Bait and SwitchBait and Switch. Another term from the past making a resurgence.
Here's an example:
From the listing:
This is a short sale listing-listing price is not guaranteed.
The realtor is trolling for clients. The bank is trolling for comps. the seller is no longer in the loop.
Listed for $93/sf it would be a bargain. I'd close in 30 days on this if it were real. Problem being, it is not real. Bad banks, nonexistent regulation, immoral agents, uneducated buyers all combine to benefit the note holders.
We will follow this one to see where it goes.