(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.