Washington, May 13, 2010
Despite guidelines from the federal government to streamline short sales and improved fraud prevention, home sellers experiencing financial distress continue to be discouraged with the often confusing short sale process. Realtors® at today’s “Short Sale Seller Advisory: Professional Development Forum” at the Midyear Legislative Meetings & Trade Expo today learned how to better educate and advise sellers to overcome the hurdles of a short sale.
“As the leading advocate for homeownership, the National Association of Realtors® believes education on short sales is imperative in today’s market to Realtors® and their clients,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “Streamlining short sales is essential to real estate recovery, but buyers and sellers alike continue to be frustrated with the inefficient short sale process. NAR and its members are helping to reshape the real estate industry by supporting a short sale uniform process with standard forms and deadlines, as well as increased protection against predatory scams.”
During the forum, Michelle Lind, general counsel and assistant CEO of the Arizona Association of Realtors®, presented a Short Sale Seller Advisory, which she helped develop with the Arizona Department of Real Estate. The advisory details default options, as well as the important issues and risks to consider regarding short sales and foreclosures, all packaged in a single resource. The advisory also directs homeowners to additional resources where they can carefully weigh their options and become more educated on the short sale transaction.
“There is so much information online relating to short sales, but at the same time, there is so much misinformation out there,” said Lind. “As a Realtor®, it is imperative to provide sellers with accurate advice and make sure they understand the entire process as well as the legal ramifications.”
Realtors® Help Counsel Distressed Sellers Through Short Sale Process – add 1
Lind stressed the importance of sellers receiving legal advice when working with a lender during a short sale. By educating themselves, Realtors® can reduce liability and make sure the short sale transaction is the best option for their client, Lind said.
NAR has several resources for its members relating to short sales, including a Short Sales and Foreclosures Resources Certification Program. Resources and handouts for buyers and sellers involved in a short sale transaction are available on NAR’s website. NAR also provides additional information and guidelines on the Home Affordable Foreclosure Alternatives Program, a recent federal government program intended to streamline the short sale process and provide incentives for homeowners and servicers.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Have a great day!
Sylvia Howard
602-432-9246
http://www.facebook.com/SylviaHowardAZRealtor
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Keller Williams Integrity First Realty
Short Sale? Foreclosure? Know your options!
In light of what is going on in our economy and in the local housing market and with so many people facing foreclosure or finding themselves upside down in their mortgages, I 've taken extra training to help homeowners in distress. Please let me know if you or someone you know may need my assistance!
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