Finally, training for Short Sales !

Finally, training for Short Sales !

A short sale is a situation in which the seller owes more money on the loan than the property will produce on the market.  The lender allows for the woner to sell the property to partially satisfy the amount owed to the lender.

I attended a Short Sale training class presented by the National Association of Realtors yesterday. The class qualified for the SFR, Short Sale and Foreclosure Resource certification from NAR.  Even though I have been doing short sales for a couple of years now, I was not sure if I was doing them totally correct because there was no guidelines for realtors to go by!

A National Association of REALTORS member survey shows that short sales and foreclosed properties accounted for a third of existing home sales in July 2009.

Short sales represent a number of challenges, including but not limited to long timelines, substantial documentation & multiple approvals.

Achieving SFR certification offers a number of benefits:

• Electronic toolkit with practical forms
• Free Webinars that you can download anytime
• Access to the SFR logo and marketing materials
• Differentiation as and SFR at www.Realtor.org and www.Realtor.com

Short Sales are preferable to Forclosure because short sales lessen the impact a foreclosure can have on the community and won't damage the distressed owner's credit as much as a foreclousure.

If you would like a market analysis of your home to see if you qualify for a short sale, please give me a call.