Short Sales & Loss Mitigation Resource Center

Short sales have become common transactions for most Realtors®. These lengthy transactions are always a challenge to take on. But those Realtors® who have rolled up their sleeves are realizing the benefit of gaining expertise on these time-consuming transactions. The end result is better service to your clients and better business for you in a trying market.

This is your one-stop-shop to access a variety of resources to make you an expert on short sales and other complicated and distressed transactions. 

• SHORT SALES 101
  NAR lays out the basics of short sales here.  You'll find everything from flyers on short sales concerns to information for buyers on making an offer on a short sale.
  
• NEW! SHORT SALES FORMS
• Short sales have spilled over into virtually every corner of the state, and in some areas, sales of distressed properties now make up the majority of transactions. The increase in short sales has led to the creation and use of a variety of forms to help manage these complicated transactions.  Visit the VAR Standard Forms Center to download the following: 
  
  • Short Sale Addendum to Residential Contract of Purchase
  • Short Sale Addendum to Exclusive Authorization to Sell
  • Short Sales: Information of Purchasers
  • Short Sales: Information for Sellers

•  EDUCATION
  There is only one NAR-endorsed short sales/foreclosure-specific certification, the Loss and Mitigation Certification program, offered by the Massachusetts Association of REALTORS®.  However, CRS and REBAC (both NAR-endorsed designation programs) have stepped up to the plate curriculum-wise and developed short-sale specific courses.  PLUS: the Realtor® University offers an auction primer course.
  
  In addition to your association resources, there are more available from government and private agencies for consumer advocacy. Click here for a full list of education resources.

• WEBCAST
  Short Sales Summit for Brokers
  A host of legal and ethical issues can arise when the seller is distressed. Whether you're on the buy side or the selling side of a short sale, make sure that you understand your legal and ethical obligations. Discover the most common issues and learn how to deal with them in this three hour video presentation with Lem Marshall, VAR's Special Counsel.

• CONSUMER RESOURCES
  There are many of consumer resources Realtors® can provide to their clients on foreclosures and short sales, as well as a list of community assistance programs. Click here for a full list of resources you can provide to your clients.

• BEST PRACTICES
  There are many established best practices to serve as tips to Realtors® facilitating these transactions. Click here for a full list of resources.

• EXPERTS
  This is a speaker list for local associations that may also be useful to brokerages as well. Shameless plug: VAR Special Counsel Lem Marshall also speaks on this topic for local associations and at the annual VAR convention.  ALSO: Last year's Commonwealth feature story on short sales spells it right out. Click here for a full list of speaker resources.