There’s a house in the Back Country listed for sale for just under $5 million which would be a good price, if the house and its location were better. They aren’t, so I’m not showing it, but I did discover, no thanks to the listing broker, that there’s a $10 million lien on the property, the result of some unfortunate business decisions of the owner. It’s not impossible to sell a house that’s so burdened, but the banks have to cooperate and, since there won’t be any cash coming out of the sale, there’s a real possibility that the buyer’s broker won’t get paid unless an agreement with the liening banks is reached ahead of time.
The Greenwich Board of Realtors is supposed to have a rule requiring listing brokers to show a listing as a “short sale” precisely so as to warn buyers’ agents of this possibility. I could be wrong, but it seems to me this particular broker has violated that rule. If so, nothing would surprise me less.