I have just completed the required core course and webinars for my Short Sales and Foreclosure Resource (SFR) certification. Even though I had been a buyer's agent and a seller's agent in some short sale and foreclosure transactions I wanted to know more and I am glad I went through the certification process.
I was under the assumption that a short sale seller proves their hardship to the lender, the lender takes less than what is owed on the property and the seller walks away with out a forclosure showing up on their credit history. I found out in the class that sometimes the seller has to workout the balance owed on the mortgage with the lender or may have to liquidate other assets and bring cash to the closing table, but it is true that in many cases the lender will accept the short sale payment and remove remaining debt from the seller. Also a short sale may affect your credit for about two years (50 points off your credit score) while a foreclosure is on your credit about seven years (200 points off your credit score).
Myrtle Beach Real Estate for information and real estate for sale including short sales and foreclosures.
Myrtle Beach Retirement is the place for those considering retirement. Your source for information and real estate for sale in the Grand Strand area of North and South Carolina.
Hey Sandy~ I've been doing short sales for a while now...but I am taking this class this month! Sounds like it was worth your time and energy! Thanks for sharing and CONGRATS!!!