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Real estate agents: Stick with what you know

Realtor Notebook

Why do agents recommend short sales? The short answer is because we are in the business of selling real estate and it is always in our best interest to sell something. I should just say yes when someone wants to sell, but when the property is distressed, so is the owner -- and the owner may not have explored all of the options before calling me to ask about a short sale. Some agents are taught to recommend a short sale as an alternative to foreclosure. Yesterday I got a call from a homeowner who wants to sell her home because she can no longer afford to make the payments. She specifically asked about a short sale. Her situation has changed since she bought the house and she owes more on the home than she can sell it for. The story is all too common. I first explained how a short sale works and how it may impact a credit rating. Then I explained what a deed-in-lieu is and how it affects the credit rating, and then I explained the foreclosure process in Minnesota. Finally,...

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