Opportunities for real estate agents specializing in short sales have been rising over the past months, as more distressed homeowners opt for selling their homes over going through the excruciatingly slow and stressful loan modification process.
More lenders now are also considering and approving short sale proposals, as they found they can cut their mortgage losses if distressed properties are sold before foreclosure. The support of the FHA, VA, Fannie Mae and Freddie Mac and other federal agencies to the Home Affordable Foreclosure Alternatives program is also prompting lenders to put more attention into short sales as a solution to the foreclosure problem.
Based on data from the National Association of Realtors, nearly 40 percent of the current housing market is comprised by distressed and foreclosed properties, representing a great field of opportunities for real estate agents trained in short sales.
Short sales take a longer time to get completed as there are several parties that need to agree to the short sale proposal. There are also documents that need to be submitted to the lender, such as proof of financial hardship and sales contract. Lenders and mortgage guarantors also have different requirements and different documentation rules, slowing down the process.
Because of these difficulties, agents who have previously completed trainings in distressed sales and who have accumulated experiences in short selling are the ones getting the short sale work from homeowners. One large real estate company which runs a nationwide network recently reported that its agents who have been certified as distressed sales specialists are among the top-performing agents in their areas.
Processing and cash incentives provided under the HAFA initiative are also contributing to the surge in short sales. In addition to the streamlined short sale processing, homeowners are given $3,000 in relocation assistance and servicers are given $1,500 for their processing efforts.
Indeed, the surge in short sales and the support from the HAFA program are great opportunities for real estate agents who specialize in distressed sales.
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