Field Guide to Short Sales
(Updated August 2008)
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," according to the California Association of REALTORS®. "A short sale may or may not involve a property in foreclosure." This page offers information about the basics of short sales and advice for the real estate professional.
(A. Siudzinski, Information Specialist)
Contents:
Short Sales Basics | Working with Short Sales | eBooks & Other Resources
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).
Short Sales Basics
Short sales: Coming up short, (REALTOR® Magazine, 2008).
Short sales--information and resources, (National Association of REALTORS® , Aug. 2008).
Two alternatives to foreclosure, (Real Estate Journal, July 27, 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
Working with Short Sales
Don't sell yourself short, (Texas REALTOR®, July 2008).
Rescue sellers with short sales, (Florida REALTOR®, Sept., 2007).
How to succeed at short sales, (REALTOR® Magazine Online Exclusives, June 2007).
Short sales; This alternative may help a home owner avoid foreclosure, but it requires patience from all parties, (Texas REALTOR®, Apr. 2007).
Short sales, (Rain City Guide, Mar. 5, 2007).
Short sales and foreclosures make way into market, (Realty Times, Feb. 14, 2007).
How to do a short sale, (homebuying.about.com, 2007).
Short sales: Warning! You gotta know when to fold 'em..., (In Contract Magazine, Nov. 2006).
eBooks & Other Resources
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
Foreclosure investing for dummies, (Hoboken, NJ: Wiley, 2007). HG 4521 R54
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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.
