MetroList reclassifies short sales, declares bottom of Central Valley real estate market.
From the Sacrmento Bee:
“An active short sale with contingency means a would-be buyer has submitted an offer that a lender is considering. Those listings, designated “ASC” on MetroList, have traditionally been classified as active sales but soon will be lumped in with pending sales.
The reason: Lenders generally don’t want to receive additional offers on ASCs, said Tom Beede, president and CEO of Metrolist.
“We’ve been showing properties as active that turn out to be pending sales,” he said. “The message here,” is that the number of properties for sale is only about “half of what it appears to be.”
Smart move by MetroList. Makes me wonder how other portals are classifying these listings.