Sunday, July 22 , 2018, 12:17 am | Fair 67º


Elaine Abercrombie: The New ‘Traditional’ Home Sale

Realtors can guide buyers and sellers through the complexities of foreclosures and short sales

Elaine Abercrombie
Elaine Abercrombie (Roe Anne White photo)

According to a recent survey by the National Association of Realtors, nearly one-third of existing home sales were either foreclosures or short sales (meaning sales in which the lender agreed to allow the home to sell for less than the amount outstanding on the mortgage). Indeed, it seems for now that these “distressed properties” have become the new “traditional” sales transaction.

This is why it is so important to seek the representation of a specially trained and qualified Realtor.

Sellers particularly need assistance in navigating these complex short-sale transactions, and buyers also need guidance if they are to take advantage of these delicate opportunities.

Obviously, Realtors are counted among the biggest advocates for homeownership, and we strongly believe that any home lost to foreclosure is one home too many. Regrettably, some circumstances arise where homeowners are simply unable to maintain their mortgage payments, and risk going into default.

In those cases, a trusted Realtor’s specialized knowledge can help successfully list a short sale and keep the sellers out of the grueling foreclosure process.

Aside from staying current on national and local laws that apply to short sales and foreclosures, Realtors are trained in qualifying sellers for assistance, negotiating with lenders, protecting buyers and limiting risk.

Now more than ever, it makes sense for both sellers and buyers to seek professional representation.

Elaine Abercrombie, a broker with Abercrombie Fine Homes, is president of the Santa Barbara Association of Realtors. She can be contacted at .(JavaScript must be enabled to view this email address).

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