It recently came to my attention that there are many REAL ESTATE AGENTS that do not know what a short sale is. So it comes as no surprise that a home owner in trouble does not know that a short sale may be an option they need to explore. As agents we have a responsibility to know at least the basics of what takes place in a short sale. If you are not prepared to represent a seller through the process - you need to have someone who IS prepared that you can refer to. The first short sale I became involved in was not by choice. Every agent needs to take the time to educate themselves because sooner or later it will happen to YOU. Right now you probably have a seller that is not telling you how close they are to the edge. One of the ways to avoid the "Foreclosure Surprise" is to have a good relationship with your seller so they feel comfortable telling you before things go bad. But there are no guarantees. People are embarrassed when they find themselves in deep financial trouble and often are not only hiding it from you, they are in denial to themselves.
With foreclosures becoming an everyday occurance in many areas of the country, agents need to be ready. There are several options available to home owners who find themselves in a difficult situation. An educated real estate agent can mean the difference between foreclosure and a short sale. The impact on the seller's credit is significantly different with a short sale and well worth the effort.
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