The Bellingham Business Journal
Bellingham agents of Keller Williams Western Realty recently attended a seminar on short sales conducted by specialists from California.
Kevin Kauffman and Fred Weaver offered tips on this growing trend where homeowners sell a house for less than they owe with a bank forgiving the difference. A $3,000 federal payment to short sellers who fail to meet loan modification requirements has further encouraged the practice.
Short sales affect a homeowner’s credit report for three years while a foreclosure can appear on the report for up to 10 years. Kauffman and Weaver said there are no firm rules in short sales and agents have to learn to be adaptive and work around the edges of conventional selling methods.