REALTOR® Magazine-Daily News-What You Need to Know to Do Short Sales

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Daily Real Estate News | March 13, 2009 | What You Need to Know to Do Short Sales
When you represent buyers in a short sale, it's critical to give them an experience that's as close to the normal homebuying experience as possible, said Scott Thompson, senior vice president of Mortgage Resolution Services in Sacramento, Calif. during a Thursday REALTOR Magazine Webinar on short sales. Otherwise, he added, the home sales business becomes a flea market and buyers won't feel good about their purchase in the end.

Among the dozens of tips he offered:

Prequalify sellers to ensure the short sale isn't dead on arrival at the lender. The prequalification form Thompson uses is available here at REALTOR® magazine online.
Recommend a contract clause specifying that the listing agent can submit only one offer to the lender at a time.
Be vigilant to ensure the short-sale package is considered before the servicer forecloses.
Acquaint yourself with your state statues with regard to recourse and nonrecourse debt.

Nearly 4,000 people heard Thompson's comments during REALTOR® magazine's March 12 Webinar, "Short Sales: Finding Income in a Tough Market." If you missed Thursday's Webinar, when you click on the link, you can hit "Playback" and listen right away or "Download" and listen at your leisure.

—REALTOR® Magazine Online