Short Sale & Foreclosure Resource (SFR) Certified!

Due to current economic conditions, the number of short sale properties on the market is rising, and the increasing number of short sales on the market are presenting challenges.

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.

Many homeowners may feel that they can no longer afford their home, but want to avoid the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.

Short Sales and Foreclosure Resource certification has given me the framework for understanding how to:

• Direct sellers to finance, tax, and legal professionals
• Qualify sellers for short sales
• Develop a short-sale package
• Negotiate with lenders
• Tap into buyer demand
• Safeguard your commission
• Limit risk
• Protect buyers

This Advisory is designed to address short sales issues and risks, but does not purport to be comprehensive. The information in this Advisory is provided with the understanding that it is not intended as legal or other professional services or advice. These materials have been prepared for general informational purposes only. The information and links contained herein may not be updated or revised for accuracy. If you have any additional questions or need advice, please contact your own lawyer.