Help on the way for short sale sellers

We know that more and more of today’s sellers are upside down in their homes. To get out from under the weight, they may need to consider a short sale, which is a term used when the seller owes more than the sale of the house will bring.

Trouble with short sales is that the banks are swamped with them, and getting a response from the bank on a short sale offer usually takes forever (think several months!) With a lack of response like that, it’s easy for the seller to get discouraged, and easier for the seller to make the decision to simply abandon the house or let the bank foreclose.

Today Congress introduced a bill that would offer some relief to those sellers. The bill would require banks to respond to short sale requests within 45 days.

That’s great news … but don’t expect it to happen anytime soon. Congress is considering leaving DC three weeks early, to give its members a chance to return home to campaign for the November election. Anyone else see the irony? Priorities …

Mesloh Earns NAR Short Sales and Foreclosure Certification

Brenda Mesloh
Brenda Mesloh

Brenda Mesloh with the Woods Bros Realty SouthPointe office has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORS® are required to take one core course and three Webinars. For more information about the SFR certification, visitwww.REALTORSFR.org or call 1-877-510-7855.

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