Short Sale Resources
Use this list of short sale and foreclosure resources from REALTOR® magazine to help you learn more about how to handle short sales as a real estate agent.
What Is a Short Sale?
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
What’s the Difference Between a Short Sale and Foreclosure?
The foreclosure process occurs when lenders repossess the house, often against an owner's will. Whereas a short sale is a voluntary process, a foreclosure is involuntary because the lender legally seizes the home after the borrower fails to make payments.
Short Sale Resources and Articles
Clearing the nation's inventory of short sales and foreclosures will require fortitude and business savvy. Take an in-depth look at how practitioners are making distressed sales work.
Take a hardship sale, apply knowledge and chutzpah, and get ready for some of the most rewarding closings ever.
A foreclosure specialist shares his business strategy for making a go in this part of the distressed property market.
When practitioners are caught up in market woes, anguish and depression can damage their judgment.
REALTORS® brought a real-world view to government short-sale guidelines, says 2012 Business Issues Chair Iona Harrison.
The world of distressed sales has its own terminology, as do the government programs for troubled borrowers. Here’s a guide to help you stay on track.
When the lender took back the foreclosed property the day before the closing, Florida-based sales associate Brenda Parish had to scramble to make sure the sale closed.
You could end up having to pay those outstanding incidentals if you don't work out responsibility for the seller's lenders with buyers ahead of time.
As frustrating as the short sales process can be, there's no excuse for taking ethical short cuts to get transactions closed.
The U.S. Bankruptcy Court for the District of Utah determined that a real estate agent and investment group misled a client in a short sale transaction.
When should you disclose a seller's acceptance of short sale offer?
From pushy lenders to aggressive investors, there are many challenges that real estate practitioners must overcome in the new world of distressed sales.
In many areas, short sales are the biggest game in town. But you don't want to jump into this niche willy-nilly.
Short sales present two disclosure challenges — finding a reliable source of correct information about the physical condition of the property and deciding how and when to make a situational disclosure about the owner’s financial distress.
Lenders make the process so arduous, some practitioners say, it’s no wonder salespeople turn the other way when they see a short sale.
To help you gain a better understanding of short sales, we look at some of the most common questions on this topic that you and your customers likely will face today.