For many real estate professionals, short sales are the new “traditional” real estate transaction.  Knowing how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale opportunities are not merely good skills to have in today’s market – they are critical.

Although Short Sales can be challenging, they abound in today’s market, and educated agents can significantly increase their business with Short Sale transactions.   Click on the links below for information on training opportunities/designations that can increase your ability to assist clients with Short Sales:

SFR (Short Sales & Foreclosure Resource Certification)

CSSBR (Certified Short Sale Buyer Representative)

CDPE (Certified Distressed Property Expert)

CHS (Certified HAFA Specialist)

What is a HAFA Short Sale?

HAFA (Home Affordable Foreclosure Alternatives Program) is a federal government program designed for homeowners who can no longer afford their mortgage payments and wish to avoid the negative impacts of foreclosure when home retention is not an option. 



CA ONLY – California Senate Bill 458 (CA SB 458) Forgives all Debt and Prohibits Deficiency Judgments after a Short Sale

Effective July 15, 2011, California Governor Jerry Brown signed into law SB 458, prohibiting a deficiency after a short sale for one to four residential units, regardless of whether the lender is a senior or junior lienholder.  It amends California Civil Code 580e with regards to a short sale only; it does not apply to foreclosures.

The previous law (SB 931) allowed homeowners to sell their homes at a value less than their existing mortgage value, and the first-mortgage holder had to agree that the sale was accepted as full payment of the obligation, with no recourse.  The new law, SB 458, requires the same “no recourse” treatment for any secondary or other junior loans involved in the transaction.

SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders—those in first position and in junior positions—will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.

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