by Tanta on 8/13/2007 07:44:00 AM

From the New York Times:

Brokers in Stockton are now increasingly offering so-called short sales, in which a seller is asking for less than the value of the house, hoping to pay off the bulk — but not the entirety — of the mortgage. Even so, sales are slow to come, leading to annoyed sellers.

“They’re not crazy about us or anybody right now,” Mr. Godi said. “They’ll say, ‘Gee, I lowered the price on my house, why haven’t you sold it?’ And we want to sell it. We don’t get paid until we sell it.”

He added, “It’s much better dealing with people if they’re going to make a profit.”