What is a SFR? (Short Sale Foreclosure Resource)

What is a SFR? (Short Sale Foreclosure Resource)

With a tough market, short sales and foreclosures are becoming the new normal in real estate transactions. These markets were once considered a niche market die to the complexities of navigating the process. These skills are critical to a smooth transaction for a short sale or foreclosure.

A short sale is the sale of a property for less than the mortgage owed. It is a long tedious process that requires a lender's approval. It is a great alternative to a foreclosure. The short sale process varies from lender to lender. Due to the length and the steps and forms to be completed, this requires a knowledgeable real estate agent. There are legal and tax implications with a short sale. Your real estate agent can direct you to the best sources to handle these concerns.

Foreclosures are bank owned properties. Lenders are not in real estate business and want to sell these homes with a knowledgeable source. Buyers who are interested in foreclosures need a real estate agent who is versed in this process.

Through a short sale foreclosure resource (SFR), buyers and sellers can feel confident they have hired an expert in these fields. A real estate agent must stay up to date on the latest news and negotiation techniques required for these transactions. A SFR certification can provide both initial and long term resources to provide the best services for their clients.

There are four steps to becoming a SFR

Be a good standing member in the National Associations of Realtors

Complete a qualifying core course

View webinars for three hours

Submit application and fee to SFR@realtors.org

After these steps, you can receive a designation. There is an also free education available covering current development through NAR and REBAC.

There are so many reasons to use a short sale foreclosure expert. They have the expertise to:

Work with distressed sellers and refer them to proper financial and legal professions

Qualify a seller for a short sale

Develop the required paperwork for the property and the seller

Negotiate with the lender

Market the property to find a buyer

Limit risks

Protect buyers

Know about government resources

Navigate the deal

Perform the involved steps of both short sales and foreclosures

Advise and share knowledge for informed decisions

Access electronic tool box for forms and additional information

A short sale foreclosure resource professional can be the best tool available in the world of foreclosures and short sales.