Financial hardship has led many homeowners to go through the harrowing process of selling their property through a short sale or losing their home entirely to foreclosure. A homeowner is often forced into this difficult position if negotiations with the lender do not result in a loan modification or a lower monthly mortgage payment through refinancing. Navigating the process behind a short sale or a foreclosure can be less stressful with the assistance of a qualified real estate professional who has the knowledge to guide buyers and sellers successfully through the steps.
Making sense of the story:
Real estate professionals who possess Short Sales and Foreclosure Resource (SFR®) certification have received specialized training in short sales and foreclosures and will have the skills to work on these transactions. The certificate is offered by the NATIONAL ASSOCIATION OF REALTORS®.
A short sale avoids the lengthy and costly foreclosure process by selling the property for less than the amount due on the mortgage. Real estate professionals are a key asset in this process because they can help develop a short-sale package and get homeowners qualified for short sales. They will also assist in setting a price that will bring offers and that has a good chance of being approved by the bank.
From the buyer’s perspective, a professional can help to determine a fair offer and negotiate with the bank. A short sale is a complicated and time-consuming transaction, but it often allows a buyer to purchase a house at a reduced price.
In a foreclosure process, homeowners must protect themselves by ensuring the title is legally transferred to another entity. Otherwise, the previous owners may have moved out while still holding the property’s title, which means they would be liable for the costs and responsibilities of homeownership.
Purchasing a foreclosure can lead to getting a home at a discount, but in many cases a buyer is not able to inspect the property before making a bid. There is often no guarantee of condition, which could detract from any savings in the home’s lower selling price.
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