Short Sale Myths, by Steve M. Albers, CDPE, Realtor, RE/MAX Results, Eden Prairie, Minnesota

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Sep 15, 2009
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After extensive training with the Distressed Property Institute, in addition to, every day experience helping my clients who have found themselves in a short sale situation, it is natural for me to assume the general public are familiar with the definition of a short sale. Sure, my clients clearly understand the definition of a short sale. As a Certified Distressed Property Expert (CDPE© ), I recognize how important it is to explain to them what a short sale is and how the process works. However, when speaking with friends, family, and, yes, even professionals within my industry, I have discovered that the definition of a short sale and the path to resolution is far from obvious to them, nor should it be. You see, only a few years ago the term short sale didn’t even exist! Heck, look up short sale in the 2009 edition of the Merriam-Webster dictionary. It’s not in there! The market is very different now as compared to just a few years ago. As a result, short sales are a very real part of our real estate market. As a matter of fact, according to the Minneapolis Area Association of Realtors, 43.6% of the most recently recorded pending sales were lender mediated transactions, i.e., Short Sales and Foreclosures. Although this may be a daunting statistic, revised lender processes and qualified real estate agents (CDPE’s), are helping to manage this inventory. Ok, so what is a short sale you ask. A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs. Even Wikipedia shares inaccurate information when it comes to the length of time a short sale remains on one’s credit history. Alth
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