competition between those buyers to drive the price up. The second reason is the lenders just aren't staffed up enough to deal with these things and so the file languish it is hard to get attention get deal actually close.

BrokerIPTV: So, Jon would it be better if the buyers out there just said listen, may be we got to look at just properties that went already to foreclosure, because it is going to be less painful, easier process, less time consuming? Jon Goodman: It depends on the needs of that buyer, there are some buyers who will lock into a property, want that property and will not want to wait for the property, because its foreclosure process, it can take a while. Also, once a property goes through the foreclosure process the property is general exposed to the market and that buyers competing against other buyers. If a buyer wants to go to the head of the line, if they will and they are patience enough, a short pay might be a good way for that buyer to go.

BrokerIPTV: Alright, best advice to stay out of trouble both the seller and the agent, or the buyer for that matter?

Jon Goodman: When I advice listing brokers contemplating a short sale, I tell them to look for 5 things. One of them is they got to have a seller who deadly pride and as Bill Gates is going to get a short sale, if a lender is going to ask the Bill Gates to bring money to the closing to make up the short fall. You need a seller who is behind in their mortgage. You need a contract lenders do not consider these things hypothetically. You need to have patience buyer and you need to have a seller who has some compiling reason to move.

BrokerIPTV: Yeah, okay, its great and in for the consumer, who is thinking about buying, best advice?

Jon Goodman: The consumer is work with the real estate broker who is sophisticated enough to pull this things off, at least they are tricky transaction, there is a lot of real estate brokers out there who really know their way around shot pace, but there is a lot who don't and you like to work with somebody who is experienced.

BrokerIPTV: I did tell I was going to ask this, but I will throw it in, how do you feel about 3rd parity companies involved?

Jon Goodman: That's a complicated topic. I represent at least one of those 3rd party companies and of course there are very honorable and well intentional about [Inaudible], but there are a lot of short with things out there and there is lot of bumble about there and they cause a lot of problems.

BrokerIPTV: Jon good advice, I appreciate it, thank you.

Jon Goodman: Thank you.