Short Sales and the Seller

I read an article in realtor.org that summed up what help as a real estate agent that I can give my seller. Here's what they recommend.

1--Work with your seller to see if (a) the seller may be able to sell and bring cash to the closing, (b) work out loan options with the seller (c) offer them a short sale or a deed in foreclosure.

2--Have your seller contact a HUD approved credit counseling agency--eg. HopeNow.com will help the seller determine whether the seller should (a) restructure the loan, (b) sell the home or (c) declare bankruptcy.

3--When listing the property the listing agent should declare in the Private Comments that the home is a short sale or that the home is in foreclosure.

4--Let the seller understand how long it may take to close on their home--from 30 days to 6 months. The lender may require more than one BPO (Broker Price Opinion) which will add to the time to close.

5--Find out whether the seller has a recourse loan (seller is responsible for any shortfall after the sale) or a non-recourse loan (lender cannot force seller to repay the shortfall).