Editorial

Front Page - Friday, July 30, 2010

Real Estate Facts

A whole new ballgame

Elwynn Schwartz

According to a recent survey conducted by the National Association of Realtors, close to one-third of existing home sales were either foreclosures or short sales (meaning sales in which the lender agreed to allow the home to sell for less than the amount outstanding on the mortgage). Indeed, it seems for now that these “distressed properties” have become the new “traditional” sales transaction.
This is why it is so important to seek the representation of a specially trained and qualified real estate professional. Sellers particularly need assistance in navigating these complex short sale transactions, and buyers need guidance if they are to take advantage of these delicate opportunities.
Obviously, real estate agents are among the biggest advocates for homeownership, and we strongly believe that any home lost to foreclosure is one too many. Regrettably, some circumstances arise where homeowners are simply unable to maintain their mortgage payments, and risk going into default. In those cases, a trusted agent’s specialized knowledge can help secure a short sale and keep the sellers out of the grueling foreclosure process.
Aside from staying current on national and local laws that apply to short sales and foreclosures, realty professionals are trained in qualifying sellers for assistance, negotiating with lenders, protecting buyers, and limiting risk. Now more than ever, it makes sense for both sellers and buyers to seek professional representation.
Elwynn Schwartz is the owner of Chattanooga Real Estate Consultants and may be reached at 423-894-3050.

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