Step 12: Create a plan for short sales and foreclosures
Too many people are finding themselves in trouble and upside down in their properties. I know in the Lubbock market we have seen a big increase in the number of foreclosures. Its kinda sad how many there are. A short sale is where the lender agrees to accept a percentage of the mortgage balance in order to avoid foreclosure. Short sales can be tricky, but I have done 2 in the last coupe of months. They seem to be helpful, because in most cases you can do a short sale before your clients actually have a hard hit on their credit.
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