Since the downturn in 2007-2008, short sales and foreclosures seemed to be endemic. Thousands, sometimes hundreds of thousands of dollars in home equity was lost, and homeowners were trapped in high rate loans, unable to sell or refinance. Despite numerous government programs that were offered, many homeowners simply gave up and offered their homes for short sale, with the hope that they could get a fresh start in a relatively short period of time. Well, that was then, and this is 2016, so why are there still short sales, even though Reno/Sparks has experienced significant increases in median home prices, and, depending on the price point, we have a Sellers’ market? I don’t think anyone realized just how much debt had been accumulated by homeowners by 2008. While I try to avoid listing short sales, because they are fraught with problems for both buyers and sellers, I have one: A spectacular view, great location, relatively large home, nice kitchen, attractive living room/dining room with wood paneling along the ceiling, deck out the back, but the condition of the house is very poor, and the cost to renovate/remodel is near $100,000. First, we had to convince the lender that the value of the house was not commensurate with the balance remaining on the loan. Just setting any kind of value was difficult, because there were so few comparable properties within the stipulated 1-mile radius, because most of the houses in that area are smaller, older and not of much value. We have been through 3 buyers: The initial buyer, whose offer was countered by a demand for an auction through one of the national auction houses, which charges a 5% Buyer Premium, over and above the final bid price. That 5% Buyer Premium would not have applied to the original Buyer, but other buyers bid up the price to a level that the first Buyer could not justify (even though he was the one who made the final bid), so he withdrew. The buyer who had originally brought the property to my attention made a subsequent offer, but refused to participate in the new auction required by the lender. Along came another buyer who bid it up to its current listing price, and agreed to pay the 5% Buyer Premium, too. It took the lender two months to finally issue a short sale approval letter, but they didn’t give the buyer enough time to get his loan approved under the new TRID rules. So, we struggle, but after more than a year, we may have closure on this house in another 30 days. The stress on the buyers and the Sellers has been nearly overwhelming at times. We are grateful to Western Title Company for helping us to navigate through the pitfalls of this complicated short sale transaction. I will be glad when these types of transactions become a thing of the past, for real.