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Short Sales I: If
You Can't Avoid Them You Had Better Understand
Many homes are for sale that cannot be sold unless the lender/s agree to accept less than the full
amount owed to them. This is called a "Short Sale". A short sale may result
in the lender/s agreeing to forgive the remaining debt or that remaining debt may carry forward.
These transactions are more difficult than the traditional transaction
but unless you are willing to avoid a large share of market you cannot avoid them. However, since they are not your
traditional transaction, you need to educate yourself with respect to foreclosure and short sale procedures.
There are many traps for the unwary. What exactly are you being hired to do? Just market the home
or also to negotiate the short sale? What does your listing agreement say? If you are negotiating the short sale
do you know the procedure? Do you know the difference between the lender agreeing to satisfy the mortgage versus satisfying
the underlying debt? Do you know what will motivate a lender to agree to a short sale even if they are not the foreclosing
lender? Learn what risks are inherent in these types of transactions. Learn
how to best protect the seller, buyer and yourself. Steve Nash and Bill Keyes are both experienced real estate attorneys
with a great deal of speaking experience. The seminar will contain practical, up-to-date information and will be presented
in an informal setting to allow you to ask the questions that you need answered.
2 Real Estate Continuing Education Credits Approved
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