Friday
August 22, 2014

Short Sales Resources

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Short Sales Resources

A compilation of articles and resources from REALTOR® magazine to help you learn more about this growing, but complicated, niche.

Features:

 

A Clean Slate
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.

Beating the Odds on Short Sales
Take a hardship sale, apply knowledge and chutzpah, and get ready for some of the most rewarding closings ever.

How to Make REOs Work for You
A foreclosure specialist shares his business strategy for making a go in this part of the distressed property market.

Selling Themselves Short
When practitioners are caught up in market woes, anguish and depression can damage their judgment.

NAR: Watching Your Back
REALTORS® brought a real-world view to government short-sale guidelines, says 2012 Business Issues Chair Iona Harrison.

The Language of Distress
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.

How I Sold It: Short Sale Saga
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.

Below-the-Radar Short-Sale Issues
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.

Short Sale Ethics: 6 Temptations to Avoid
As frustrating as the short sales process can be, there's no excuse for taking ethical short cuts to get transactions closed.

Agent Found Liable for Short Sale Fraud
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.

Short Sales: When Is an Offer 'Accepted'?
When should you disclose a seller's acceptance of short sale offer?

Short Sales: The New Wild West
From pushy lenders to aggressive investors, there are many challenges that real estate practitioners must overcome in the new world of distressed sales.

Short Sales: 7 Legal Pitfalls
In many areas, short sales are the biggest game in town. But you don't want to jump into this niche willy-nilly.

Tips for Disclosing a Short Sale
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.

Short Sales: Sorting Out Commission Issues
Some MLSs have a rule requiring listing agents to let their colleagues know if a listing is, or is potentially, a short sale, and thus subject to a possible last-minute change in the commission by the lender.

Editor's Note: Are You Sidestepping Short Sales?
Lenders make the process so arduous, some practitioners say, it’s no wonder salespeople turn the other way when they see a short sale.

How to Succeed at Short Sales
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.


Webinars:


Understanding Fannie Mae, Freddie Mac HAFA Short-Sale Rules

Fannie Mae and Freddie Mac recently released rules for processing short sales and deeds in lieu of foreclosure in accordance with federal short-sale guidelines known as HAFA (Home Affordable Foreclosure Alternatives), which took effect in April 2010. Get an explanation of the two companies' rules and how they differ from each other and from the federal rules in this free webinar. Original air date: July 29, 2010

Today's Changing Short-Sales Environment
In this important short sales update, we heard from one of the nation's largest lenders, Bank of America Home Loans, on the state of short-sale processing today, what it's doing to speed short sales, and the impact of federal short-sale guidelines once they're out. Also, expert real estate educator Lynn Madison shared tips from NAR's new Short Sale & Foreclosure Certification course. Original air date: Dec. 10, 2009

Short Sales: Finding Income in a Tough Market
In this archived 2009 REALTOR® Magazine webinar, you'll learn the basics and best practices of handling short sales from both the listing and the selling side. Scott Thompson, a real estate broker and the head of Mortgage Resolution Services, a distressed-sales specialist, will walk you through three critical aspects of a short sale. Original air date: March 12, 2009

Short Sales: Finding Income in a Tough Market, Part 2
In this May 2009 REALTOR® Magazine webinar, we'll be further exploring how real estate practitioners and their clients can benefit from short sales. Original air date: May 28, 2009


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