Steven Keefe, Broker/Owner
Coldwell Banker Sky Ridge Realty 
Arrowhead Home Loans, Inc.
www.mountainmoves.com
steve@mountainupdate.com
909.336.2131
Each Friday, I conduct a training session to bring to our team the latest trends in real estate. This morning 42 of our agents met for a round table discussion on the short sale process.
Many homeowners are faced with tough decisons in this market. Exotic loan products as well as declining values in many areas are contributing to mortgage defaults. I am asked frequently, why a homeowner should go through the short sale process rather than allow the bank to take the property in a foreclosure sale.
Either option has negative ramifications, but in my opinion, I would rather have a settled mortgage on my credit report than a foreclosure. The settled mortgage (short sale) says to me that the homeowner cooperated with the bank in trying to cover as much of the mortgage as possible. A foreclosure says the borrower walked away.
My training this morning was geared to raising an awareness on the process. There is right way and a wrong way to go about negotiating this type of sale. It has been my experience that most agents don't have a clue how to do it. This can be a dangerous proposition for the parties involved. If the sale is mishandled many difficulties can arise and it can cost everybody time and money.
I have been through a certification program for dealing specifically with the short sale process. I have devised a systematic approach that Coldwell Banker Sky Ridge Realty uses to insure that the transaction goes as smooth as possible and the sale is completed. Real estate can be complicated... the short sale compounds the complexity of the transaction. If a homeowner is in need of this specialized type of service, I would urge them to make sure that they are working with an agent that understands the process and will effectively manage the sale.
If you know someone who is in need of assistance with a short sale transaction, please don't hesitate to contact me at my office. I will put you in touch with one of my specialists.
If you are a buyer making an offer on a potential short sale... "Buyer beware". If you agent is not familiar with the process, you could be opening yourself up to a lot of problems. Make sure the agent you are working with knows the process and how to get it done.
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