Tips for agents facing short-sale obstacles

Part 2: Agents tap lucrative source of business

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(This is Part 2 of a two-part series. Read Part 1.)

Many areas are experiencing a serious real estate market slowdown. If prices are decreasing in your area, you may soon face the prospect of representing home sellers who need a “short sale.”

The term “short sale” refers to a situation in which the seller lacks sufficient equity to close a transaction unless the lender takes a reduction in the homeowner’s loan payoff. Negotiating this is difficult.