Realtors(R) Help Buyers Attain Short Sales Success

SAN DIEGO, CA, Nov 15 (MARKET WIRE) --
Not all buyers are suited for a short sale. This was one of the messages
delivered at "Short Sales from the Buyer's Perspective" during the 2009
REALTORS(R) Conference & Expo today.

According to the latest Realtors(R) Confidence Index, one out of 10
recent buyers purchased a home through a short sale. The survey also
showed that Realtors(R) are concerned about the hurdles buyers face in
short sales.

"As short sales become more commonplace, both buyers and sellers need the
help of seasoned, experienced professionals to help them navigate the
complexities of a short sale transaction," said National Association of
Realtors(R) President Charles McMillan. "As the first, best source for
real estate information, Realtors(R) provide valuable insights and
experience that can help buyers realize their homeownership goals,
whether through a short sale or other means."

During the session, Realtor(R) Lynn Madison, who co-authored NAR's new
Short Sales and Foreclosure Resource (SFR) Certification Program, detailed
the primary reasons that short sales fail, including an incomplete short
sale package, an offer that is too low, and inaccurate appraisals.
According to Madison, buyers who are good candidates for short sales are
very patient -- it can take some lenders four months or longer to approve
a short sale -- have their financing in order, and don't have any
contingencies in their purchase offer.

"Short sale buyers need to have the time to be able to wait for the
lender's approval; some lenders get several hundred contacts every day,"
said Madison. "Buyers must also be willing to make an offer that has a
reasonable chance of closing and take guidance from their agent. If the
offered price is too low, there is a good chance the lender won't approve
the contract."

To help Realtors(R) address the evolving short sales market, NAR launched
the SFR Certification Program earlier this year. Offered by the Real
Estate Buyer's Agent Council of NAR, the program includes training on how
to manage short-sale, foreclosure, and real-estate owned transactions, and
provides resources to help Realtors(R) stay current on national and
state-specific information. More than 250 Realtors(R) have earned the SFR
certification since the program was first offered in September. For more
information, visit www.realtorsfr.org.

The National Association of Realtors(R), "The Voice for Real Estate," is
America's largest trade association, representing 1.2 million members
involved in all aspects of the residential and commercial real estate
industries.

Information about NAR is available at www.realtor.org. This and other news
releases are posted in the Web site's "News Media" section in the NAR
Media Center.

REALTOR(R) is a registered collective membership mark which may be used
only by real estate professionals who are members of the NATIONAL
ASSOCIATION OF REALTORS and subscribe to its strict Code of Ethics. Not
all real estate agents are REALTORS. All REALTORS are members of NAR.

For further information contact:
Stephanie Singer
202/383-1050
Email Contact

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