LoisAndJohn

As a leader in real estate, I am repeatedly asked specific questions about today’s market - especially in today’s economy. In an effort to provide more information to my community, I am sending you this Top 5 in Real Estate Social Networking Systemsm “e-Article,” in which I provide useful real estate information to my real estate networks. If you find the enclosed information beneficial to your family and friends, I encourage you to forward it to your “social network" as well.

How Short Sales Affect Our Community…and Your Home

Whether you are on easy street, just keeping up with the Jones’ or withdrawing savings to stay current, an understanding of real estate short sales and how they affect the value of all homes within our community is becoming more and more important. Hardly a day goes by without at least one person asking me about the implications of short sales—either in terms of how it affects them as a home seller, or what it means to them as a buyer looking for a great opportunity.

For that reason, I have decided to proactively communicate some basic information about short sales as well as provide everyone with access to The Four R’s of Short Sales, a publication offered by the Top 5 in Real Estate Network®, of which I am a member.

Accounts of distressed, or so called "under water" properties, seem to be a daily occurrence. The term "under water" was coined to describe the condition of the outstanding balance of a mortgage exceeding the market value of the home. If a property is under water but the homeowner is current with their mortgage, the situation is of less consequence. If a homeowner stops paying their mortgage, however, lenders have little option but to act. This can result in the forced sale of the property.

When a mortgage lender enables the sale of a property for an amount less than the mortgage balance, this is a "short sale." The problem is, the lower prices that short sales generally command on the market can negatively affect the value of other properties in our community…including yours and mine!

This is why I believe that greater transparency is needed in order to fully understand short sales.

Homeowners facing financial challenges need to have a better understanding of their many, and in some cases better, alternatives. Moreover, all parties involved in a short sale will benefit from knowing the perspective and motivation of the other participants associated with the transaction.

To that end, as a Top 5 in Real Estate Network® member, I am pleased to offer a complementary copy of our recently published and ground breaking publication,The Four R’s of Short Sales, to anyone who is interested in receiving comprehensive information regarding short sales or distressed properties in general. The Four R’s of Short Sales addresses how:

• Home sellers can recover
• Lenders can aim to recoup
• Buyers can benefit, and how
• Real estate related professionals can render the best services

If you know anyone facing mortgage related financial challenges, please feel free to have them contact me for a copy of The Four R’s of Short Sales or simply forward this email to them. This information is vital and I will provide it free of charge and with absolutely no obligation.

For those thinking of buying real estate, it is important to fully understand the opportunity and the financial return that a short sale-related property purchase can represent…as well as the pitfalls. All of this is covered in The Four R’s of Short Sales.

I am making this information available with the intent that this very delicate and highly personal issue should be addressed with great sensitivity and care. Even though the subject of distressed properties, either directly or indirectly, impacts every homeowner in North America, I respectfully suggest that you only make this information available to those whom you believe would appreciate receiving it from you. Please remember, whether it be a short sale related issue or anything to do with real estate, please feel free to contact me. Please also feel free to forward this article to family, friends and colleagues who might benefit from this important foreclosure information.

If you are a buyer or seller under contract with a broker or agent please disregard this information.

Sincerely,

Lois

LoisFein
Prominent Properties Sothebys International Realty
Top 5 in Real Estate Member
[email protected]
www.loisandjohn.com

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