Charles Rutenberg Realty Provides Niche Service with Opening of its Short Sales Division

John Mitty Wednesday, August 22, 2012

Charles Rutenberg Realty Provides Niche Service with Opening of its Short Sales Division 

With more sellers turning to short sales as a way to avoid foreclosure, Charles Rutenberg Realty is meeting this growing need with the opening of its Short Sales division. Through the program, Agents not only learn about these types of sales, but how to protect themselves from liabilities associated with these untraditional sales that have become far more common in today’s Real Estate market.

According to RealtyTrac, the number of short sales has risen 25 percent in the first quarter of 2012, compared to the same quarter last year. The National Association of REALTORS noted that, in June, 12 percent of all existing home sales that month were short sales, which accounted for 48 percent of distressed sales.

In a short sale, the seller — who does not make their mortgage payments and/or cannot qualify for any loan modification programs that would allow them to stay in the house — puts the home on the market in order to avoid foreclosure. The Agent represents the seller during the short-sale process and is responsible for listing the property and all negotiations. In the event an offer is made, the Agent must notify the bank and the seller and disclose to the seller any correspondence from the bank based on the offers, and have an attorney advise them of any legalities involved in the short-sale process. If they fail to do so, they may be held legally responsible.

Many lenders are beginning to realize that short sales are a more profitable alternative to foreclosures. Foreclosures in the month of June were sold for an average discount of 18 percent below market value, compared to 15 percent for short sales, according to NAR.

“We will be in this market for at least another two to three years,” said Joe Moshé, Broker/Owner. “It is crucial for Agents to receive support and training from their Agency so that they are well-versed in the nuances of short sales. That is why Charles Rutenberg Realty teaches its Agents not only how to handle these types of sales, but how to protect themselves from liabilities associated with these untraditional sales.”

Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 1,300 Agents associated in Long Island (Plainview), Queens, Westchester, the Boroughs and Manhattan. For more information, call (516) 575-7500, or visit www.crrli.com.

jmitty@longislandyellowpages.com

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