Field Guide to Short Sales

(Updated March 2009)

What is a short sale?  A short sale is a sales transaction in which the seller's mortgage lender agrees to accept a payoff of less than the balance due on the loan. This page offers information about the basics of short sales and advice for the real estate professional.  (A. Siudzinski, Senior Information Specialist)

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Short Sale Advantages

Short sales appear on your credit report as "pre-foreclosure in redemption", not as "debt discharged due to foreclosure"

Less impact on your credit score

All mortgage debt is fully discharged

Source: Dual upside to foreclosure alternative, (The Early Show (CBS), June 21, 2007).

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Short Sales Basics

Short Sales: Finding Income in a Tough Market Webinar, (National Association of REALTORS®, Mar. 2009).

Short sale & REOs circa 2009, (California Real Estate Magazine, Mar. 2009).

Short sales: the new wild west, (REALTOR® Magazine, Mar. 2009).

What to do when the sales prices leaves you short, (REALTOR® Magazine, 2009).

Making an offer on a short sale?  What you need to know, (REALTOR® Magazine, 2009).

Short sales: Coming up short, (REALTOR® Magazine, Aug. 2008).

Short sales--information and resources, (National Association of REALTORS® , Aug. 2008).

Successful short sales seminars, (Florida REALTOR®, Apr. 2008).

Are you protected?  How to remain safe while managing a short sales transaction (pages 4-5), (Pinellas Association of REALTORS®, May 2008).

After the short sale: taxing what isn't there, (REALTOR® Magazine Online Exclusives, Nov. 2007).

How to work in foreclosures and short sales, (Florida REALTOR®, Nov. 2007).

Housing Counsel: What's a Short Sale, (Realty Times, Sept. 16, 2007).

Short sales set sail again, (Realty Times, Apr. 9, 2007).

The new exit strategy: A short sale, (Business Week, Mar. 5, 2007).

Family Finances: 'Short Sales' rise as housing market cools, (Wall Street Journal, Feb. 18, 2007). Q

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eBooks.realtor.org

The following ebooks and digital audiobooks are available to NAR members:

Make money in short-sale foreclosures (Adobe eReader)

Books, Videos, Research Reports & More

The resources below are available for loan through Information Central.  Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10.  Call Information Central at 800.874.6500 for assistance.

Short-Sale Pre-Foreclosure Investing, (Hoboken, NJ: Wiley, 2008). HG 4521 B43

The Art of the Short Sale, (Minneapolis, MN: Mill City Press, 2008). HG 4521 C49

Don't sell yourself short, (Texas REALTOR®, July 2008).

Foreclosure investing for dummies, (Hoboken, NJ: Wiley, 2007). HG 4521 R54

Short sales; This alternative may help a home owner avoid foreclosure, but it requires patience from all parties, (Texas REALTOR®, Apr. 2007).

Field Guides & More

These Field Guides and other resources in the Virtual Library may also be of interest:

Field Guide to Foreclosures

InfoCentral Blog

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The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.