Last week I took another class in short sales. This is when the homeowner asks the bank to accept less than what is owed on a property as payment in full. They do this for a variety of reasons including:
- Being forced to sell their house in a down market, either because of missing payments, facing foreclosure, or they have been transferred and have been unable to sell their house for what is owed on it.
- Their house that needs extensive repairs and cannot sell for enough to cover the leins on the property.
I have had much training in short sales from the perspective of an investor who is buying the property direct from the homeowner and helping negotiate with the bank for the short sale.
A homeowner will get a better price for their house (and ultimately have a better chance that the bank will accept.) if they list it with a real estate agent and get a retail buyer. Someone who is buying a home will always be able to pay more than an investor who must include his profit and expenses in his offer price.
So, I am endeavoring to get as much training in handling short sales as possible.
The class I took was mostly what I already knew but I did get a few valuable tips and the reassurance that I have the knowledge to handle these types of transactions for my clients as an agent.
This Tuesday, there will be a lender giving a short sale class at our real estate office. I will periodically post tips for homeowners facing a short sale here, so keep watch for them.
So, if you know anyone in this situation, please refer them to me.