REALTORS® need to know consumers’ options when it comes to short sales and foreclosures, according to Pat Moyer, a REALTOR® and real estate instructor.
“As REALTORS®, we have an ethical responsibility to inform our clients about their options,” Moyer, who’s based in Malvern, PA, said. “There may be a certain amount of liability down the road if you’re working with a distressed property and you don’t explain the options to the property owner. It’s part of the business we’re in today.”
Moyer will be teaching NAR’s “Home Affordable Foreclosure Alternatives (HAFA) Short Sales: The Complete Course” on Monday, Dec. 6 at Triple Play 2010 in Atlantic City. Pre-registration is required.
The course gives an overview of what lenders should be doing for their clients and how various programs work. Specifically, the course outlines short sale and foreclosure prevention programs offered through the U.S. Treasury Department and Fannie Mae and Freddie Mac and includes the criteria consumers must meet to be eligible. In addition, REALTORS® will gain an understanding of what servicers need to do, which will enable REALTORS® to better assist their clients.
“Short sales and foreclosures aren’t new. People lose their jobs, go through a divorce, experience a catastrophic health event and those events may cause them to have a change in income,” Moyer said.
“I think we’ll continue to see higher numbers of short sales and foreclosures as long as we’re seeing high unemployment and under-employment,” she added. “That’s why it’s so important for REALTORS® to understand the options and how to work with lenders to make the process go smoothly.”
She said many consumers are waiting for the bank to foreclose when a short sale would be a better option. “We can help them navigate this process with as much dignity as possible and give them the tools they need to work through it. We can help people move on with their lives,” she added.