If you work with buyers, especially those that are investors, I am sure you have heard these words come up more than once. In a nutshell, a short sale or foreclosure is basically a home or property that is worth less than the outstanding mortgage, but what’s the difference? A short sale is where the seller has gained approval for the lender to sell the home for less than what is owed on the property, thus ‘falling short’. A foreclosure is an involuntary action against the owner, where the lender takes legal action to gain control over and sell the property. In recent years this is something many realtors have yet to come across. Over the past months, the market has shifted, resulting in more short sales and foreclosures, than years past. Whether you are representing a seller or a buyer in this process, there are numerous steps to follow and documents to be filed. With the market rapidly changing, I recently became certified in short sales and forclosures from the National Association of Realtors. Not only was I provided a solid foundation for working with buyers or sellers with foreclosures and short sales, but I have access to continued education and necessary materials related to the process of dealing with these types of transactions. For more information, as a Realtor, I suggest you check out our NAR website and their SRF course at https://realtorsfr.org/about
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