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Progressive Real Estate Services, Inc.

Phone: 507-288-3333
Fax: 507-206-0337
816 South Broadway
Rochester MN 55904

"Short Sales" In Real Estate

• Download our free and helpful Short Sale booklet PDF [147kb]

• FannieMae Bankruptcy, Foreclosure, and Conversion of Principal Residence Policy Changes, and Revised Property Value Representation and Warranty Requirements [78kb]

Can I get another mortgage after a foreclosure or a short sale? Call us at Progressive Real Estate Services for options.

Visit www.RochesterHomeHelp.com for additional information.

Note:

Many people are unaware of legislation that was passed in 2007 and is in place through 2012 that allows, under certain circumstances, a homeowner to sell his/her property for less than what is owed and not have to pay taxes on the difference. Click on link below to read more about the Mortgage Forgiveness Debt Relief Act of 2007:

http://www.irs.gov/individuals/article/0,,id=179414,00.html

What is a short sale?

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.

Why is the number of short sales rising?

Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.

Jim Armstrong and Cathy Breutzman Earn NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

- ROCHESTER, MN, Sept.28,2009 — Jim Armstrong and Cathy Breutzman, both with Progressive Real Estate Services, Inc. have earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORS® are required to take one core course and three Webinars. For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.

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